As a person becomes the holder of a LIC insurance policy, he or she will expect an assured sum when its plan becomes mature. When the maturity date of the policy is nearer, the policyholder is supposed to fill the LIC maturity claim form. The maturity claim or discharge form has to be submitted sometime before the date arrives. Along with the submission of this form, a few important documents are to be given to the insurance policy company.
In executing the entire process starting from the maturity claim form’s submission to getting the expected amount, some things need to be understood. As you read ahead, these things will become clearer to you.
Maturity Claim for the Benefits of LIC Insurance policy
When you have invested in an insurance policy, you can be eligible to claim the maturity benefits at some point in time. It has been said by insurance policy companies that the insured person can be entitled to the benefits of the maturity claim after outliving its terms. Along with this, these companies have also clarified that the benefits relating to the same can be made available in a situation wherein the plan is in force as well as the premiums relating to it have been submitted by the policyholder.
As per our observation, when the policyholder wishes to claim the insurance policy, the LIC maturity claim form or discharge form will have to be filled in and submitted. With the correct filling in and timely submission of this form, the assured amount can be settled.
The maturity claim or discharge form can be submitted when the policyholder is living while the date for the same is near. Also, this form can be deposited when the policyholder has lived till the arrival of the maturity date but has not been able to live after that.
LIC Discharge or Maturity Claim Form
The LIC discharge form can be understood as a document. It is sent to the policyholder by an insurance company. Usually, the LIC discharge form is given to the policyholder one month prior to the date of maturity of the policy. Such a form comprises certain instructions. For completely filling this form, these instructions need to be kept in mind and complied with.
When the discharge form is given to the insurance policyholder, his or her signature needs to be present on it. The policyholder is required to sign it in the presence of two witnesses whose sign may also be needed. HelloPolicy explains that filling the discharge form is essential. However, it is not sufficient alone. A set of documents is needed to be attached to the LIC discharge form before finally submitting it.
The documents that are to be attached with an insurance policy’s discharge form can include the original document of the policy. In addition, copies of the policyholder’s identity proof and address proof are required.
Based on the other requirements of the insurance company, the bank mandate form can be submitted and it should comprise certain details of the bank. The policyholder may also be needed to attach one cancelled cheque at the time of submitting the discharge form for LIC.
Things to Keep in Mind Before Submitting LIC Maturity Claim Form
Prior to the submission of the discharge or maturity claim form of your LIC insurance policy, you should know a few things. The amount can be claimed when the chosen policy is associated with maturity benefits. These benefits can be inclusive of a bonus, survival benefit, and more.
There can be situations wherein the policyholder may not be able to live after the time his/her preferred policy reaches the maturity date.
Before the procedures relating to the policy’s discharge are finished, if the policyholder is living, then the maturity claim can be considered. In such a case, the assured amount of the policy will be given to this policyholder’s legal heirs.
Also, as a part of the process in which the maturity claim has to be made, the LIC maturity claim form should be submitted within a period of 5 to 7 business days. This needs to be done before the date of the chosen policy’s maturity.
After the form, as well as the required documents, have been timely submitted to the provider of the LIC insurance policy, a process of verification will take place. As a part of this, the maturity claim will be processed. After it has been completely processed, the amount will be provided to the policyholder or his/her legal heirs, depending upon the situation. Here, a thing worth noticing is that this amount will be deposited into the policyholder’s bank account. Also, it will be deposited only after the date of the policy’s maturity has been reached.
According to Hello Policy, claiming the LIC insurance policy when it has become mature can include several processes. These processes are likely to take some time. There can be situations in which the maturity claim amount may be needed by the policyholder on an urgent basis.
In that case, filling the maturity claim form and submitting it without making any delays will be suggested. Along with this, all the forms asked by the insurer should be submitted as and when required. By doing so, there will be higher chances of completing the involved processes in less time. Thus, the policyholder will be provided with the expected amount on time.
Overall, We can Say,
Here, we taught you everything that is significant about the maturity claim form of LIC. As you would now know, submitting this form is vital for making the claim. Without its submission or timely deposit, making the claim may not be easy. Also, only submitting this form isn’t enough. You need to send along the documents that are asked for. This helps in conducting the verification process. As this process reaches completion, the expected amount is provided to the policyholder on time.