Why life insurance is needed in your daily life?
To check your LIC (Life Insurance Corporation of India) policy account, you have a few options:
Online Portal: LIC has an online portal where policyholders can register and access their policy details. You can visit the LIC website and navigate to the 'Online Services' section. From there, you can register/login to your account and view your policy details, premium payment history, and other relevant information.
LIC Customer Portal: LIC also has a dedicated customer portal called LIC e-Services. You can register on this portal using your policy details and create an account. Once registered, you can log in to view your policy details, premium payment status, loan status (if applicable), and other policy-related information.
LIC Mobile App: LIC has a mobile app called 'My LIC' available for both Android and iOS devices. You can download this app from the respective app stores and log in using your policy details. We can also check services related to your LIC policies, including checking policy details, premium payment status, policy status, loan status, etc.
Through Agent/Branch: You can also visit your nearest LIC branch office or contact your LIC agent to inquire about your policy details. We provide you information and guidance regarding your policy account also.
Make sure to have your policy details handy when accessing your LIC policy account through any of these channels. If you encounter any issues or have specific queries, contacting LIC customer support would be advisable.
Calculating the maturity amount for an LIC (Life Insurance Corporation of India) policy involves considering various factors such as the sum assured, policy term, bonus (if applicable), and any additional benefits or riders attached to the policy. Here's a basic formula to calculate the maturity amount for an LIC policy:
Sum Assured: This is the amount guaranteed to be paid out at the maturity of the policy. It's the amount you're assured to receive provided you've paid all premiums as per the policy terms.
Bonus (if applicable): LIC may declare bonuses on participating policies. These bonuses accrue over the policy term and are usually declared annually or at the end of the policy term. Bonus rates vary depending on the type of policy and the performance of the insurance company. To calculate the bonus amount, multiply the bonus rate by the sum assured.
Final Addition Bonus (if applicable): In some policies, LIC may declare a final addition bonus at maturity. This is an additional bonus provided based on the overall performance of the insurance company and may be added to the maturity amount.
Additional Benefits/Riders (if applicable): If you've attached any riders or additional benefits to your policy, such as accidental death benefit or critical illness rider, the maturity amount may be affected accordingly.
The maturity amount may be determined using the following formula once you have all the necessary data:
Total Assured + Accrued Bonus + Final Addition Bonus + Additional Benefits/Riders (if applicable) = Maturity AmountTotal Assured + Accrued Bonus + Final Addition Bonus + Additional Benefits/Riders (if applicable) = Maturity Amount Remember that the actual maturity amount might change depending on your policy's terms and conditions, the insurance company's performance, and other elements. For an accurate calculation of your LIC policy's maturity amount, it's recommended to refer to your policy document or contact your LIC agent or customer support. You will able to get comprehensive details on your particular coverage.
LIC (Life Insurance Corporation of India) is a government-owned insurance and investment company in India. It was established in 1956 by the Government of India when the Parliament of India passed the Life Insurance of India Act that nationalized the private insurance industry in India. Since then, LIC has been owned by the Government of India and operates as a public sector entity. In terms of the amount of life insurance business it handles, it is the biggest insurance firm in India and among the biggest worldwide.
Life insurance serves several important purposes:
Financial Protection: Life insurance provides financial protection to your family and dependents in case of your untimely death. The death benefit paid out by the insurance company can help replace lost income, pay off debts, cover living expenses, and maintain the standard of living for your loved ones.
Debt Repayment: Life insurance can be used to repay any outstanding debts such as mortgages, loans, or credit card debt, ensuring that your family does not inherit financial liabilities in the event of your death.
Income Replacement: If you are the primary breadwinner in your family, life insurance can replace your lost income, providing financial stability to your dependents and helping them meet their ongoing expenses and financial goals.
Education Funding: Life insurance proceeds can be earmarked to fund your children's education expenses, ensuring that they have the financial resources to pursue their educational aspirations even if you are no longer around.
Estate Planning: Life insurance can play a crucial role in estate planning by providing liquidity to cover estate taxes, settlement costs, and other expenses associated with the transfer of assets to beneficiaries.
Business Continuity: For business owners, life insurance can be used to fund buy-sell agreements, provide key person coverage, or ensure business continuity in the event of the death of a business partner or key employee.
Peace of Mind: Having life insurance coverage offers peace of mind, knowing that your loved ones will be financially protected and taken care of in your absence.
Written By - Insurance Point Office
