LIC Claim on Maturity or Death, Check Claim Status

Must need to know all the conditions involved before to claim an LIC policy due to maturity or on sudden demise, and what the reasons to reject a Life Insurance Claim, what is the claim settlement time and the process involved and how to check the claim status after submission of required by the policyholder…

LIC Claim

We choose an insurance policy so that one gets its intended benefits whenever needed, When you avail a life insurance policy from Life Insurance Corporation, you are entitled to receive the associated benefits, but in order to get the benefits, one needs to make a claim to the insurer, where once the claim is verified by the insurance company, you get the maturity or death benefits of the subscribed insurance policy, and the entire process of making the claim on the part of the customer and verifying the claim and paying the benefits is called Insurance Claim Settlement process.

LIC is very proactive in the settlement procedure, and the renowned Life Insurance company in India has been in the market for almost 60 to 65 years of existence and the track record of the LIC can be evaluated in the term of “Excellent” category, and the unique reason why LIC India has earned the trust of the millions policyholder throughout the century and it remains unfazed in the era of the extreme competition too.

Rather the business of the LIC has grown exponentially as soon as the new private players came in the Indian market with the lucrative plans along with them, and every policyholder of Life Insurance Corporation of India opts for the policy keeping in the mind that insurance company will serve him in the future when it comes in the term of the ‘LIC India Claim Settlement’ either in the form of the maturity or death.

The Life Insurance policyholder prefers the Life Insurance company which will make a quick response and proactive in the settlement, and here, LIC’s track record is far better than its competitor, If the ‘Claim Settlement’ process takes minimal time, we say that the insurance company is quick to make the claim settlements and can be relied upon in the market.

A company is judged by how it makes a quick, smooth and customer friendly claim settlement, and for the claim settlement, one needs to follow a proper way, but before understanding the process of making the Life Insurance claims, you must know what are the types of claims?

LIC Claim Types

1. Maturity Claim
2. Death Claim on LIC Policy

The name clarifies the purpose of the claim, and in order to make these Life Insurance claims, you first need to contact your Life Insurance Corporation of India and fill the claim form and submit all the documents asked by the insurance company for the final claim settlement, where both types of claim follow a different process of claim settlement, and it is very important to know the steps of the claim for settlement of your LIC policy because this education will leads to the empowerment of the policyholder, So let us discuss them one by one.

LIC Maturity Claim

The claims which are settled for the endowment type of insurance policy offered from LIC under settlement option for amount payable at the end of policy period or at regular structured periodic installments as per the subscription of LIC policy is LIC maturity claim, and every claim under this maturity will be intimated to policyholders in prior to at least two months before the due date, So check the step by step process of LIC maturity claim settlement and what are the documents required for early final settlement.

LIC Death Claim Settlement

Pinching factor is Death Insurance Claim, and filing the death insurance claim of LIC is one of the difficult which may face by the nominee / family members after the sudden death of loved once, but the death claim includes lump sum amount and tax benefits over traditional insurance or term insurance subscribed accordingly, where the documents to be submitted to LIC India also more for final settlement of death claim.

There are different types of Life Insurance death claims like Accidental death, Natural death and more, and the claim settlement depends on the insurance policy taken, and for each of them, there is a predefined process for final settlement. So, check the predefined process LIC death claim insurance and the required one for early settlement of claim to nominee or family person.

So while it is advisable to be always alert in choosing the best suited Life insurance policy for you and your family, it is also advisable to carry your insurance policy in safe place as it carries longer duration (15 to 20 years), So follow along with the steps stated in this article, and it is your (Nominee/Family Member) responsibility that you must inform the same to the branch office of the Life insurance company from which you have taken the insurance policy, and it is recommended that you must contact the concerned advisor at the office, If it is not possible, at least you must use LIC customer helpline to do the same.

LIC Claim Status

After submission of all the required documents and Maturity / Death Claim form to Life Insurance Corporation policy serving branch, and email or SMS will be received within a short time for acceptance of claim, and within 30 days of time, the policy serving branch will settle all the final claim settlements to policyholder / nominee in case of death.

The policyholder / nominee is having two options to check the Claim Status of LIC policy

1. Check the claim through LIC Online Login Service Portal
2. Contact with Branch

With the login portal, you must to registered account login at ebiz.licindia.in, and after login, the option LIC Claim status provides you the details of latest Claim due under a policy, but the option has a network dependency for display of relevant information.

For the second option, you must have to contact directly at LIC branch or over a phone contact with the dealing assistant, and it is suggested to have the personal relationship manager contact number when submission of documents to know the status of the maturity or death claim, and if any rejection occurs in LIC claim, an SMS or email will receive as an intimation to solve the issues.