LIC Claims Settlement Procedure: 8 Key Things You Want To Know About Maturity Claims

Here Are The Key Points Regarding The Procedure For Settlement Of Lic Maturity Claims

New Delhi: Life Insurance of India (LIC) says that the settlement of claims is a very important aspect of service to the policyholders and hence it has laid great emphasis on expeditious settlement of Maturity as well as Death Claims.

Here Are 8 Key Points Regarding The Procedure For Settlement Of Lic Maturity Claims

1. In case of Endowment type of Policies, amount is payable at the end of the policy period. 

2. The Branch Office which services the policy sends out a letter informing the date on which the policy monies are payable to the policyholder at least two months before the due date of payment. 

3. The policyholder is requested to return the Discharge Form duly completed along with the Policy Document, NEFT Mandate Form (Bank A/c Particulars with supporting proof), KYC requirements etc. 

4. On receipt of these documents payment is processed in advance so that maturity amount gets credited to the policyholder’s bank A/C on the due date.

5. Some Plans like Money Back Policies provide for periodical payments to the policyholders provided premium due under the policies are paid up to the anniversary due for Survival Benefit. 

6. In these cases where amount payable is up to Rs 5 Lakh ,payments are released without calling for the Discharge Receipt or Policy Document. 

7. Survival Benefit under Jeevan Anand policies up to Sum assured Rs 2 lakh is also released without calling for policy bond or discharge form. 

8. However, in case of higher amounts these two above requirements are insisted upon.