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LIC Term Plan with Maturity Benefit Calculator

LIC Term Insurance Plans
The Life Insurance Corporation of India (LIC) is India's largest and oldest life insurance company. LIC is a well-known brand in the Indian life insurance industry, with a large market share. Since its launch, the company has offered its customers one of the best insurance policies that meet their individual needs and requirements and excellent service.

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According to LIC, the purpose of the term plans is to meet a person's need for insurance coverage without breaking his or her budget. LIC offers a wide choice of insurance products from which customers can select based on their specific needs. LIC's term policies give you complete life insurance cover at affordable rates. Customers do not have to be concerned about paying exorbitant premiums if they invest in a large sum assured. In addition, the firm offers an online premium rate calculator to assist customers in calculating the rates for the term insurance coverage they offer.

Benefits of LIC Term Insurance Plans

Some of the most appealing benefits of LIC term insurance plans are:

Death Benefits - Protection against the loss of income when the policyholder dies due to an accident or illness. If the assured person passes away during the policy term, the beneficiaries will receive compensation.
Maturity Benefits - Traditionally, term insurance policies do not provide maturity benefits. When a policy is kept in force until the end of its term, however, term return of premium life insurance policies provide maturity benefits by returning the total premiums paid.
Tax Benefits - Policyholders who purchase term insurance get the tax benefits on the premiums they have paid. Sections 80C and 10D under the Indian Income Tax Act, 1961, provide exemptions from income tax on premiums paid and benefits received.
Riders - LIC term insurance plans offer various riders which are additional benefits that can be purchased to enhance the coverage provided by the policy. These riders include critical illness, accidental death rider, etc.
Affordable Premiums - The premiums for LIC term insurance plans are very reasonable. This doesn't strain the budget of the insured, and you can ensure your family's financial safety without worrying about present finances.

LIC Term Plans with Maturity Benefits

The payment a user or beneficiary receives upon the maturity of an insurance policy is referred to as maturity benefit. To receive the maturity benefits, you must have a valid LIC term insurance plan.

Maturity benefits under LIC term life insurance may include the following:

The assured sum
Reversionary bonuses.
Bonus at the end (if applicable).

There are some differences between the various life insurance plans and the LIC insurance plan with maturity benefits. In most cases, standard term insurance policies do not provide the insured with maturity benefits. However, in the case of the LIC term plan, in addition to providing all the advantages of a traditional term life insurance plan, it also offers maturity benefits. It is because the term return of premium feature of the plan reimburses the premiums paid by the policyholder at maturity.

Features of LIC Term Plans with Maturity Benefits

Maturity benefits or term return of premium plans from LIC offer a variety of appealing features. The following are the key characteristics of LIC term insurance plans with maturity benefits:

Trial period	For manually purchased policies, the trial period is 15 days. For policies purchased online, you have 30 days to cancel.
Age requirement	Minimum age required: 18 years. Maximum age required: 65 years.
Grace period	Depending on the policy mode, the grace period can be anywhere from 15 to 30 days.
Type of plan	LIC term insurance plans give you many options when it comes to picking a strategy. Plan types available include solitary and combined options.
Premium paying period	Premium can be paid as a single payment, a limited deposit, or as regular payments.
Maturity age	Depends on the policyholder's age and hence, varies from policy to policy.
Premium	Depends on the applicant's age.
Nominee	One can add a nominee to the policy who will receive the benefits after the policyholder passes away.
Frequency to pay premiums	Monthly or yearly
Benefits	Death, maturity, and tax benefits.
Policy period	A minimum of five years. A maximum of 30 to 35 years.

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

LIC Term Plans Maturity Benefits Calculator

Completing simple tasks has become much easier and less time-consuming since the invention of modern technology. LIC term plans maturity benefits can now be estimated with a single click of a button, just like any other insurance plan benefit.

Before making any investments in any policy, an estimate of the returns should be made. LIC term plan maturity amount can be calculated using an online calculator. The maturity benefit calculator profits the customer by giving an estimate of the returns, but it also helps plan the future finances. Moreover, the calculator is easy to use, and anyone can use it as it does not require any advanced financial knowledge.

Evaluate LIC Term Plan Maturity With An Online Maturity Calculator

The insured person will have to enter the current plan's total amount assured.
The online maturity calculator also needs the following information to calculate the maturity amount:

The year the policy was purchased
The insurer's current age
The period of the policy
The insurer's full name
Most recent contact information.

Finally, after entering all of the pertinent data, the policyholder must click on the link that says 'Calculate Maturity' to proceed.
The insured person will receive the following details:

Year of maturity
Age of mature
Total amount assured
Bonus

FAQ's

Q1. LIC's term insurance plans require regular premium payments. Therefore, how often is the payment required?

Ans. LIC's term insurance plans allow for flexible premium payments. Insurers have the option of paying premiums yearly, mid-yearly, quarterly, or monthly, depending on their financial situation.
Q2. How much money will I get from my LIC term insurance policy once it matures?

Ans. If the insured person lives to the end of the plan's maturity period, he or she will receive 40% of the assured sum plus reversionary bonuses and the extra benefit amount.
Q3. Is the LIC term plan maturity amount taxable?

Ans. If the premium payable for any year during the plan's term is less than 10% of the fixed sum assured, any amount received under a LIC Term plan is tax-free.
Q4. Is suicide covered under the LIC term plan?

Ans. The LIC term plan does not cover suicide. However, the insurance company will reimburse 80% of the total amounts paid if the insured commits suicide within the first year of the policy's term.
Q5. What are the benefits of LIC term insurance plans?

Ans. LIC term life insurance plans provide comprehensive insurance at an affordable cost. With these plans, your family is financially protected even if you are not around. In addition, adding riders to these plans will allow you to increase the value of the basic coverage.