Once your LIC policy matures, you receive the final maturity amount from the insurer. To get the final payment, LIC customers have to make claims. You can submit a LIC maturity claim online. LIC customers have the option to electronically submit their documentation via the LIC site instead of physically submitting it.
LIC urges customers to do these things
Life Insurance Corporation of India or LIC is urging policyholders to update bank details and submit KYC to receive policy money, in a social media post on X.
— LICIndiaForever (@LICIndiaForever)
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LIC claims settlement procedure
Claims settlement is a crucial component of providing service to policyholders. As a result, the LIC has placed a high priority on the timely settlement of both maturity and death claims. The method for settling maturity and death claims is described below, as per the website:How to submit maturity claim for LIC policyEndowment maturity claims
Endowment policies require payment at the end of the policy period. At least two months before the due date for payment, the branch office that serves the policy sends out a letter alerting the LIC policyholder of the date on which the insurance amounts are payable. On receipt of required papers, payment is handled in advance so that the maturity amount is credited to the policyholder’s bank account on the due date.
LIC policyholder must send the completed discharge form, together with the policy document, NEFT mandate form (bank account particulars with supporting documentation), KYC criteria, and so on, according to the LIC website.
LIC money-back policies claim settlement process explained
Some plans, such as LIC money-back policies, offer periodic payouts to policyholders if the premiums due under the policies are paid up to the anniversary date for the survival benefit. Payments for amounts up to Rs 5,00,000 are given without the need for a discharge receipt or policy document. Survival benefits under Jeevan Anand’s plan up to the sum promised of Rs 2,00,000 are also provided without the need for a policy bond or discharge form. However, for larger amounts, these two prerequisites are insisted upon.
LIC death claims: Documents required for it
The death claim amount is payable in case of policies where premiums are paid up-to-date or where the death occurs within the days of grace. On receipt of intimation of the death of the life assured the branch office calls for the following requirements:
1) Claim form A – Claimant’s statement giving details of the deceased and the claimant.
2) Certified extract from the death register
3) Documentary proof of age, if age is not admitted
4)Evidence of title to the deceased’s estate if the policy is not nominated, assigned, or issued under M.W.P. Act.
5)Original policy document
The following additional forms are called for if death occurs within three years from the date of risk or date of revival/reinstatement.
1) Claim Form B – Medical Attendant’s Certificate to be completed by the Medical Attendant of the deceased during his/her last illness
2) Claim Form B1 – If the life assured received treatment in a hospital
3) Claim form B2 – to be completed by the Medical Attendant who treated the deceased life assured prior to his last illness.
4) Claim Form C – Certificate of Identity and burial or cremation to be completed and signed by a person of known character and responsibility
5) Claim form E – Certificate by Employer if the assured was employed person.
According to the LIC FAQ page, “Certified copies of the First Information Report, the Post-mortem report and Police Investigation Report if death was due to accident or unnatural cause. These additional forms are required to satisfy ourselves on the genuineness of the claim, i.e., no material information that would have affected our acceptance of the proposal has been withheld by the deceased at the time of the proposal. Further, these forms also help us at the time of investigation by the officials of the Corporation.”