Lic New Money Back Policy Plan 93 Maturity Calculator
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Reviewed by Calculator Editorial Team
This calculator helps you determine the maturity value of LIC New Money Back Policy Plan 93. Simply input your policy details and get an instant calculation of your potential payout.
How to Use This Calculator
To calculate the maturity value of your LIC New Money Back Policy Plan 93:
- Enter the policy amount you've invested
- Select the policy term (in years)
- Enter the assumed annual interest rate
- Click "Calculate" to see your results
The calculator will display your maturity value along with a breakdown of how it was calculated.
Formula Used
The maturity value of a money back policy is calculated using the formula for compound interest:
Where:
- Policy Amount = The initial sum invested
- Interest Rate = Annual interest rate (in decimal)
- Term = Policy term in years
This formula assumes the interest is compounded annually.
Worked Example
Let's calculate the maturity value for a policy with:
- Policy Amount: ₹50,000
- Term: 10 years
- Interest Rate: 6% per annum
So, the maturity value would be approximately ₹90,970 after 10 years.
Interpreting Results
The maturity value represents the total amount you'll receive when your policy matures. This includes:
- The original policy amount
- All interest earned during the policy term
- Any bonuses or additional benefits specified in your policy
Note: Actual returns may vary based on market conditions and policy terms. Always check your policy documents for exact details.
Frequently Asked Questions
- What is LIC New Money Back Policy Plan 93?
- It's a non-linked, participating, individual, savings life insurance plan offered by Life Insurance Corporation of India.
- How often is the interest compounded?
- The interest is compounded annually in this calculator, which matches the standard assumption for money back policies.
- Can I withdraw money before maturity?
- Yes, but partial withdrawals may affect your final maturity amount. Check your policy terms for details.
- Is this calculator accurate for all policy terms?
- This calculator provides an estimate. For exact figures, refer to your policy documents or contact LIC directly.
- What happens if I die before maturity?
- The policy provides a death benefit, which is typically the sum assured plus any accumulated bonuses.