LIC - Whole Life Type Plans (2 ,5 ,6 ,8 ,10 ,28 - before conversion, 35, 36, 37, 38, 49, 77, 78, 85 & 86). this plan is mainly to create wealth to survive for successor of policyholder. After the death of policyholder total amount given to successor is sum assured plus the bonus earned on policy and plus any special bonus given by lic of India on policy.
The above given calculator calculates the maturity amount based on sum assured & bonus earned on policy. this is based on tenure of policy also.
Now a days due to increase in life-period of Indian population LIC of India provides the maturity amount by claim or age of 80 or term of 40 years from date of commencement of the policy. which ever is later LIC of India will opt it.
Maturity amount calculation using example : Suppose Mr XYZ has bought the whole life plan of sum assured of Rs. 500000 in year 2004 for term of 20 years.
On maturity of policy the total earned bonus will be aprox Rs. 698500.
the total amount payable of policyholder will be aprox Rs. 500000 + 698500 i.e. Rs. 1198500.
This is just an example based on your sum assured & number of terms calculate the maturity amount by given above whole life policy maturity calculator.