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LIC Maturity Settlement Option With Calculator
Maturity settlement option was already available in LIC which provided policy holders with an option to take maturity in installments. Now this option has become available as a plan feature and death claim amount can also be availed in yearly, half-yearly, quarterly or monthly installments. Here we have explained maturity settlement option in detail with maturity settlement calculator.
Maturity settlement option provides a feature to receive a lump-sum amount in yearly, half yearly, quarterly or monthly installments for selected number of years. With launch of modified plans from 01-Feb-2020, the settlement option has been added under the features of LIC plans. Apart from maturity settlement, now death claim amount can also be taken in installments by the nominee.
Which are the plans that have maturity settlement option?
From 01-Feb-2020, Life Insurance Corporation (LIC) of India has modified its various plans and added this feature of providing maturity as well as death claim amount in installments. As per plan feature, this option is available for 5, 10 or 15 years settlement option. This feature has been added to plans like single premium endowment plan (917), New Endowment Plan (914), Jeevan Anand plan(915) , Jeevan Labh plan(936) etc.
Eligibility for Settlement option.
This option can be opted against maturity amount or death claim amount, if calculated installment is greater than respective amounts provided in following table.
| Mode | Minimum Installment (Rs.) | |
|---|---|---|
| Monthly | 5,000 | |
| Quarterly | 15,000 | |
| Half Yearly | 25,000 | |
| yearly | 50,000 |
How to avail this feature?
In case of maturity, this can be opted by intimating the LIC at least 3 month before due date of maturity. For opting settlement of death claim, policy holder can opt by specifying number of years and mode of the settlement and nominee will get installments (if eligible) in case of death claim of the policy holder.
What will happen in case of death of the policyholder during settlement years?
The nominee will continue to receive the scheduled installments. Nominee can’t change the specified option.
Can the settlement option be stopped during settlement period?
Yes, on the intimation of the policyholder, it can be stopped and remaining amount can be taken in one single amount.
Above details are not complete details, in case of any further query please write your query in the comment box.
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