LIC has been a trusted provider of financial security to millions of individuals and families. Many thousands buy life insurance policies to get good maturity money. However, one must submit the LIC Maturity form at maturity time.
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Why You need to deposit Maturity Form of LIC
LIC provides a wide range of client-centric products. These policies are usually long-term plans of 10-15-20 or more years.
In such a long time, many aspects including some basic things such as bank details, and contact details or other details might change.
To get maturity claims, one must deposit an LIC maturity form.
How to take LIC’s maturity Claim
What happens near Policy Maturity
- The Branch Office sends out a letter informing the date of money payable
- The letter is sent at least two months prior to the maturity date.
What policyholder need to do in such case:
- Deposit the Discharge Form duly completed along with the Policy Document, NEFT Mandate Form (Bank A/c Particulars with supporting proof)
- KYC requirements
LIC’s Obligation
- On receipt of these documents, payment is processed in advance. The maturity amount gets credited to the policyholder’s bank A/C on the due date.
Maturity Claim Procedure Money back Plan
If the amount payable is up to Rs.500,000/-
In case the maturity amount us up to Rs 5 lac, there is no need to submit a discharge Receipt or policy document.
Even Survival Benefit under Jeevan Anand policies up to Sum assured Rs. 200000/- is also released without calling for policy bond or discharge form
If the amount payable is more than Rs.500,000/-
Follow the procedure as in the case of Endowment insurance plan.
Documents required
Filing a maturity claim requires various documents from the insured along with policy discharge form. The list of documents are given as follows:
- Original policy documents
- Photocopy of identity proof
- Photocopy of address proof
- Photocopy of age proof (if not previously submitted)
- NEFT mandate with the bank details
- A cancelled cheque leaf or a copy of the policyholder’s bank passbook
- Details regarding any assignment or reassignment
For a smooth process, all the documents must be sent to LIC, no later than 5 to 7 business days before the policy’s maturity date.
The LIC will settle the policy claim only once all the documents have been verified.
Conclusion
Taking maturity claim is quite easy. Deposit the above-mentioned documents and get the maturity amount transferred to your bank account.
If the policyholder does not receive the settlement amount even after two months of filing the claim, he/she can visit the branch office and enquire about the settlement.
