A tool designed for policyholders of the Life Insurance Corporation of India (LIC) helps project the total sum assured receivable at the end of a policy’s term. This projection considers factors such as the sum assured, policy term, bonus additions, and applicable riders. For instance, a policy with a sum assured of 10 lakhs and a term of 20 years might yield a significantly higher maturity value due to accrued bonuses over time.
Planning for long-term financial goals, such as retirement or children’s education, requires careful consideration of future resources. Such a predictive tool offers valuable insights into the potential returns from life insurance policies, enabling informed financial decisions. Historically, understanding policy benefits often involved complex calculations and consultation with agents. This type of tool simplifies the process, empowering policyholders with readily accessible information and promoting financial transparency. It facilitates better financial planning by providing a clear picture of expected returns.