How to Calculate Maturity of LIC Bhagya Lakshmi Plan: An Easy-to-Follow Tutorial

Introduction to LIC Bhagya Lakshmi Plan
Overview of the Benefits of Investing in the LIC Bhagya Lakshmi Plan
How to Calculate the Maturity of the LIC Bhagya Lakshmi Plan
Factors that Affect Maturity Amounts
LIC’s New Jeevan Mangal Plan Compared with the Bhagyalakshmi Scheme
Best Practices for Maximizing Returns on Your Investment
Conclusion

Are you looking for a reliable life insurance plan that provides financial security to your loved ones in case of any unfortunate event? LIC Bhagya Lakshmi Plan is one such policy that promises to secure the future of your family. But, before investing in this policy, it’s important to understand how its maturity value is calculated. In this easy-to-follow tutorial, we will guide you through the process of calculating the maturity amount of LIC Bhagya Lakshmi Plan step-by-step. So, sit back and read on to make an informed decision about securing your family’s future with ease!

Introduction to LIC Bhagya Lakshmi Plan

LIC Bhagya Lakshmi Plan is a non-participating Whole Life Assurance plan which offers financial protection to the policyholder’s family in case of death. The policy also provides for maturity benefits in the form of a lump sum payment at the end of the policy term. This plan can be purchased by anyone between the ages of 8 and 55 years.

The policy term of LIC Bhagya Lakshmi Plan is 10, 15, 20 or 25 years. The premium payment term depends on the policy term selected. For example, if you choose a policy term of 10 years, then you will have to pay premiums for only 10 years. However, if you choose a policy term of 20 years, then you will have to pay premiums for 20 years.

The death benefit under this plan is payable to the nominee in case of death of the policyholder during the policy term. In case of natural death, the benefit is payable to the nominee after the completion of 5 policy years. In case of suicide death within 12 months from the date of commencement or revival of the policy, 80%of premiums paid till date are returned to nominee and no further benefits are payable under this plan.

The maturity benefit under this plan is payable as a lump sum at the end of the policy term provided that all due premiums have been paid till date. No maturity benefit is payable if the policyholder dies before completion of 5 policy years or commits suicide within 12 months from date of

Overview of the Benefits of Investing in the LIC Bhagya Lakshmi Plan

The LIC Bhagya Lakshmi Plan is a great investment option for those looking to secure their financial future. This plan offers a number of benefits that make it an attractive choice for investors, including:

1. Death Benefit: In the event of the policyholder’s death, the LIC Bhagya Lakshmi Plan provides a death benefit that can be used to help support the policyholder’s family.

2. Maturity Benefit: The policy matures after 20 years, at which point the policyholder will receive the full sum assured plus any accumulated bonuses.

3. Tax Benefits: The LIC Bhagya Lakshmi Plan offers a number of tax benefits, making it an advantageous investment option for those looking to save on their taxes.

4. Flexibility: The LIC Bhagya Lakshmi Plan offers investors a great deal of flexibility, allowing them to tailor the plan to meet their specific needs and goals.

5. Security: The LIC Bhagya Lakshmi Plan is backed by the strength and stability of the Life Insurance Corporation of India, providing policyholders with peace of mind knowing that their investment is in good hands.

How to Calculate Maturity of the LIC Bhagya Lakshmi Plan

The LIC Bhagya Lakshmi plan is a popular life insurance policy offered by the Life Insurance Corporation of India. The policy offers a death benefit and a maturity benefit. The death benefit is paid to the nominee of the policyholder in the event of the policyholder’s death during the policy term. The maturity benefit is paid to the policyholder at the end of the policy term, provided they survive till then.

To calculate the maturity value of your LIC Bhagya Lakshmi plan, you will need to know the sum assured, which is the amount of money that will be paid out in case of your death or at maturity, and the current value of your investment. The sum assured is usually fixed at Rs. 1,00,000. The current value of your investment will depend on how long you have been paying premiums and what interest rate has been applied to your account.

