Final Additional Bonus (FAB) is an additional bonus which is paid in LIC policies, other than the simple reversionary bonus. Final Additional Bonus is paid only once in the policies at the time of Maturity claim or discounted claim or death claim. The final additional bonus depends upon the sum assured in policy and term of the policy. In other words, the longer-term of the policy, the higher will be the FAB. Bonus rates for LIC of India policies are declared on 17/09/2020. To know about Loyalty Addition in Jeevan Saral please click on the link.
LIC of India’s plans are divided into groups as per the type of plans for declaring bonuses as per their conditions. All the plans of LIC in which the Final Additional Bonus (FAB) is payable are divided into different groups according to their eligibility for FAB. Though we have given FAB for some groups only.
Table of Contents
Final Additional Bonus in Plans of Groups 1, 2, 11, 12 and 13
Plans in group 1 are Whole Life type (Plans 2, 5, 6, 8, 10, 28 (Before Conversion), 35, 36, 37, 38, 49,77,78, 85 & 86). Group 2 are Endowment type (Plans 14, 17, 27 (After Conversion), 28 (After Conversion), 34, 39 40, 41, 42, 50, 54, 79, 80, 81, 84, 87, 90, 91, 92, 95, 101, 102, 103, 109, 110 & 121). Next group 11 are Jeevan Mitra (Double Cover plan), Jeevan Saathi (Plans 88 & 89). Similarly, group 12 is Jeevan Mitra (Triple Cover Plan: Plan 133 ) and in group 13 is Limited Payment Endowment (Plan 48)
(#) In the case of death claims under Single Premium / Fully Paid-up Limited Premium Payment policies, the number of years in the first column indicates the number of policy years elapsed inclusive of the policy year in which the death takes place.
FAB in Plans of Group 7 (Money Back)
Plans in group 7 are Money Back Assurances (Plans 75 & 93)
** Duration = Policy anniversary following date of claim minus Date of commencement
FAB in Plans of Group 10 (Jeevan Surabhi)
Plans in group 10 are Jeevan Surabhi (Plans 106, 107 & 108)
** Duration = Policy anniversary following date of claim minus Date of commencement
FAB in Plans of Group 19 (Jeevan Anand, Plan 149)
Plans in group 19 is Jeevan Anand (Plan 149)
FAB in Plans of Group 30 (Jeevan Bharti)
Plans in group 30 is Jeevan Bharti (Plan 160)
Not all the policies are eligible for FAB, only policies which are participating in profit are eligible for FAB. The FAB totally depends upon the experience of LIC ie surplus made by LIC of India. Mostly the policies having more than 15 years of policy term are eligible for FAB. The Quantum of the Final additional bonus also depends upon the sum assured in policy, the higher the sum assured more the FAB.
Other Important conditions related to Final Additional Bonus (FAB)
- Policies with the mode of payment of premiums other than yearly are deducted from maturity claim. In other words, this deduction is made to give full FAB benefits to the policyholders.
- Multi-purpose policies in respect of death claims, the Final (Additional) Bonus will be paid only at the end of the original term along with the Reversionary Bonus. Though policy must fulfill all other terms and conditions.
- Where a non-participating policy is altered to a participating policy. The final (Additional) Bonus is paid as per the date of alteration.
- Convertible, Whole Life Policy converted to With Profit Endowment Policy after 5 years, the period for Final (Additional) Bonus will be taken from the date of conversion. In respect of Convertible Whole life With Profit Policy (Plan 28). The period will be taken from the date of commencement of the policy.
- Marriage Endowment and Jeevan Chhaya policies, in respect of death claim, the final additional bonus will be paid at the end of the original term along with reversionary bonuses subject to other qualifying conditions mentioned above.
- Where a policyholder discounts the policy within one year preceding the date of maturity, the policy will be eligible for Final (Additional) Bonus provided other qualifying conditions are satisfied.
