Find the process to claim LIC maturity with new steps and documents involved in process of Life Insurance Maturity Claim. Download LIC maturity claim form and submit surrender form along with NEFT form required…
In this article, you may also know, how to check the maturity benefits before processing the claim with new calculator app or through online portal and also check the time for final settlement of LIC maturity benefits.
Before going into deep about, this topic, let us first know about the maturity claim and finally with the claim settlement process. So just check how to claim for LIC complete benefits.
What is LIC Maturity Claim
Actually, the maturity claim of Life Insurance Corporation is a final settlement between the policyholder and insurance company on which a date the principal amount/Sum Assured becomes due.
On this date, the interest payment stops and the investor has to repay the amount assured to the insurance policyholder with accrued sum of bonus amount.
Also, we all can say that it is the lifespan of a security, where this benefit date lets the customer know about when he/she is going to get the principal amount back as well as the interest (if any) on his subscribed Life Insurance policy document or at Online Portal.
How does LIC policyholder come to know the date when his/her insurance policy is about to mature?
Before going into deep about how to claim for Life Insurance policy maturity benefits. Let us first know what is Maturity Date. Actually, the maturity date is a date on which the principal amount/Sum Assured becomes due.
On this date, the interest payment stops and the investor has to repay the amount assured to the insurance policyholder. You can say that it is the lifespan of security.
Where this date lets the customer know about when he/she is going to get the principal amount back as well as the interest (if any) on his subscribed Life Insurance policy.
LIC Maturity Claim Settlement Process
The maturity claim settlement process is somewhat easier than the death claim settlement. For making a maturity claim you must first fill the maturity claim form. The application form also calls as the Discharge form.
You can either download the claim form from LIC India website or alternatively you can visit any regional / branch office of the insurance company from which you have taken the policy.
After filling in the Maturity claim form/discharge form, submit the duly filled. It is along with the original LIC policy bond in the policy serving branch of the insurer. The form may instruct you to attach certain documents with the original form, which usually asks to be attached.
Documents to submit for LIC policy maturity claim settlement
- Original LIC Policy Number Document
- Any Identity Proof of the LIC Policyholder
- Proof of Age of the Policyholder
- Copy of Bank Passbook of the Policyholder or Cancelled Cheque
- Assignment (if any)
- Reassignment (if any)
- NEFT Mandate Form (Helps to transfer the entire maturity amount of Insurance to the Bank account of the policyholder)
- Discharge Receipt Form No 3825
If the discharge form or maturity claim settlement for LIC filled correctly. If all the information verified found correct. The insurance company will issue ECS credit to make the claim settlement with the maturity claim money. It is on the date of maturity of the LIC Insurance policy.
So 99employee.com will suggest the policyholder of Life Insurance Corporation of India. Be an early bird and check your messages on your mobile regularly received from LIC India regarding the expiry of Maturity of LIC policy.
Claim your insurance benefits immediately by approaching the insurance policy serving branch by submitting the required documents as stated above. Follow the step-by-step process clearly involved in LIC policy maturity claim for early final settlement.
Can we apply LIC Maturity claim in Online?
No, it is not possible through LIC Login page or with any other online modes. The live customer has to approach the policy serving branch and submit all necessary documents to process LIC policy maturity.
Is LIC maturity amount taxable?
No, the policy maturity amount is not taxable as per Section 10 (10D) of the Income Tax Act. So any amounts received through Life Insurance Corporation on maturity before or after superannuation are not taxable. You can invest in any way for LIC maturity amount.