Assuming you have been paying premiums for 5 years at an interest rate of 8%, your current investment value would be Rs. 51,200. To calculate the maturity value of your LIC Bhagya Lakshmi plan, simply multiply your current investment value by 2.5 (the number of years remaining in the policy term). In this example, the maturity value would be Rs. 1,28,000 (Rs. 51,200 x 2.5).

It is important to note that the maturity value is only payable if you survive till the end of the policy term. If you

Factors that Affect Maturity Amounts

Several factors affect the maturity amount of an insurance policy, including the death benefit, rider benefits, and other policy terms. The following are some of the most important factors to consider when calculating maturity:

1. Death Benefit: The death benefit is the payout that a policyholder’s beneficiaries will receive if the policyholder dies before the policy matures. This is typically a percentage of the policy’s face value, but it can vary depending on the insurer and the type of policy.

2. Rider Benefits: Rider benefits are additional features that can be added to an insurance policy for an additional cost. These riders can provide benefits like accelerated death benefits or living benefits, which can pay out a portion of the death benefit while the policyholder is still alive.

3. Other Policy Terms: Some policies have terms that can affect the maturity amount, such as Surrender Value and Maturity Benefit Riders. Surrender value is the cash value of a life insurance policy if it is canceled before it matures. Maturity benefit riders offer additional payouts if the policyholder lives to a certain age or meets other conditions specified in the rider.

LIC’s New Jeevan Mangal Plan Compared with the Bhagyalakshmi Scheme

When it comes to life insurance policies, there are a variety of options available in the market. However, two of the most popular life insurance schemes in India are the LIC New Jeevan Mangal Plan and the Bhagyalakshmi Scheme. Both these schemes have been designed to provide financial protection to policyholders in case of an untimely death.

The LIC New Jeevan Mangal Plan is a term life insurance plan that offers financial protection for a period of 10 years. The policyholder can choose to pay premiums either on a yearly or half-yearly basis. In case of death during the policy term, the nominee will receive the sum assured along with bonuses, if any.

The Bhagyalakshmi Scheme is a whole life insurance plan that offers financial protection for the entire lifetime of the policyholder. The policyholder has to pay premiums until his/her death. In case of death during the policy term, the nominee will receive the sum assured along with bonuses, if any.

Now let’s compare both these schemes in terms of their features and benefits:

LIC New Jeevan Mangal Plan:

1) The policy term is for 10 years only.

2) Policyholders have the option to pay premiums on a yearly or half-yearly basis.

3) In case of death during the policy term, the nominee will receive the sum assured along with bonuses, if any.

Best Practices for Maximizing Returns on Your Investment

Assuming you have decided to invest in LIC’s Bhagya Lakshmi Plan, the following are some best practices that will help you maximize returns on your investment:

1. Start Early: The sooner you start investing, the more time your money has to grow. Compounding interest is one of the most powerful tools for growing your wealth, so the earlier you start investing, the better.

2. Invest Regularly: Consistent investing is key to growing your wealth over time. By investing regularly (even if it’s just a small amount), you can take advantage of compounding interest and make your money work harder for you.

3. Stay invested for the long term: In general, the longer you stay invested in a particular asset, the greater your chance of earning a higher return. While there will be ups and downs along the way, over time, markets tend to go up more often than they go down. Therefore, if you can stay invested through the ups and downs, you stand a good chance of coming out ahead in the long run.

4. Review your investments regularly: Even though you may have a long-term investment horizon, it’s still important to review your investments on a regular basis to make sure they are still aligned with your goals and risk tolerance. As your circumstances change over time, so too should your investment portfolio.

Conclusion

Calculating the maturity of your LIC Bhagya Lakshmi plan can be a complex process but with this guide, we have made it easy to understand and follow. We hope that by following these steps you can easily calculate the maturity amount of your policy so that you can make an informed decision about how much money you will receive when your policy matures. If you need additional help understanding the details or if you would like more information on other investment plans, please feel free to contact us at any time.