Process To Claim Maturity Benefit From Life Insurance Policy

Maturity Claim is associated with the Maturity Benefit of the Policy i.e. the claim which arises when the policy matures. It simply means that when the policy completes its tenure, a certain amount of money called Maturity Claim amount is settled towards the life assured. It is paid only if the policy completes its due course of time and the policy has been continued properly, i.e. all due premiums have been paid on time.

Process Of Claiming Maturity Benefits Under A Life Insurance Plan

This article will help you navigate through the process of making a maturity claim.

Step 1: Get The Policy Discharge Form

Your insurer will send you a Policy Discharge Form a month before your policy expires. The insurer will also tell you which documents need to be submitted with them. If you don’t want to wait for the insurer to give you the form, you can go online and download it from your insurer’s website.

Step 2: Fill The Form And Enclose Required Documents

The discharge form will require you to provide your name, the sum assured, your designation, address, bank account details etc. Once you are done filling up the form, you need to get it signed by two witnesses. Also, the documents you need to attach with the form are:

• Original policy document
• ID proof
• Address proof
• Bank mandate form with bank details
• A cancelled cheque

Also read: How Do I File a Life Insurance Claim?    

Step 3: Send The Form And Documents Before Policy Expires

Send the form at least 5-7 business days before the policy expires. This will ensure a hassle-free settlement process. This is important because if you forget to send the form and the documents on time, you may face problems in getting your maturity benefits on time.

Step 4: Wait For The Maturity Amount

You can use the premium calculators to calculate the maturity amount if in doubt. The insurance company will verify the details Once that’s done, the maturity benefits will be sent to your bank account after your policy matures. You can also opt to get a post-dated cheque at your address. You can cash this cheque after the policy expires.

Conclusion

You can only make claims on policies that have maturity benefits like survival benefits or bonus.

Suppose the policyholder passes away after the policy matures, but before the policy discharge procedure, the legal heir/s of the deceased holder will receive the life insurance benefits.

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.