Explanation of the LIC Jeevan Labh Maturity Calculator:
LIC Jeevan Labh is a popular limited premium-paying, non-linked, and with-profits endowment plan. It offers financial protection during the policy term, with a lump sum amount payable at maturity. The LIC Jeevan Labh Maturity Calculator helps policyholders estimate the maturity value of their plan, which includes both the sum assured and the annual bonuses accumulated over the policy term.
Input Fields:
- Sum Assured (₹): This is the fixed amount the policyholder will receive at the end of the policy term.
- Policy Term (years): The total duration for which the policy is active.
- Premium Payment Term (years): The number of years the policyholder needs to pay premiums.
- Annual Bonus Rate (₹ per ₹1000): The annual bonus amount declared by LIC based on the sum assured (default values are typically around ₹40-₹50 per ₹1000 sum assured).
How Maturity Value is Calculated:
- Total Bonus: Total Bonus=(Sum Assured1000)×Bonus Rate×Policy Term\text{Total Bonus} = \left( \frac{\text{Sum Assured}}{1000} \right) \times \text{Bonus Rate} \times \text{Policy Term}Total Bonus=(1000Sum Assured)×Bonus Rate×Policy Term
- Maturity Value: Maturity Value=Sum Assured+Total Bonus\text{Maturity Value} = \text{Sum Assured} + \text{Total Bonus}Maturity Value=Sum Assured+Total Bonus
What is the LIC Jeevan Labh Maturity Calculator?
The LIC Jeevan Labh Maturity Calculator is a handy tool designed to calculate the estimated maturity value of the Jeevan Labh Plan. By entering key policy details such as the sum assured, policy term, premium payment term, and annual bonus rate, users can determine the total amount they are expected to receive upon policy maturity. This helps policyholders plan their finances better, understanding the future returns on their investments.
How Does the LIC Jeevan Labh Maturity Calculator Work?
This calculator takes into account the sum assured, which is the basic policy amount guaranteed to the policyholder, along with the annual bonus declared by LIC. The total bonus accumulated over the years is added to the sum assured to arrive at the final maturity value.
Benefits of Using the LIC Jeevan Labh Maturity Calculator
- Accurate Estimation: The calculator provides an accurate estimate of the maturity amount, helping policyholders understand the returns on their investment in LIC’s Jeevan Labh plan.
- Easy to Use: The simple interface allows users to quickly calculate the maturity value by inputting a few key details.
- Financial Planning: With an estimate of the maturity amount, policyholders can better plan their future finances, ensuring they have the necessary funds at policy maturity.
- Transparency: The calculator shows exactly how the maturity value is calculated, offering complete transparency for users.
Why Use the LIC Jeevan Labh Maturity Calculator?
By knowing the estimated maturity value of your Jeevan Labh Plan, you can:
- Plan for important financial goals like retirement, children’s education, or buying a home.
- Understand the benefits of bonuses and how they increase the total value of your policy.
- Make informed decisions about future investments.