Mostly person before taking life insurance they think that how to claim maturity benefits from life insurance policies? Or What are the maturity claim procedure? How in my absence my dependents or spouse or nominee can take maturity claim?
Every insured person is entitled to claim the maturity benefits only when the policy is in force and all premiums have been duly paid. In life insurance policy with maturity benefits, the insured person will be entitled to claim maturity benefits if they have fulfill the term of the policy. A maturity claim is one of the simplest claim procedures with minimal paperwork require.Normally the insurance company sends a Policy Discharge form about ninety days (3 month) before the maturity date of the insurance policy along with maturity intimation at insured persons address mentioned in policy. All instructions regarding the documents & procedures are advised their.
First of all, insured person should visit nearest LIC branch and understand the procedures. Following list of documents require in Maturity claim process:
* Original Policy Bond
* Copy of Identity Proof
* Copy of Address Proof
* Bank Mandate Form with bank details
* A Cancelled Cheque leaf
Arrange all documents require to take maturity claim. The Policy Discharge Form (LIC Maturity Form No.3825) must be duly filed by the policyholder. The Maturity form needs to be signed by Policy holder along with two witness.
The duly completed form with required documents must reach the insurance company at least one week before the maturity date of the policy for a seamless maturity claim settlement.
Once the documents are reach to the insurance company, they do verification and after that insurance company will process the maturity claim and make the payment to the policyholder. The maturity amount will be credited directly to the bank accounts of the policy holder after the policy maturity date.
