Recently LIC declared the bonus rates for the year 2023 – 2024 (As per March 2023 valuation). Let us see the complete details about LIC Bonus Rates – 2023- 2024 and how they affect your life insurance returns.
LIC of India has declared the latest bonus rates for the valuation period from 1st April 2022 to 31st March 2023.
Meaning of bonus for LIC policies
When you buy a traditional with-profit product from LIC, then your returns from such policy mainly depend on what will be the rate of bonus. LIC declares bonuses on a yearly basis. Usually, you will not find any such drastic change. But it is always better to track the bonus rates.
Let us say you bought LIC’s Jeevan Anand for the term of 20 years and the sum assured is Rs.5,00,000. If LIC declared a bonus of Rs.45 for this product, then the calculation will be as below.
The bonus rates will be based on three criteria.
# Term of policy-Higher tenure means higher the rate.
# Sum Assured-LIC bonus depends on Rs.1,000 of Sum…
