How to Claim Your LIC Maturity Amount After Policy Completion

You’ve been diligently paying LIC premiums for years, and now your policy term is finally up. It’s time to get the matured amount – but how exactly do you claim and receive your LIC money after maturity?

Claiming your Life Insurance Corporation (LIC) maturity proceeds involves submitting documents, filling forms, and following some important steps. This comprehensive guide will walk you through the entire LIC maturity claim process so you can get your hands on your policy proceeds.

Overview of Claiming LIC Maturity Amount

Here’s a quick rundown of the key things to know about receiving your matured policy amount from LIC:

• The maturity claim process varies slightly depending on the policy. For endowment policies, the maturity amount is paid at the end of the term.

• For money-back policies, periodic survival benefit payments are made if premiums are paid up to date.

• To claim, you must submit a Discharge Form, original policy bond, NEFT mandate, and KYC documents to the LIC branch.

• The claim is processed in advance and the amount is credited on the policy maturity date to your bank account.

• Be sure to start the process in advance, at least 2 months before maturity, to ensure timely payment.

• Keep photocopies of documents and follow up till amount is received in full.

Documents Needed for LIC Maturity Claims

To successfully claim your LIC maturity amount, you need to submit certain documents to the LIC branch that services your policy. Key documents include:

• Discharge Form: Also known as Discharge Voucher or Form 3825. This claim form collects your details.

• Original Policy Bond: The physical policy document issued to you when the policy was purchased.

• NEFT Mandate: Contains your bank account details for direct transfer of funds.

• KYC Documents: Identity and address proof documents for completion of KYC process.

• Revenue Stamp: To be affixed on the discharge form with your signature across the stamp.

Keep photocopies of all documents for your personal records. Also include your current contact details for easy processing. Self-attest all documents before submission.

Step-by-Step Guide to Claim LIC Maturity Amount

Follow these steps to make the maturity claim seamlessly:

1. Initiate process 2 months before maturity: Contact your LIC branch at least 2 months in advance so they can send you the Discharge Form to start the process.

2. Fill out the Discharge Form: Provide all details like policy number, name, contact information etc. as required. Affix revenue stamp with signature.

3. Submit policy bond & documents: Submit the original policy document, discharge form, KYC documents, NEFT mandate, and photocopies to the servicing branch.

4. Follow up on receipt: The branch will verify documents and process the claim for disbursal on policy maturity date. Follow up to ensure it is received.

5. Maturity amount credited: On due date, the maturity amount will be credited directly to your bank account via NEFT if all documents are accurate.

6. Collect payment receipt: Visit the branch to collect payment receipt once maturity amount is credited.

Be sure to follow up appropriately at each stage for smooth processing and timely receipt of your LIC maturity amount.

Types of LIC Policies and Maturity Claim Process

The maturity claim process has some minor differences depending on the type of LIC policy you hold.

For endowment policies:

• Maturity amount is payable at the end of policy term on the maturity date.

• LIC intimates policyholder 2 months in advance to initiate claim.

• After submitting documents, amount is paid on maturity date.

For money-back policies:

• Periodic survival benefit payments made during the term if premiums are paid.

• Survival benefits up to ₹500,000 are released without documents.

• For higher amounts, Discharge Form and policy bond are required.

• On maturity, final payment is made after submitting maturity claim documents.

For pension plans:

• Annuities are paid as per the chosen mode like yearly, half-yearly etc.

• To claim vesting benefit on maturity, surrender the policy with discharge form.

• Receive final annuity payments after submitting life certificates annually.

Tracking LIC Policy Status for Maturity

To track when your LIC policy matures, you can check the policy status online or offline a few months before maturity.

Check online:

• Register on the LIC website and login to your account.

• Under ‘Policy Status’, you can view maturity date, term, premium payment schedule etc.

• Receive SMS updates on your policy status by messaging ‘LICHELP’ to 9222492224.

Check offline:

• Visit your LIC branch and ask for policy status to know the maturity date.

• Seek details on maturity amount, payments pending, notices issued etc. related to your policy.

• Call LIC’s toll-free customer care helpline at 1800-258-5678 to enquire about policy.

Monitoring the LIC policy status ensures you initiate the maturity claim process at the right time and avoid delays.

Key Points about LIC Maturity Claims

Here are some important things to remember when you are about to claim your LIC maturity amount:

• Initiate the claim process 2-3 months in advance of policy maturity.

• Keep original policy documents safe as they are required for claiming maturity proceeds.

• Ensure your personal details like address and bank account are updated in LIC records.

• Know the maturity amount, survival benefits applicable, and sums already paid under your policy.

• Follow up for receipt of maturity amount and collect payment receipt from the branch.

• Contact LIC immediately if payment is delayed beyond the maturity date.

Planning in advance and closely coordinating with your LIC branch will make claiming your maturity amount a smooth hassle-free process!

Conclusion

Claiming your LIC maturity amount requires you to submit certain documents like the discharge form and original policy bond and follow up at every stage. Maintain constant communication with your LIC branch and keep copies of everything to ensure you receive your policy maturity proceeds on time. With this checklist, you can simplify the entire LIC maturity claim process.