It provides financial protection against death throughout the term of the plan with the payment of maturity amount on survival to the end of the policy term.
നികുതി ഇളവുകള്
- ഗാറെന്റീഡ്നി ബോണസ് അഡീഷന്
- നികുതി ഇളവുകള്
- ഡെത്ത് ബെനിഫിറ്റ്
- മെച്യുരിറ്റി ബെനിഫിറ്റ്
- സറന്ഡര് മൂല്യം
- Guaranteed Additions: …
- Bonuses : …
- Death Benefit : …
- Maturity Benefit: …
What is maturity amount in LIC?
maturity will be 200 percent of what you paid in 20 years of time and 250 percent approx in 25 years of term. Maturity value is normally the basic sum assured ( Insured amount) and the accrued bonus added every year. In money back type of policies, the Survival Benefit is paid every 4th or 5th year.
What is the difference between sum assured and maturity amount?
In other words, sum assured is the guaranteed amount you will receive. This is also known as the cover or the coverage and is the total amount you are insured for. Maturity value is the amount the insurance company has to pay you when the policy matures. This would include the sum assured and the bonuses.
What is sum assured with example?
Sum assured is a pre-decided amount that the insurance company pays to the policyholder when the insured event takes place. For example, when you buy a life insurance policy, the insurer guarantees to pay a sum assured to the nominee in case of the insured person’s demise
What is Surrender Value.?
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.
Guaranteed Surrender Value : …
How much money will I get if I surrender my LIC policy?
Guaranteed Surrender Value:The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium.
Tax Benifits-
Is maturity of LIC taxable?
As per Section 10(10D) of the Income Tax Act, 1961 the amount of sum assured plus any bonus (i.e. the policy proceeds) paid on maturity or surrender of policy or on death of the insured are completely tax free for the receiver subject to certain conditions.
How do you calculate surrender value?
SPECIAL OR CASH SURRENDER VALUE:Paid-up value is calculated by multiplying the original sum assured and the ratio of the number of premiums paid to the number of premiums payable.
