LIC fixed deposit scheme for senior citizens is a unique term deposit policy tailored to provide individuals aged 60 and above with a financial safety net.
As individuals invest in Life Insurance Corporation (LIC) policies, it becomes crucial for them to be aware of the maturity amount that they can expect at the end of their policy term. Checking the LIC maturity amount is an essential step to ensure financial planning and make informed decisions.
In this article, we will explore various methods necessary to check their LIC maturity amount. With this information, you can confidently navigate your financial future and make well-informed decisions to meet your financial goals.
The maturity amount of an LIC policy refers to the final sum that a policyholder receives when the policy reaches maturity. Additionally, it can also act as the death benefit paid to the nominee in case of the policyholder's untimely demise.
To calculate this amount, the sum assured, which is agreed upon by the company and the customer during the plan purchase, is taken into account. The maturity amount also encompasses any accumulated profits during the policy's tenure and any additional bonuses provided by the company.
It is essential to periodically review both your maturity amount and any other LIC plan that you have. By doing so, you can stay informed about the current status of the plan and stay updated on any recent developments. Taking the time to check these details allows you to remain aware of the progress and any changes that may have occurred.
If you have been pondering over the process of verifying your LIC maturity amount, it is essential to be aware that there are numerous methods available to accomplish this task. Presented below are a few of the ways in which you can check your LIC maturity amount -
The following are two ways for individuals to check their LIC maturity amount online -
To check your maturity amount for LIC online, follow these step-by-step instructions -
If you are an existing registered member, you would be required to follow the instructions outlined below -
Another alternative to check your LIC maturity amount is via SMS. With this option, it is not necessary for you to remember the credentials each time. To check the amount, all you have to do is type ‘ASKLIC’ followed by your policy number and send it to 56767877.
The following table shows the numbers where you can get different updates about your LIC policy via SMS -
|Enquiry Type||SMS Code|
|Existing Plan Status||ASKLIC <Policy Number> STAT|
|Last Annuity Release Date||ASKLIC <Policy Number> ANNPD|
|Due Existence Certificate||ASKLIC <Policy Number> ECDUE|
|Annuity Amount||ASKLIC <Policy Number> AMOUNT|
|Information on Cheque Return||ASKLIC <Policy Number> CHQRET|
If you don’t prefer any of the methods discussed above, you can always utilise the Customer Care service. A team of dedicated LIC employees is readily available to assist you in obtaining information regarding your maturity amount.
For BSNL or MTNL users, you can simply dial 1251 from your mobile number. If your mobile number is affiliated with a different telecommunications company, you can reach out to the Integrated Voice Response System (IVRS) and subsequently proceed with dialling 1251 to access the required information.
Approximately two months before your policy matures, you can expect to receive maturity claim intimations from the nearest LIC branch. In the unfortunate event of the policyholder's demise during the policy term, the nominee must submit a discharged receipt in form number 3825, along with the policy documents, at least one month before the policy's due date. This timely submission ensures a smooth and hassle-free process for receiving the entire maturity amount.
The necessary documents for submission include the policyholder's ID proof, proof of age, a cancelled cheque, a bank passbook copy, an NEFT form, and the death certificate if the policyholder has passed away.
While checking the maturity amount online for LIC policies, it is important to keep certain points in mind -
To check the maturity amount offline, policyholders can also visit their nearest LIC branch office where they will receive assistance from LIC employees. Customers with LIC pension plans can access these services both online and offline.
It is essential for policyholders to remain well-informed about any updates that could potentially impact their associated policies. This necessitates a comprehensive understanding of the purchased policy, ensuring that it aligns with their specific needs and requirements to maximise the benefits received.
Since insurance provides a means for the insured's family to maintain a comfortable lifestyle in the absence of regular income, it becomes crucial to thoroughly review the policy before making the purchase. By doing so, one can guarantee that the chosen policy is carefully assessed and revised to ensure its suitability for long-term financial security.