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How can I know my maturity amount in LIC?
To check the updates through SMS, one can type “ASKLIC” followed by the policy number and SMS it to the phone number 56767877 made available by the Corporation. “ASKLICAMOUNT.” All of the queries mentioned above can be resolved by sending the SMS code to the same number, that is, 56767877.
How is LIC maturity amount paid?
The settlement procedure for maturity claim is simple after receipt of completed and stamped discharge form. The policy’s maturity claim amount will be paid directly to the policy holder’s account.
Can we take LIC before maturity?
What Is Surrender Of LIC Policy? When you opt-out of a policy before its maturity, then it is called surrendering of the policy and the amount that you receive at the time, is LIC policy surrender value. Also in the case of surrender before 3 years, no surrender value is offered.
What is maturity period in insurance?
A maturity benefit is a lump-sum amount the insurance company pays you after the maturity of insurance policy. In addition, a maturity benefit policy also provides death risk cover. Hence, in the event of death during the policy term, your family will get the pay-out.
How to calculate LIC policies maturity amount?
So follow mentioned below formula to calculate the maturity amount of the Normal LIC Policies. Calculation formula for Normal LIC Policies: LIC Maturity value = Sum Assured + FAB + Simple Bonus The maturity amount of the LIC policies is the sum of the Finale additional bonus, Sum Assured, and Simple bonus.
What is the LIC maturity Claim Procedure?
Procedure in case of Maturity Claims: 1) In case of Endowment type of Policies, the amount will be paid at the end of the policy period. A letter will be sent by the LIC branch offices which hold the policy stating the amount and date at which the amount is to be paid to the policyholder.
How to surrender LIC policy before maturity?
1) First of all you have to manage a LIC policy surrender form before maturity closure. 2) The next part of the job is to keep the policy document with the above form which is a proof of having a LIC policy that you want to 3) Now one most important thing that you cannot forget to carry is the identity card with your photograph on it.
How do you calculate maturity?
To calculate the maturity of this note, we use a simple formula: Maturity value = Principal x (1+ Rate x Time) In this case, we need to be sure that the annual rate of interest is adjusted for the fact that the note is shorter than a full year.