Quick Answer: What Is LIC Maturity Claim?

How can I check my LIC policy maturity amount online?

The LIC website states that policyholders can send the claim requirements by email.

The mail should be sent to claims.bo @licindia.com where the branch code is the servicing branch.

For instance, if 883 is the servicing branch, the mail will have to be sent to claims.bo883@licindia.com..

How can I claim my LIC maturity amount?

Documents Required for Maturity Claim DischargeOriginal LIC Policy Document.Identity Proof.Age Proof (if not submitted previously)Cancelled Cheque leaf or a copy of the Policy holder’s Bank Passbook.NEFT Mandate Form (to transfer the maturity proceeds directly to the policyholder’s account)More items…•

What is LIC maturity benefit?

Maturity benefit is essentially the Sum Assured payable along with accumulated guaranteed additions, terminal bonus, and vested simple reversionary bonus (if applicable). If the policyholder of a certain policy outlives his/her policy term, he/she will be entitled to certain benefits from the insurer.

What is maturity settlement in LIC?

Definition: Under a settlement option, the maturity amount entitled to a life insurance policyholder is paid in structured periodic installments (up to a certain stipulated period of time post maturity) instead of a ‘lump-sum’ payout. Such a payout needs to be intimated to the insurer in advance by the insured.

How much we get after LIC maturity?

Net maturity after 16 years will be Sum assured + net bonus + FAB means Rs 17,13,000 (Rs 10,00,000 + Rs 6,88,000 + Rs 25,000). So, on an investment of Rs 7,256 per month, a LIC policy holder in this LIC of India plan can expect to get Rs 17.13 lakh after 16 years of maturity period.

Is LIC maturity amount taxable?

When the premium paid on the policy does not exceed 10% of the sum assured for policies issued after 1 April 2012 and 20% of sum assured for policies issued before 1 April 2012– any amount received on maturity of a life insurance policy or amount received as bonus is fully exempt from Income Tax under Section 10(10D).

What is LIC and its benefits?

The dual advantage of protection and savings, integrated with financial assistance keep you insured lifelong. It is one of the oldest Life Insurance company in India. The company pledges to accept the responsibility of the 250 million family members of LIC, every day, since last 60 years!

Is LIC a good investment?

Is LIC Plan a good investment? Yes, LIC offers best life insurance plans. If you are looking for investment and protection option under one product, you can consider Endowment or Unit Linked Investment Plan (ULIP) as per your risk appetite and financial objectives.

What is difference between sum assured and death?

Now, in traditional plans, sum assured usually means the minimum guaranteed amount payable on maturity, whereas death benefit is paid as higher of the sum assured or 10 times the annual premium if you are below 45 years, or 105% of the premiums paid till date.

How can I see my lic income tax?

Life insurance premium payments can be claimed as deduction under Section 80C subject to a maximum limit of Rs. 1,50,000. The only condition is the premium must be less than 10% of the sum assured.

How can I claim my LIC money back?

To claim maturity of the LIC policy one needs to send/submit the original policy document with Discharge voucher (form 3825),NEFT Mandate Form, Identity & Residence Proof, cancelled bank cheque before the due date to the LIC branch from where you had taken the policy. You cannot claim LIC policy online.

Is TDS applicable on LIC maturity?

Under section 10 (10D), maturity proceeds received under a life insurance policy are exempt from tax. … Under section 194DA, TDS is applicable on all taxable payments made under life insurance policies if the total amount exceeds Rs 1 lakh.