How LIC money back policy maturity amount is calculated?

How LIC money back policy maturity amount is calculated?

Details of your Plan:

  1. Sum Assured (A): = Rs. 5,00,000.
  2. Survival Benefit (B): = Rs. 5,00,000. Jan, 2017 : Rs. 40,000. Jan, 2017 : Rs. 40,000. Jan, 2017 : Rs. 40,000.
  3. Maturity Benefit (C): = Rs. 5,00,000.
  4. Amount on Maturity (D): * = Rs. 1000.
  5. Total Benefit Amount (A+B+C+D): = Rs. 35,000.
  6. Period of Maturity = Dec, 2021.

How is the bonus for money back policy calculated?

One of the important features of this scheme is that during the demise at any time within the policy term, the death claim including the total sum assured without any deduction from the survival benefit amounts is paid. Similarly, the bonus amount is computed on the total sum assured.

Is LIC money back plan good?

LIC’s Money Back Policy is a non-linked plan that gives pay-outs at specific intervals. These pay-outs are made during the policy tenure as a certain percentage of the basic sum assured….Details About Premium of LIC Money Back Policy.

Age Rs 5 Lacs Sum Assured Rs 10 Lacs Sum Assured
50 Years 43604 87209

Can we surrender LIC policy after 3 years?

The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.

How can I cancel my LIC policy and get money back?

How To Surrender LIC Policy

  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.

What is the interest rate for LIC policy?

LIC HFL offers good interest rates on their FD schemes. At present, the interest rates offered ranges from 5.25% to 5.75% on all individual deposits….

Term Interest rate p.a for monthly option (Non-Cumulative Deposits)
1 year 5.25%
18 months 5.50%
2 years 5.65%
3 years 5.75%

Can I withdraw money from LIC before maturity?

It is the option to exit from life insurance product before maturity wherein policyholder will get the amount which is called as Surrender Value. A regular premium policy will be eligible for surrendering after the policyholder has paid the premiums continuously for 3 years.