Claiming Maturity Benefits in Life Insurance Policies
There are pre-conditions to receiving the maturity benefits of a life insurance policy when it matures. There are mandatory documents that need to be submitted for this. The documents have to be handed over to the company office for verification.
In a life insurance policy, the amount of money that the insured receives from the insurer when the policy matures is known as maturity benefit. There are, however, certain preconditions to this feature.
Primarily, if the policyholder outlives his/her policy term, he/she will receive a maturity benefit amount from the insurance company. However, the insured (policyholder) will only get the amount if the policy is still in force and premium payment has been done diligently. Claiming a maturity benefit is considered to be one of the most hassle-free procedures in the sector of life insurance.
Even before a life insurance policy is about to reach its maturity date, the insurance provider intimates the respective policyholder. The insured is generally informed two months in advance.
What is a Policy Discharge Form?
A policy discharge form is usually released by the insurance provider one month prior to the maturity date. Along with intimating the policyholder about the maturity date, this form (policy discharge form) also mentions a list of all the documents that the policyholder is required to keep handy.
What are the Documents Mandatory for a Maturity Claim Release?
The following documents are absolutely necessary to accompany the policy discharge form:
Policy document - the original copy
Proof of identity
Proof of age, provided the policyholder had not provided the same initially
A cancelled cheque or the policyholder’s passbook copy
NEFT Mandate Form (this is required so that the funds are directly transferred to the individual’s bank account)
Reassignment or assignment (if applicable)
The claim process is extremely simple and hassle-free. Once all the relevant documents have been submitted to the insurance company office, a thorough verification is conducted by its officials. Once the verification process is over, the maturity benefit amount is transferred directly to the account of the policyholder.
Important Things to Keep in Mind
The above-mentioned procedure is relevant to only those insurance policies that have incorporated the maturity benefit feature. Examples include bonus, survival benefit, and so on.
If the insured passes away after the maturity date, but before the procedure to claim is carried out, then the amount directly goes to the policyholder’s legal heir.
It is also important to keep in mind that in case the policyholder does not receive any intimation letter from the insurance company, he/she will be required to visit the servicing branch carrying all the relevant documents (mentioned above).
Physically carrying the documents to the servicing branch is considered to be safer than sending them via mail.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
Claiming Maturity Benefits in Life Insurance Policies
I have taken a life insurance in SHRIRAM LIFE on 3 months before. The policy is for 10 years. I am paying premium in the yearly package of 15 thousands. There is some additional charges of 4.5% for GST. While getting a policy my agent has given an information about the policy details. It covers my whole family.
I have taken a life insurance in LIC on 2 years before. The policy is for 20 years. I am paying premium in the quarterly package. While getting a policy my dad is an agent has given an information about the policy details. It is a jeevan anadha policy scheme. It covers up to myself.
On 7 years before I had taken a life insurance in LIFE INSURANCE CORPORATION OF INDIA. The policy is for 18 years. I am paying premium on yearly basis for the amount of 7 thousands. While getting a policy my agent has given an information about the policy details and provided documents as well. I use to do payment by providing cash to an agent.
I have a life insurance with LIC and it was purchased before 3 to 4 years. The policy called JEEVAN ANAND with the tenure of 21years. I am paying 1547rupees annually through cheque to the LIC agent. I am happy with the benefits. It was taken for savings.
I have taken a life insurance in LIC on 7 years before. The policy is for 20 years and it is a jeevan anadha. I am paying premium in the half yearly package. While getting a policy my agent has given an information about the policy details. I use to do payment through online.
From my HDFC LIFE, i have taken my life insurance. The executive came to my place and informed me about the policy details and gave me some offer since it was good, i have selected them. I have been paying the premium amount of Rs. 2500 per month. The policy term is 15 years. I am not sure about the sum assured amount.
For the family purpose, i had chosen the Life insurance policy. For the savings purpose, i have selected the LIC company. I am paying the premium amount of Rs. 30000 on a annual fee. I'm satisfied with the sum assured amount. Since my uncle is working as a LIC agent, he referred me about this policy.
My term insurance is with ICICI Prudential because of the good benefits. The tenure is 2years, if Incase any demise happened then nominee would be getting 2L from the insurer. I am paying monthly Rs.258 through ECS. The customer service is not up to the mark.
Was this review helpful?
Reviewed on Oct 10, 2019
I have taken Life Insurance policy through Reliance agent directly .I have got all the policy details very clearly through the agent.This was a Maturity benefit policy and got the policy documents on time ,I have got my policy documents on time and the policy tenure is for 10 years ,I am paying the premium through Online only.
My life was insured in Life Insurance Corporation of India. My family members was having a policy with LIC so i'm continuing with the same company. This is a 16 years term policy. This is a money back policy. I have paying the premium amount of Rs. 3600 for every half yearly. I make the premium through online.
I have had taken a life insurance with LIFE INSURANCE CORPORATION OF INDIA. The policy is for 10 years. Now I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. It is a child policy and it provides coverage for my son as well.
I have taken a life insurance with LIC on one year before. The policy is for 15 years and it is an educational policy. Now I am paying premium on monthly package. The agent is also my friend so While getting a policy he has given an information about the policy details and documents were provided on time.
I pay the premium amount of Rs. 36000 on a yearly basis for my life insurance policy. Chosen my life cover policy from LIC because its like a savings plan. I took the money back policy. Total term period of the policy is 5 years and It has a coverage of Rs. 5 lakhs.
Benefits are good in Bajaj Allianz hence i have selected the life insurance policy from them. I have been paying the premium amount of Rs. 3500 per year. Sum assured amount is Rs. 3 lakhs and the policy term is 5 years. I make the premium through online.
I have taken life insurance policy from LIC through agent. The benefits are average when I compared with other insurance companies. It was taken for tax benefits only. The tenure period is 25years. The customer service is better. The payment mode is cash and it will be better if they give online option.
I started the life insurance policy in the year 2017 that time I'm not aware of the policies much but that LIC is a prominent company so i have selected that company. Total term period of the policy is 15 years. I have been paying the premium amount of Rs. 4000 in every quarter. I used to pay the premium through online. They are providing me a sum assured amount of Rs. 2 lakhs.
LIC is a good and on time policy. I had taken the policy 9 years before. Its because of the life safety i have chosen them. They are providing a sum assured amount of Rs. 2 lakhs. I'm paying the premium amount of Rs. 5000 and its a moneyback policy. I have chosen the half yearly payment mode. I get Rs. 30000 money for every 4 years.
I have one life insurance policy with State Bank of India and it was provided by the bank at the time of taking personal loan. The benefits are good. This policy is valid for 10 years. Actually, its a savings scheme and am paying yearly once 30K via ECS.
As I'm employee of SBI LIFE, the policy is more convenient for me. I took the United linked Insurance policy. I have been paying the premium amount of Rs. 50000 per year. I have to pay the premium for 5 years but the policy term is 20 years. Growth percentage is 11%.
I got a term insurance policy from Aegon and the premium is very cheaper. The nominee would be getting the benefits and have no idea about the benefits much. Its been 1.5years and the premium mode is online. I am doing monthly around 1200rupees.