Claiming Your LIC Policy upon Maturity: A Comprehensive Guide

Dear Policyholders, if your LIC policy is nearing maturity, you may be wondering about the process of claiming your policy. Though an online option is not yet available, several steps can be followed to make the claim successfully. This guide will walk you through the necessary procedures and provide detailed information to ensure a smooth claim process.

Understanding the Maturity Claim Process

Your LIC policy will mature on the specified date, which for your case is 20/07/2020. It is important to initiate the claim process once your policy no longer accrues interest.

Traditional Claim Process

To claim your maturity benefit, you will need to visit your service branch or submit your claim documents to any LIC branch in India. This is because there is no online option available for settlement at the moment.

Required Documents

Original policy bond Proof of identity (such as a PAN card) Your bank account details (if not already linked) Photo copy of a passbook (if bank account details are not linked)

You may also need to provide NEFT details for the transfer of funds if the claim amount is above 50,000 INR.

Claim Process at the Branch

Once you visit your servicing branch, a dedicated claim department will assist you. Here, you will need to:

Carry your original policy bond. Submit your identity proof. Provide bank account details, if not already linked. Bring a photo copy of your passbook, if required.

The claim amount will be directly transferred to your bank account once the claim is settled. The branch will provide you with a discharge form that needs to be stamped, signed, and witnessed before being sent back along with your original policy bond via registered post.

Alternative Online Claim Process

For smaller claim amounts, you can apply for settlement through emails to your home branch. Agents or licensed members can help you with this process, or you can initiate it yourself by contacting the branch directly. Here are the steps:

Scan and send your claim documents to your respective branch. Email your bank account details, identity proof, and present address to the servicing branch. Receive and submit the discharge form, which needs to be duly stamped and witnessed. Post the original policy bond and discharged form via registered post with a safekeeping of the acknowledgment. Your claim amount will be credited to your bank account shortly.

Conclusion

LIC offices are operational, and the claim process remains traditional until such time as an online option is introduced. For those looking to expedite the process, discussing your options with a local agent or licensed member can be beneficial. Stay informed and proactive to ensure a smooth and successful claim process.

Related Keywords

LIC Maturity Claim, Online Claim Process, Policy Bond Submission