Is the duration of your life insurance policy over and do you wish to claim your maturity benefits? This is possible only if you have paid all the premiums and there is no pending payment. The maturity benefits for different types of life insurance may vary depending on the features and the nature of the policy. Do check the terms and conditions before claiming the benefits.
Maturity Benefit Claims
The process of claiming life insurance benefits on maturity is quite simple. Let us look at the steps involved:
- Getting the Policy Discharge Form– Insurance companies generally send to the policyholder a policy discharge form, a month before the expiry of the policy. This is accompanied by the details of the documents that you must submit for the claim. The policy discharge form can also be downloaded from the insurance company’s website.
- Fill the Form and Arrange the Documents- The next step is to fill the form with your details,along with the details about the policy. You will also be required to fill in the bank account details in which you wish to get the maturity amount. The form may also require the signature of two witnesses. The documents that you will need to attach with the form include the original insurance policy document, proof of your identity, and address, besides a bank mandate form, and a cancelled cheque of the bank account in which you wish to get the money.
- Sending the form –Send the filled-in form along with the necessary documents to the life insurance company’s office. You can also give them to the agent through whom you purchased the policy originally. The agent will ensure the submission of these documents to the respective office and coordinate the whole process of the release of your maturity benefits. Ensure that the filled-up form, along with the document, reaches 5-7 days before the expiry of the policy. This will ensure quick settlement and release of your maturity benefits.
- Verification by the Insurance Company– The insurance company will verify the form and the documents sent by you for the maturity benefit, and once satisfied, will transfer the payment into your bank account, the details of which you would have submitted.
In a situation where the policyholder dies after a policy matures, but before the maturity benefit claim process has been completed, the benefit amount is passed to the nominees or legal heirs.
Automatic Release of Maturity Benefits
In the case of certain policies like money-back, if the amount payable is below or equal to Rs 5,00,000, the insurance company releases the payments without seeking a discharge form or the policy benefit.Similarly, the survival benefits of life insurance policies amounting to Rs 2,00,000 or lower are released without seeking a policy discharge form. You can always calculate the maturity benefits of your policy by using a life insurance calculator.
Death Benefit Claims
In a situation where the policyholder dies before the end of the policy term, their beneficiaries or the nominee are entitled to seek the death claims under the respective policy. The steps involved in the process are:
- Intimation to the Life Insurance Company– The most important step is to inform the insurer about the death of the policyholder. The insurance company will then ask you to fill certain forms and documents along with the claim form.
- Filling the necessary Forms– the next step is to fill the death claim form and submit it to the insurance company along with the death certificate of the policyholder, the original policy document, bank details of the nominee along with a cancelled check, ID, and address proof of the nominee.
- Arranging the Necessary Documents-The claimant also needs to submit documents related to the death of the policyholder. These include a doctor’s certificate or medical records, proving the death of the policyholder and the reason or the cause of the death. In the case of accidental death, the documents that need to be submitted include a Police investigation report and a Post-Mortem Report.
- Attestation of Documents– The insurance company requires that the documents submitted for the death claim are attested by either a company agent or employee or a gazette officer or a magistrate.
- Verification of the Documents– The insurance company will verify all the documents and once satisfied that the claim is genuine, will release the payment.
The death benefit claims for an insurance policy are payable only when the premiums are paid up-to-date or when death occurs within the days of the grace period for payment of the premium.