Easy Steps to File Maturity Claims for an LIC Policy

• The policy term must be completed 

• The policy for which the claim is being raised should be in force.
• The policyholder should outlive the policy tenure.

• All premiums of the policy should be paid.

Which policies are eligible for maturity claim?

The below listed are few types of LIC policies for which claim can be raised:

• Unit Linked Insurance Plans (ULIPs)

• Money Back Plans 

• Guarnteed Income Plans 

• Whole Life Plans 

• Endowment Plans

• Term Insurance with Return of Premium Plans

How to File a Maturity Claim?

As compared to death claims, very little paperwork is required in the case of maturity claims. As the insured usually files these applications, they are easy to complete. Read on to know more about how to file a maturity claim with the Indian Life Insurance Corporation (LIC):

Step 1: Visit your nearest LIC branch to get the LIC Maturity Claim Form (Form 3825) or download it from the official website. 

Step 2: Gather the required supporting documents, including your LIC policy bond, ID proof, and passport-size photographs. 

Step 3: Fill in the necessary details, including your policy number, plan, term, and details regarding the sum, maturity, and date of commencement. 

Step 4: Fill in your personal details and ensure they match the information on the LIC documents. 

Step 5: Provide your bank details, such as the name of the bank, name of the account holder, account number, IFSC code, etc. 

Step 6: Attach a cancelled cheque or a copy of the first page of your account book. 

Step 7: Sign the declaration section. 

Step 8: Get the signature and details of the witness. 

Step 9: Submit the form and supporting documents to the nearest LIC branch. 

Step 10: Keep the acknowledgement receipt for future reference. You can also track the application status through the official online portal.

Documents Required

Filing a maturity claim requires various documents from the insured along with policy discharge form. The list of documents required is as follows:

• Original policy documents

• Photocopy of identity proof

• Photocopy of address proof

• Recent Passport-size photographs 

• NOC from bank if the policy was mortgaged or assigned 

• 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 the company no later than 5 to 7 business days prior to the policy’s maturity date. The company will settle the policy claim only once all the documents have been verified.

Details Required on LIC Maturity Claim Form 

The LIC maturity claim form must have a few key details to ensure a smooth claim settlement process. They are as follows: 

• Policy Number 

• Date of Maturity 

• Name of the Policyholder 

• Signature of the Policyholder 

• Signature of the Witness 

• Bank Account Details 

Important Points to Remember When Filing LIC Maturity Claim

While making an LIC maturity claim, it is necessary to take the following things in consideration:

•  If the policy holder dies after the maturity period but before receiving the claim amount, the settlement amount will be paid to the legal heir or nominee.

• This maturity claim process applies only to policies that have maturity benefits and bonuses. This does not apply to term insurance covers.

•  If the policyholder does not receive the policy discharge form on time, it is better to check with LIC’s customer service or enquire directly with the branch.

•  If the policy has been taken in the name of another person, the right to give the discharge rests with the assignee.

•  If there are any doubts regarding the settlement process, the company’s customer service department can be contacted to provide guidance.

Conclusion

Receiving the settlement amount after the maturity period is quite easy. All the documents mentioned above must be submitted without fail to initiate the claim settlement process. 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.