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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.
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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.

Meaning of Maturity Date

Maturity date in a life insurance policy is the date on which the policy ends and the benefits are ready to be paid to the policyholder once a maturity claim is filed.

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 Procedure

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.

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Claiming Maturity Benefits in Life Insurance Policies Reviews

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  • LIC Life Insurance
    "Good for childern future"
    0.5 5.0/5 "Blown Away!"
    I took child plan for my kid, yearly I pay Rs. 35,000. When my son turn to 18 years old. He can withdraw the sum assured its good for the educational purpose. They also give loan based on the policy. I have taken sum assured for Rs. 12 lakhs its good for tax saving.
    Was this review helpful? 0
    , virudhunagar
    Reviewed on Apr 20, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the life insurance of JEEVAN SARAL plan where the maturity period of this policy is for 20 years, the premium paying for this policy is for 6 months once. The policy coverage is for family and it is a good policy with good customer support.
    Was this review helpful? 0
    , vadodara
    Reviewed on Apr 20, 2019
  • HDFC Life Life Insurance
    "Double benefit plan"
    0.5 5.0/5 "Blown Away!"
    I have ULIP it has the locking period of five years, I used to make the premium around Rs. 1 lakh, it get matured after 23 years. I have been with them around three years , they do have tax saving, financial security feature. I have activated ecs for making the payment.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Apr 20, 2019
  • HDFC Life Life Insurance
    "Good for Family Protection"
    0.5 5.0/5 "Blown Away!"
    I have term plan with HDFC Life, I have selected Rs. 1 crore. Yearly I pay Rs.29,000 to the insurer it has the duration of 25 years. They will be providing the lump sum amount to the nominees and second thing they give Rs.50,000 on monthly basis. They disclosed all the terms and condition to me.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Apr 20, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I Have taken Life Insurance policy through LIC it is for the tenure of 15years .The policy is a money back policy.I have taken this policy through Lic agent .The premium is paid through yearly basis .I have received the policy documents on time .The premium is nominal ,the agent clearly explained the process Since it is a government t policy so no issues so far.
    Was this review helpful? 0
    , chittoor
    Reviewed on Apr 20, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 3.0/5 "Satisfactory"
    I have taken the life Insurance Policy through lic agent . This policy for the tenure of 30 years.The agent gave all the details ,I have received the policy documents on time I am ,paying premium on monthly basis ,premium is nominal .If pay the premium on delay basis there was no extra charges .
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 20, 2019
  • LIC Life Insurance
    "Better"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance with LIC and its a 4 years old. The tenure period is 35 years. Am making yearly premium through ECS and the customer service is good. The benefits are good. I got the insurance documents. They have explained me about the policy details.
    Was this review helpful? 0
    , jaipur
    Reviewed on Apr 20, 2019
  • HDFC Life Life Insurance
    "Good Insurance company"
    0.5 5.0/5 "Blown Away!"
    I took term plan from HDFC Life, by paying the premium Rs. 16,000 on yearly basis it has sum assured of Rs . 50 lakhs. The lump sum amount paid to the nominee in certain demise, I make the payment through ecs. There is a critical illness cover along with waiver option.
    Was this review helpful? 0
    , kadapa
    Reviewed on Apr 20, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the LIFE INSURANCE CORPORATION OF INDIA and using it since from last few years and the name of the policy is JEEVAN SARAL. The maturity period of this policy is for 15 years. The premium paying for 6 months once with this policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 20, 2019
  • LIC Life Insurance
    "Good Tax Saver"
    0.5 4.0/5 "Great!"
    I pay the LIC premium around Rs. 12,000 per annum it has the tenure period of 18 years. One of my relative have suggested this policy, I will be sum assured after the maturity. Now its good for the tax saving and there is some financial security available for certain demise.
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 20, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    This is best customer service provided and response is on time and this is best insurance is all over insurance. And my plan with my family four people . And 10L plan I pay 12K for only 9 years and the rest of the 6 years the company will pay. This is 15years plan , I am happy with this plan.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 19, 2019
  • Bajaj Allianz Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have taken the life insurance policy which has been provided by the company the policy coverage is for 30L for family. The premium paid by the company and using it since from last few years. The policy has no issues and overall the service is good.
    Was this review helpful? 0
    , kadapa
    Reviewed on Apr 19, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have one Life insurance plane . Jeeven aanand plane and my plane is 18years last 6years I have this policy , and this policy is 12L every year 12.5K I paid , this is good policy in my life , and their allover service is very good , I am happy with LIC plane ,
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Apr 19, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA since from last 2-3 months. The premium paying for 3 months once and the maturity period of this policy is for 5 years. The executive explained well regarding the benefits of the policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 19, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I hold my life insurance with Life insurance corporation of India, The agent had clearly explain me about the plan benefits and policy coverage , i hold 3 policy through it, the premium is use to pay on yearly, half yearly and monthly basis through on line mode.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 19, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am having the life insurance policy with the HDFC LIFE and holding it around from last 10 years. The documentation process was simple and good. The maturity period of this policy is for long term and the coverage is for family. The premium paying for yearly once.
    Was this review helpful? 0
    , indore
    Reviewed on Apr 19, 2019
  • LIC Life Insurance
    "AVERAGE"
    0.5 1.0/5 "Really Bad"
    I am using the LIFE INSURANCE CORPORATION OF INDIA since from last few years i am not satisfied with the services of this policy. The name of the policy is JEEVAN SATHI, it gives coverage for self and spouse. The premium paying for monthly once.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 17, 2019
  • SBI Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I took my term insurance with SBI life , i itself applied through on line portal, the go best plan there was mention clearly the term and conditions in the on line portal, the premium amount they use to pay though on line mode on yearly basis, whenever i face issue they use to resolve it soon without making it delay.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 17, 2019
  • LIC Life Insurance
    "AVERAGE"
    0.5 1.0/5 "Really Bad"
    I am holding the MONEY BACK policy with the LIFE INSURANCE CORPORATION OF INDIA and the maturity period of this policy is for long term and it gives coverage for family. the returns are lesser also the customer service is not good. The premium paying for monthly once.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 17, 2019
  • LIC Life Insurance
    "AVERAGE"
    0.5 1.0/5 "Really Bad"
    I am not satisfied with the LIFE INSURANCE CORPORATION OF INDIA where i am holding the life insurance policy because the returns are lesser also the documentation process also issues, overall the service is not good. The premium paying for monthly once.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 17, 2019
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