Categories :

How the bonus is calculated in LIC?

How the bonus is calculated in LIC?

Bonus is declared either as a certain amount per Rs 1,000 sum assured or as a percentage of the sum assured. For example, bonus may be Rs 40 for every Rs 1,000 of the sum assured. So, for a policy with the sum assured of Rs 1 lakh, the bonus amount will be Rs 4,000.

How LIC maturity amount is calculated?

If the insured survives till the end of the policy term and all premiums have been paid, a Maturity Benefit would be paid to the policyholder. Maturity benefit would be equal to the Sum Assured + Bonus Amounts which have been received throughout the policy term + any Final Addition Bonus if declared.

Will LIC give bonus in 2020?

LIC of India has declared the latest bonus rates for the valuation period 1 st April 2019 to 31st March 2020. Bonuses as per the rates declared will get added to the respective policy accounts as a valuation surplus for the current financial year.

Is LIC bonus guaranteed?

Though LIC policies have paid out steady Simple Reversionary Bonuses each year, you as an investor need to note that these are not guaranteed. Do note that the Reversionary Bonus rate of LIC are calculated as a proportion of the Sum Assured in your policy and NOT the accumulated premiums paid by you.

What is the bonus rate of LIC?

The bonus rate declared by LIC on its endowment plan – Table 14 (LIC denotes each plan with a table number) over the last few years has been Rs 42 for every Rs 1,000 of the sum assured. This is for the policies with a tenure of 16-20 years. On policies with longer maturities, it is Rs 48.

Can I withdraw LIC bonus?

A regular premium policy will be eligible for surrendering after the policyholder has paid the premiums continuously for 3 years. By surrendering LIC policy, you may not be in profit as they pay you some part of the total accumulated bonus and the premium you paid.

How can I get LIC money after maturity?

Maturity Claims: The servicing Branch usually sends maturity claim intimations two months in advance. Please submit your Discharged Receipt in Form No.3825 with original policy document atleast one month before the due date so that the payment is received before the due date of maturity claim.

How much money will I get from LIC?

Benefits of LIC Money Back Policy- 20 years 125% of the Basic Sum Assured as chosen at the policy inception or. 10 times of annualized premium as being paid. Subject to a minimum of 105% of the total premiums paid as on date of death.

What is LIC loyalty bonus?

Loyalty Addition (LA) is profit shared by LIC among its policy holders in the form of onetime payment in case of maturity or death claim. It means that if a policy is getting matured or becoming a death claim, then Loyalty Addition will as per following rates.

How can I check my LIC bonus?

When you click on the policy number, it shows you the name of the policyholder, plan name, installments of premium amount, due date and last date of the premiums, etc. Click on the ‘Basic Information’ tab to check the accrued bonus in your policy.

How can I withdraw my LIC bonus?

Documents Required For Policy Surrender

  1. Original policy bond documents.
  2. Request for surrender value payment.
  3. LIC Surrender form- form 5074.
  4. LIC NEFT form.
  5. Bank account details.
  6. Original ID proof like Aadhar card, pan card or driving license.
  7. A cancelled cheque.
  8. Hand-written letter to LIC stating the reason to discontinue.

Which month is declared bonus in LIC?

1st September is the Founding Day or LIC. So on 01-September-2016, when LIC celebrated its 60th birthday, the company declared a special bonus for all it’s participating plans. To be eligible for this bonus, all premiums should have been paid till 31st March 2016 and should be active as on 1st September 2016.