Investment Plans March 31, 2021

Life Insurance Corporation of India (LIC) comes with a wide range of life insurance products offering your loved ones the financial security in case of your death. But what if you survive till the policy term? Will you get any benefit? Don’t worry, LIC offers life insurance plans offer best maturity benefits upon survival. So, if you are looking for an insurance plan with maturity benefits, check out LIC Insurance Plans in this post below.

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List of LIC Insurance Plans with Maturity Benefits

Life Insurance Corporation (LIC) provides the following insurance plans with maturity benefits, which help you meet different financial needs –

LIC Jeevan Umang

LIC Jeevan Umang is a non-linked, with-profit, whole life assurance plan that provides both income and financial protection. Under this LIC Insurance Plan, you will get a lump sum payment of ‘Sum Assured on Maturity’ plus a vested simple reversionary bonus and final additional bonus, if any, at maturity.

LIC Single Premium Endowment Plan

This participating, non-linked, savings cum protection endowment plan from LIC offers life assured maturity benefits should he/she survive till the stipulated date of maturity. The benefits include the Sum Assured on Maturity along with vested simple reversionary bonuses and final additional bonus, if any.

Note – The policyholder/life assured gets an option to receive the maturity benefit either in a lump sum or installments.

LIC Jeevan Labh

LIC Jeevan Labh is a limited premium paying, non-linked, with-profit endowment plan with which you will get the benefits of savings and protection. If you survive the LIC Jeevan Labh policy term, you will get Sum Assured on Maturity along with vested simple reversionary bonuses and final additional bonus, if any, at maturity.

LIC Bima Shree

LIC Bima Shree is a non-linked, participating, individual, limited premium payment money back life insurance plan that offers a minimum Basic Sum Assured of INR 10 Lakh especially for the targeted segment of High Net-worth Individuals (HNIs). Under this LIC insurance plan, the company provides a maturity benefit – Sum Assured on Maturity + Accrued Guaranteed Additions + Loyalty Addition, if any, upon survival till the maturity date.

Sum Assured on Maturity for LIC Bima Shree is as follows for the different policy term –

LIC New Jeevan Anand

LIC New Jeevan Anand Plan is a participating, non-linked, protection cum savings plan that provides financial protection against death during the policy period and a lump sum amount at the end of the policy period upon the life assured’s survival. And the amount the life assured receives as a maturity benefit includes –

  1. Basic Sum Assured
  2. Vested Simple Reversionary Bonuses
  3. And Final Additional Bonus, if any

LIC Aadhaar Stambh

The LIC Aadhaar Stambh Policy provides a lump sum amount upon life assured survival till the policy maturity, provided the policy is in force. LIC Aadhaar Stambh maturity benefits include – Sum Assured on Maturity along with Loyalty Addition if any.

Under LIC Aadhaar Stambh, you will have the option to receive the maturity benefit in installments using the LIC’s Settlement Option.

Important Notes About LIC Insurance Plans with Maturity Benefits

  1. Sum Assured on Maturity is equal to the basic sum assured of the plan
  2. All premiums should be paid in full before the date of maturity
  3. LIC insurance plans with maturity benefits should be in force on the maturity date
  4. The above-mentioned LIC policies shall participate in profits during the policy term
  5. During the premium paying term, your LIC policies shall receive Simple Reversionary Bonuses, as declared by the company
  6. Final Additional Bonus may be declared under the policy during the premium payment term if a policy results in a death claim or after the premium payment term in case of death or maturity, whichever occurs earlier. If there’s an applicable final additional bonus in your policy and you are surrendering the same, the same shall also be considered to calculate Special Surrender Value.
  7. If these LIC Insurance Plans are converted into paid-up policies, you will receive a Sum Assured of less than INR 2 Lakh. And the policies shall not participate in future profits.

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