LIC Plan 815 Maturity Calculator [Latest Updated]

LIC Plan 815 Maturity Calculator

Do you want to know how much money you’ll get from your LIC Plan 815? The LIC Plan 815 Maturity Calculator can help you! This easy guide will show you how to use the calculator and understand your policy better. So, without delay let’s go the straight points-

What is LIC Plan 815?

LIC Plan 815, also known as New Jeevan Anand, is a helpful insurance plan. It protects your family and saves money for you.

Here’s how it works:

This policy covers, If something unfortunate happens to you, your family gets money.
When the plan ends, you get a big sum.
You can start with 100,000 rupees, and there’s no upper limit.
The plan can last 15 to 35 years. You pay regularly to keep it going.
You also get extra money called bonuses.
If you need cash, you can borrow against your plan.
You might pay less tax too.
You can even add extra protection for accidents.

LIC Plan 815 is great for keeping your family safe and saving for the future.

Key Features of LIC Plan 815

Key Features	Description
Sum Assured	The minimum basic sum assured is INR 1,00,000, with no upper limit.
Policy Term	The policy can be taken for a term of 15 to 35 years.
Premium Payment	Regular premium payments are required throughout the policy term.
Bonus	The policy participates in LIC’s profits and is eligible for bonuses.
Life Cover	Provides life cover even after the policy term ends.
Savings	Offers a lump sum payment on policy maturity.

Benefits of LIC Plan 815

Benefits	Description
Dual Benefit	Combines endowment benefits with whole-life protection.
Loan Facility	Policyholders can easily avail of loans against the policy.
Tax Benefits	You might pay less tax with this plan. The money you pay for the plan and the money you get at the end could help reduce your taxes.
Rider Options	You can add extra protection to your plan, like for accidents or disabilities.

Why Use LIC Plan 815 Maturity Calculator?

LIC Plan 815 Maturity Calculator helps you guess how much money you’ll get when your plan ends. This estimation is crucial for several reasons:

Accurate Estimates: Plan 815 Maturity Calculator provides you with a precise calculation of the maturity amount.
Financial Planning: Helps in budgeting and planning for future financial goals.
Transparency: Offers a clear picture of the policy’s benefits.
Informed Decisions: Assists in making well-informed decisions regarding policy continuation or modification.

Components of the Maturity Amount

The maturity amount of LIC Plan 815 consists of three main components:

Sum Assured: The guaranteed amount paid on policy maturity.
Reversionary Bonus: Declared annually by LIC, this bonus is added to the policy.
Final Additional Bonus (FAB): Enter the bonus rate. LIC tells you this at the end of your plan.

How to Use the LIC Plan 815 Maturity Calculator

Using the maturity calculator is easy to use and involves the following steps:

LIC Plan 815 Maturity Calculator Interface

Enter Basic Details:
- Sum Assured: The guaranteed amount of money you are assured of receiving.
- Policy Term: Enter the duration for which the policy you have taken.
- Premium Payment Term: The period over which premiums are paid.
Input Bonus Rates:
- Reversionary Bonus Rate: Enter the expected annual reversionary bonus rate. This rate is usually provided by LIC.
- Final Additional Bonus Rate: Input the final additional bonus rate, which is typically declared by LIC at the end of the policy term.
Calculate:
- Click “Calculate” to see how much money you’ll get in total.

Example of Calculation and Illustration

Let’s consider an example to make clear yourself. Also, I will provide you with an illustration of how the calculator works. Suppose you have a policy with the following details:

Sum Assured: INR 5,00,000
Policy Term: 25 years
Reversionary Bonus Rate: INR 45 per INR 1,000 Sum Assured
Final Additional Bonus: INR 500 per INR 1,000 Sum Assured

Here’s how the calculation is done:

1. Total Reversionary Bonus:

Total Reversionary Bonus=(1000Sum Assured×Reversionary Bonus Rate×Policy Term)

Total Reversionary Bonus=(10005,00,000×45×25)=INR 5,62,500

2. Final Additional Bonus:

Final Additional Bonus=(1000Sum Assured×Final Additional Bonus Rate)

Final Additional Bonus=(10005,00,000×500)=INR 2,50,000

3. Total Maturity Amount:

Total Maturity Amount=Sum Assured+Total Reversionary Bonus+Final Additional Bonus

Total Maturity Amount=5,00,000+5,62,500+2,50,000=INR 13,12,500

Explanation:
With this policy, after 25 years, you would receive a total maturity amount of INR 13,12,500.

This amount includes the sum assured of INR 5,00,000, the total reversionary bonus of INR 5,62,500, and the final additional bonus of INR 2,50,000.

On the other side, if you use LIC Plan 815 Maturity Calculator. The calculator shows you how much money you might get. This helps you plan your money.

What is the Reversionary Bonus Rate?

The Reversionary Bonus Rate is a bonus added to your life insurance policy every year. It’s like a reward that grows over time. Each year, the insurance company decides how much bonus to add based on how well their investments did.

This bonus becomes a part of your policy and is guaranteed once added. It helps increase the amount of money you get when the policy matures or if something happens to you.

Reversionary Bonus Formula:

Total Reversionary Bonus=(1000Sum Assured×Reversionary Bonus Rate×Policy Term)

What is the Final Additional Bonus Rate?

The Final Additional Bonus Rate is a bonus you get at the end of your life insurance policy. It’s given only once when your policy matures or if you pass away before that.

This bonus depends on how well the insurance company’s investments did over the years. It adds extra money to the total amount you receive from your policy. This will give you more financial benefits.

Additional Bonus Formula:

Final Additional Bonus=(1000Sum Assured×Final Additional Bonus Rate)

Benefits of Using the Maturity Calculator

Financial Planning

A maturity calculator assists in budgeting and planning for future financial goals. Knowing how much you might get helps you save for big things in life.

Transparency

The calculator shows you what your plan is worth, including extra money. This transparency ensures that you understand the value of your investment.

Informed Decisions

The calculator helps you make good choices about your plan. You can decide to keep it, change it, or add more to it.

Key Points Breakdown

For easy reference, here’s a breakdown of the key points related to LIC Plan 815:

Feature	Details
Sum Assured	Starts at INR 1,00,000
Policy Term	15 to 35 years
Premium Payment	Regular throughout the policy term
Bonuses	Reversionary Bonus, Final Additional Bonus
Life Cover	Continues after the policy term
Savings	Lump sum at maturity
Loan Facility	Available against the policy
Tax Benefits	Premiums eligible for tax deductions
Rider Options	Accidental Death, Disability, Term Rider

Conclusion

The LIC Plan 815 Maturity Calculator helps you guess how much money you’ll get. This helps you plan better. Utilize the calculator to ensure you make the most of your investment in LIC’s New Jeevan Anand Plan 815.

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FAQs

How does the maturity calculator work?

The calculator uses your plan details to guess how much money you’ll get.

What bonuses are included in the maturity amount?

The maturity amount includes the sum assured, reversionary bonus, and final additional bonus.

Can I change my policy details in the calculator?

Yes, you can input different policy details to see how they affect the maturity amount.

Is the maturity calculator accurate?

The calculator gives a good guess based on today’s rates. The real amount might be a bit different. Actual maturity amounts may vary.

Can I use the maturity calculator for other LIC plans?

The calculator is specifically designed for LIC Plan 815. For other plans, use the respective calculators provided by LIC.

LIC Plan 815 Maturity Calculator: Accurate & User-Friendly