Recently LIC declared the bonus rates for the year 2022 – 2023 (As per March 2022 valuation). Let us see the complete details about LIC Bonus Rates – 2022- 2023 and how they affect your life insurance returns.
LIC of India has declared the latest bonus rates for the valuation period 1 st April 2021 to 31st March 2022.
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 bonus on the 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 as Rs.5,00,000. If LIC declared a bonus as 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 the tenure means higher the rate.
# Sum Assured-LIC…
