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LIC Jeevan Asha - 2 policy: How much will I get on maturity?

Ramalingam Kalirajan |8125 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Jul 25, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Question by pepe on Jul 17, 2024Hindi

Meri policy jeewan asha -2hai.ishe mene28-09-2003 me liya tha. Haff yearly premium 11992rs hai. Policy plan 131-25 hai. Mujhe 25 year tak premium dena hai. Mujhe policy mature hone par kitna amount milega.

Ans: Policy Details Overview
Policy Name: Jeevan Asha - 2
Start Date: 28-09-2003
Half-Yearly Premium: Rs 11,992
Policy Term: 25 years
Plan Number: 131-25
You are paying Rs 11,992 as a half-yearly premium, which amounts to Rs 23,984 annually. This policy has a term of 25 years.

Total Premium Paid
Total Premiums Paid Over 25 Years:
Annual Premium: Rs 23,984
Total Years: 25
Total Premium Paid: Rs 23,984 * 25 = Rs 5,99,600
Maturity Amount Estimation
The maturity amount for a Jeevan Asha - 2 policy can depend on various factors, including the sum assured, bonuses, and final additional bonuses (FAB). Since the specific sum assured and bonuses are not provided, we will give a general idea.

Sum Assured:

The sum assured is the guaranteed amount paid on maturity. Check your policy document for the exact sum assured amount.
Bonuses:

LIC policies often include reversionary bonuses declared annually. The bonus rate varies yearly. Historically, it has been around Rs 40 to Rs 50 per Rs 1,000 of the sum assured.
Final Additional Bonus (FAB):

An additional bonus may be declared at the end of the policy term. This depends on LIC's performance and policy duration.
Example Calculation
For an illustrative example, let's assume:

Sum Assured: Rs 3,00,000 (You need to check your policy for the exact sum assured)
Annual Bonus: Rs 45 per Rs 1,000 sum assured
FAB: Rs 25 per Rs 1,000 sum assured (if applicable)
Annual Bonus Calculation:

Sum Assured: Rs 3,00,000
Annual Bonus: Rs 45 per Rs 1,000 = Rs 13,500 per year
Total Bonuses Over 25 Years: Rs 13,500 * 25 = Rs 3,37,500
Final Additional Bonus (FAB):

Sum Assured: Rs 3,00,000
FAB: Rs 25 per Rs 1,000 = Rs 7,500
Total Maturity Amount:

Sum Assured: Rs 3,00,000

Total Bonuses: Rs 3,37,500

FAB: Rs 7,500

Total Maturity Amount: Rs 3,00,000 + Rs 3,37,500 + Rs 7,500 = Rs 6,45,000

Final Insights
The exact maturity amount can vary based on the sum assured and actual bonuses declared by LIC. It is advisable to consult your policy document or contact LIC for precise details.

By estimating the bonuses and sum assured, you can get an idea of the maturity amount.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

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