How to File Maturity Claim for LIC Policy to Get Your Money?

Life Insurance Corporation of India (LIC) is one of the most trusted insurance companies in the country, offering a variety of policies to cater to the financial security needs of its customers. When a policy reaches its maturity date, policyholders must know the process to claim the maturity benefits smoothly and efficiently. This article provides a detailed guide on how to file a maturity claim for your LIC policy.

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Understanding Maturity Claims

A maturity claim arises when your LIC policy completes its stipulated term, and the policyholder is entitled to receive the sum assured along with any applicable bonuses. This payout is a financial safeguard and a form of investment return for the policyholder’s future.

Step-by-Step Guide to Filing a Maturity Claim

Step 1: Be Proactive – Update Bank Details and Submit KYC

Before your policy matures, ensure that your bank details are updated, and your KYC (Know Your Customer) documents are submitted. This is a crucial step as LIC processes all payments electronically, and having the correct bank details and KYC documents ensures a seamless transfer of funds.

Step 2: Await Maturity Intimation from LIC

Endowment Policies: For endowment policies, LIC sends a letter to the policyholder at least two months before the policy’s maturity date. This letter serves as an intimation and includes details about the documents required for the maturity claim.

Step 3: Document Submission

Upon receiving the maturity intimation, gather the following documents for submission:

1. Discharge Form: Complete the discharge form provided by LIC, which acts as a receipt upon receiving the maturity amount.
2. Policy Document: Submit the original policy document issued at the start of the policy.
3. NEFT Mandate Form: This form is necessary for the electronic transfer of the maturity amount to your bank account. Include bank account details and attach supporting documents as proof.
4. KYC Documents: Ensure your KYC documents are up to date. These include identity proof, address proof, and PAN card.

Step 4: Submit the Documents

You have the option to submit these documents either online through the LIC website or by visiting your servicing LIC branch office. Online submission is encouraged for its convenience and efficiency.

Step 5: Verification and Processing

Once LIC receives your documents, they will verify the details against their records. If everything is in order, the maturity claim is processed. LIC aims to process and credit the maturity amount to the policyholder’s bank account on the due date.

Additional Tips for Smooth Claim Processing

• Early Submission: Submit your documents as early as possible to avoid any last-minute rush or delays.
• Keep Copies: Retain copies of all documents submitted for your records.
• Verify Bank Details: Double-check the bank details provided in the NEFT mandate form to prevent any discrepancies.
• Stay Informed: Keep yourself updated on any changes in the claim process by visiting the LIC website regularly.

Conclusion

Filing a maturity claim for your LIC policy is a straightforward process, provided you follow the steps diligently. By ensuring that your bank details and KYC are updated, submitting the necessary documents on time, and keeping track of the process, you can ensure a hassle-free receipt of your maturity benefits. Remember, the key to a smooth claim process is preparation and timely action.