The Life Insurance Corporation of India is a vital link in safeguarding our future and our loved ones. For many years, LIC has been a dependable partner for millions of individuals and families, offering a wide array of insurance plans that are customised to fit different risk profiles and financial objectives.
The largest life insurer in India, Life Insurance Corporation (LIC), is known for providing a broad range of products, such as retirement plans, money-back plans, endowment plans, term plans, and ULIPs. Some insurance plans give both death benefits and maturity benefits, whereas term insurance policies solely provide death benefits to policyholders. In both cases, in order to get the insurance money, the beneficiary has to file a claim with the business.
But choosing the best policy can be difficult because there are so many to choose from, each with its own special features made to meet particular demands. It is vital to comprehend the various options, their related benefits, and how they correspond with specific needs.
A contract for life insurance guarantees that, if the covered event occurs, the person guaranteed (or his nominee) will receive a certain amount of money.
Payment of the insured amount under the contract is valid on the maturity date, on dates that are specified on a regular basis, or in the event of an unfortunate death, if it happens earlier.
The policy also stipulates that the policyholder will pay the corporation a premium on a regular basis. The institution of life insurance is well recognised for its ability to remove “risk,” replace uncertainty with certainty, and provide timely support to the family in the tragic event of the breadwinner’s death.
Read: How To Surrender Your LIC Policy Online ?
What is the maturity amount in LIC ?
Everyone should obtain a life insurance policy to protect their family financially in the event of their death, but this is especially important if you are the family’s sole provider of income. When you get an insurance policy, the insurance company insures you to receive death benefits in exchange for a monthly premium payment.
A maturity claim paid by LIC (Life Insurance Corporation) is the amount given to the policyholder after their insurance policy matures. This payment is made once the policy has reached its maturity date and the policyholder has met all terms and conditions, including timely premium payments. The maturity claim paid is usually the sum promised, which is the guaranteed amount of money the policyholder would receive at the policy’s maturity.
If the policyholder survives beyond the policy’s term, they will be eligible to receive maturity benefits under a life insurance policy. Only after the policy is in effect and all premiums have been paid in full may the insured make a claim for the maturity benefits. One of the easiest claim processes to handle is a maturity claim, which requires very little paperwork.
The ultimate policy settlement in which the policyholder gets the maturity amount is known as a LIC maturity claim. Via its website, LIC permits its clients to submit online claims for insurance.
Once premium payments have been made, the policyholder has the option to electronically submit their documentation via the LIC portal rather than in person.
How to File a Maturity Claim on LIC Policy ?
In order to submit a death claim, the nominee or legal heir must submit a wealth of documents proving their connection to the insured. In addition, other standard documentation necessary for the processing of claims has to be submitted. When it comes to maturity claims, very little documentation is needed. These requests can be processed swiftly and easily because the insured usually files them.
The maturity claim can be obtained by offline and online methods. In the offline method, the insurer needs to visit the LIC office. While online, you can avail of the maturity amount benefit without going anywhere. A quick and safe way to get your money back is to claim your maturity online with LIC. You can get your matured funds fast and without having to go to any bank or office by following a few easy procedures.
The steps for claiming the maturity amount are as follows:
- Go to the website of LIC: Go to the website of the insurance company. Enter your policy number, birthdate, and password to access your account on the LIC website. In the event that you don’t already have one, you must make one.
- Discharge Form for Policy: Click “Maturity Claims” after logging in. Here you will find a form for policy discharge that you can download. You can download the form or obtain it from the insurance company’s office. The policyholder must fill out the form. Enter the information about your policy, including the policy number, the policyholder’s name, and the maturity date. and then sign it. Together with two observers, the form requires revenue stamps.
- Upload the required documents: Upload the needed files, as specified by LIC, including identification documentation and bank account information.
- Delivering the policy discharge form to the insurer at least 7 working days prior to the maturity date, along with any necessary supporting evidence, can expedite the claim processing procedure.
- Cross-check the documents. After checking the documents and reading all the information, submit your claim. Once the policy discharge form and all accompanying evidence are received, LIC first verifies every document.
- Handling of Claims: Following the completion of verification, the insurance company handles the claim and pays the insured. When the policy matures, the money is directly deposited into the policyholder’s bank account. Policyholders may also request a post-dated check be sent to their address. A bank account can be used to receive the check for cashing when it matures.
- The maturity amount will be credited to your bank account, and you will receive an email or SMS confirming that your claim has been handled.
- A predetermined amount of money will be paid to the policyholder on a regular basis in the case of money-back plans. In this instance, if the settlement amount is less than Rs. 60,000, there is no need to file the form for the insurance discharge. The proceeds shall be automatically credited to the policyholder’s account upon the expiration of the maturity period. However, in the event that the settlement amount is beyond Rs. 60,000, the discharge form must be filed along with the required documentation.
Required documents for maturity claim
When submitting a maturity claim, the insured must supply extra paperwork in addition to the policy discharge form. The documents are listed in the following order:
- Original policy texts
- Identification proof photocopy
- A copy of the address evidence
- (If not previously submitted) A photocopy of the proof of age
- The bank details and the NEFT mandate
- An official bank passbook duplicate of a cancelled check leaf
- Information about any new or updated assignments
For the transfer to go smoothly, all documentation needs to be delivered to the company at least five to seven days before the policy’s maturity date. Once the company has all the necessary paperwork, it will begin the settlement procedure.
Conclusion
Mature claim notifications are usually sent to the insured by the closest LIC branch two months before the maturity of your policy. Form 3825, discharged receipt, must be submitted by the nominee in the event that the policyholder dies within the policy term. To ensure that receiving the full maturity amount is not impeded, policy documentation must also be filed one month prior to the policy’s due date. Identification documentation, proof of age, a voided check, a copy of the bank passbook, a NEFT mandate form, and, in the event of an insured’s death, the death certificate are among the required documents.