LIC of India have declared Bonus rate for all its with profit policies. Evert year Actuarial department of LIC do valuation and declares the bonus rates. These bonus rate are applicable for policy year entered upon during the inter valuation period i.e. 01/04/2014 to 31/03/2015 and in force for full sum assured as on 31/03/2015. It would apply to policies resulting into claims by death or maturity (including those discounted within one year of maturity) or surrendered on or after 01/01/2016.
Latest: LIC Of India’s Bonus Rates Declared For 2016-17
Final additional bonus (FAB) and Loyalty addition (LA) are also declared with reversionary bonus rate. FAB and LA are not applicable to each policy. They are paid as per the policy conditions and depend upon the Sum assured and policy term.
How to calculate Bonus in your policy
Example: If you have a New Jeevan Anand Policy (Table No. 815), Sum Assured: Rs. 500000, Term: 21 years. Bonus calculations Formula: (Sum Assured/1000)*Bonus rates
Bonus in above mentioned plan: (500000/1000)*49 = Rs. 24500.
Bonus Rate declared by LIC of India