What is guaranteed sum assured on maturity

How do you calculate guaranteed sum assured on maturity?

Maturity benefit is calculated as the [Sum Assured + Bonus Amounts] which have been accumulated throughout the policy term + any [Final Addition Bonus] if declared. However if the policy holder does not survive the policy tenure, the nominee will additionally get the Sum Assured amount as the Death Benefit.

What does guaranteed maturity value mean?

Guaranteed Maturity Value . – means the fund value available at the maturity date if you are still alive at the maturity date. You can use this to transfer to another registered pension scheme, buy an annuity, invest in another Protected Retirement Plan, or take a taxable cash lump sum.

What is the difference between basic sum assured and guaranteed maturity sum assured?

The amount payable on the death of the policyholder is called the sum assured on death or the death benefit. On the other hand, the amount payable to the policyholder on surviving till the end of the policy term is termed sum assured on maturity or maturity benefit.

What is maturity sum assured in LIC?

The Maturity Sum Assured depends on the age at entry of the life to be assured and is payable on survival to the end of the policy term. It also offers the flexibility of term and a lot of liquidity.