Radhika Bivalkar
After the maturity of the life insurance policy, after completing the relevant documents and information, the life insurance policy company deposits the money in the policyholder's account. Claiming insurance is convenient if the insured is alive. However, if he is not alive, the heir has to submit additional documents for the claim.
Many people do not even know that the life insurance policy has matured. That's why it is important to inform your family about all your insurance policies and other investments. Let's see how a claim can be made after the maturity of the policy.
Money received in endowment policy: Only endowment policy of life insurance has the issue of saving. A term policy does not cover savings. This means if a term policy is purchased, even after its maturity, the insurance company does not get even a single rupee. If you have purchased an endowment policy, the maturity amount will be paid by the company after the policy matures.
Letter from Insurance Company: LIC sends a letter to its policyholders at least two months before maturity. Through this, information about maturity date and amount is given. The life insurance company strives to ensure that the amount reaches the policy holder on the day of maturity itself. Not only this, LIC has also provided the facility to claim online to the customers. Insured has to provide policy document, ID and bank statement while filing the claim form. Only then the claim process starts and the money gets deposited in the bank within a few days.
Mention important information in the claim application: If the life insurance policy holder dies, then the claimants have to fill Form A mainly to the heirs. It contains details of policy holders. Claimants also have to fill in their own information. The death certificate of the policyholder has to be attached along with the claim application. Original policy documents are also required.
In case of death within three years of inception of the policy: If the insured dies within three years of purchasing the policy, the heir has to file Form B. It is necessary to have a medical certificate from the doctor treating the policy holder. Form B-1 should be used in case of death during treatment. 'Claim C' has to attach the identity of the insured and the funeral certificate.
Enter 'NEFT' in time: Online payment facility of LIC insurance premium is popular. Apart from this, the facility of registering the claim amount to which account should be deposited is also provided online. If the insured mentions the bank account statement during the insurance policy itself, the claim amount is automatically credited to the account. Account number, IFSG code, MICR code has to be mentioned. After that you have to add the cancel check and upload it. After the account is verified by LIC, the account is linked to the insurance policy.
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