- Visit the LIC of India website for detailed circular.
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I like this because it helps me to calculate Maturity for lic plans
WHAT IS BONUS RATE FOR MONY BACK POLICU FOR SUM ASSURED RS. 2,00,000/-
AGE = 30 YEARS ,
MO – 9224392242
sum assured-10lac
age-23
term-17
new endowment plan 814
what will be the maturity amount with FAB
What kind of Simple Reversionary Bonuses and Final Additional Bonus i can expect on Jeevan Anand after maturity… SA is 15 Lakhs, Term 16..
hi,
I have two Jeevan Anand Policy and I want to know the amount I will be getting on maturity.
Policy 1 – Sum insured – 2.0 lac, Started in 2010, yearly premium 14453/- (15 years), Age at the start of policy 28 Year
Policy 2 – Sum insured – 5.0 Lac, Started in 2015, yearly premium 37500/- (15 years) Age at the start of policy 26 years(wife)
Please help me in getting the maturity amount calculated.
Policy 1- Maturity Benefit = Rs. 3,30,000 (Approx.)
Policy 2- Maturity Benefit = Rs. 8,20,000 (Approx.)
I haveEndowment policy table-14 Sum insured – 5.75 Lac, Started in may 2011, monthly rs 4238/- premium 12 yers I want to know the amount I will be getting on maturity.
Endowment policy table-14
i have taken jeevan ananad policy Rs.250000/- term 17 year please send me total maturity amount
and 2 policy taken money back 75-20 please send me maturity amount
I have money back policy taken in lic plan-75-20, S.A. 250000/- PLEASE SEND ME MATURITY amount
I have taken a policy for my daughter in April 2015 of Jeevan Anand for a SA Rs 200000 for a term of 15 years Pl let me know the simiple reversionary bonus and FAB, Loyalty additions.
I have policy jeevan anand SA 10 lacs ,term 21 years.i had paid the premium of 51600/ for 4 years. Now I want to surrender this policy . What amount will be approximately received.or should I continue for 1 more year then surrender? Plz advise
Hi , I have LIC jeevan anand – 815 policy,Premium amt 43260 (42464+796(Tax)) Age 30 and Term 30. Can you please calculate Maturity amount(SA+Bonus+FAB).
i have taken a limited payment endowment plan-48-20.premium paying term is 15 years and SA-1500000 taken in the year 2006 at age 45
premium-96445 yearly.what will be my maturity value including FAB.
Name:Janak Bhutani
Address:Ganaur, Sonepat, Haryana
My Age:33 Years
Daughter Age: 0 Years
Policy:LIC Money Back (25 Years)
Policy Taken:10 June 2016
First 6 Months Premium Paid:6792
What will be my maturity amount including all things?
Name:Janak Bhutani
Address:Ganaur, Sonepat, Haryana
My Age:33 Years
Daughter Age:0 Years
Policy:LIC Money Back (25 Years)
Sum Assured:300000
Policy Taken:10 June 2016
First 6 Months Premium Paid:6792
As LIC Agent Said I have to pay money for 25 years.
What will be my maturity amount including all things?
Can i get final additional bonus for new jivan anand (815) policy for 32 years.?
is the final additional bonus is applicable in the Jeevan Umang LIC Policy during the surrender before the end of original term of policy
“Final additional Bonus” name clearly indicate that this bonus will be paid with maturity only. Therefore FAB is not payable on surrender even after premium payment is over.
In case of Jeevan Umang policy fab is applicable on death after Premium paying Term.
Hello
How is Bonus applied for policy which matures in middle of year nut in next financial year. For e.g. LIC has declared bonus rates for FY 202-21 and it will declare bonus for FY21-22 in Sep-21.
What will happen when Policy matures in Aug-21 ? Will they use FY20-21 bonus rates ?
Yes, and for the year 2021-22, interim bonus paid, which is also declared with last year’s bonus for policies maturing between April to next bonus declared.
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