Maturity Claim in Life Insurance Policies

Whenever anyone purchases a life insurance policy, he would always want to know how much money would be due to him and when. That is the precisely the reason behind purchasing the same. The most common types of claims are Death Claim and Maturity Claim. This applicable in all life insurance policies except pure term insurance plans which do not have a Maturity Benefit.
 
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. 
 
The procedure of paying Maturity Claim is the simplest among all claims, where the life insured needs to fill up a form called the policy discharge form and the maturity amount is paid out without much hassles. The money is usually paid out before the maturity date once the policy discharge paper is duly filled and submitted long before the date of maturity. Normally, the insurance company would send you the claim form well in advance of the policy maturing.
Money received from Maturity Claim is tax free as per the current income tax laws. 

Maturity Claim
 
Let us understand with an example:
 
Manish Chawla purchased a Life Insurance Traditional Policy where he would have to pay a premium of Rs 15000 p.a. for 20 years. If he died within the tenure, his nominee would be paid Rs 15,00,000 as Death Benefit and if he survives the policy term of 20 years, he would receive a sum of Rs 5,59,000 as Maturity Benefit.
 
Thus, at least 3 months before the Maturity Date, a Policy Discharge form is sent to Manish Chawla, which he needs to fill up, sign and send across to the insurance company’s office so that the Maturity Claim is paid out on time. A post dated cheque of the maturity amount would reach his house at least a month before the date of maturity so that he can bank it and receive the Maturity Claim on time. 

 

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hii can you plz tell me what all document do i need during claiming of my insurance plan.
i have to claim for my money back policy(20 years money back plan)

By Sudha Singh on Jul 15, 2014 Reply

To claim the maturity benefit in LIC policy, the policyholder must

1) Submit Discharged Receipt in Form No.3825 (link given below)
https://www.licindia.in/pages/form_no_3825.pdf

2) Original policy document

The policyholder can submit these documents one month before the due date so that the payment is received before the due date of maturity claim

Replied By Manoj Aswani (MIC Staff) on Jul 17, 2014 Reply

in 1989 i took a lic policy and it was matured in February 2014 and i have lost my lic bond in house shifting please tell me how cani i claim my policy
shankar

By Bhavani Sankar Ganti on Apr 07, 2014 Reply

No problem.

Simply visit the branch from where your policy was issued and inform them about the same. They will help you with the maturity claim process. Remember to carry your identity proof and bank documents from where the premium was being paid.

If you want to speak to someone in LIC then click on the below link to find the number applicable for your city

http://www.licindia.in/phone_helpline.htm

 

Replied By Manoj Aswani (MIC Staff) on Apr 08, 2014 Reply

15 years ago i got a policy in LIC from Chennai it matures on March this year, I have shifted my residence from Chennai to Maharashtra Now, I have no contact with the agent and also i dont remember to which branch that policy below, Can i follow it up in Maharashtra. Pl.reply

By Anuradha Natarajan on Jan 31, 2014 Reply

No
Maturity will be given from parent branch only.
Call on 1251 , you will get the branch details.
 

Replied By Manoj Aswani (MIC Staff) on Feb 04, 2014 Reply

thank u

By Faiza Chaudhary on Jan 20, 2014 Reply

my lic policy already matured on 30.12.2013
and i have deposited the claim form
with all requirements on 26.12.2013. but yet
i have not received the cheque.
Mushtaq Ahmad policy No. 508814041-9
NIC No. 31202-0235588-5 Bahawalpur.

By Faiza Chaudhary on Jan 20, 2014 Reply

Dear Faiza, you will have to contact the insurance company directly. I don't think anyone else will be able to help you out. It should get done very soon.

Replied By Deepak Yohannan (MIC Staff) on Jan 20, 2014 Reply

i m from rajsthan and and my lic policy is purchase in rajsthan and that mature now but now i live in mumbai and no have a little contect in rajsthan and not bank account there my bank account in mumbai how i can claim my policy in mumbai

By Ashok Parmar on Jan 16, 2014 Reply

Hi Ashok, I would suggest you walk into the nearest LIC office. They will be able to handle it pretty easily. Usually the processing is done by the home branch but you will get support from any branch nearest to you.

On the bank account piece, it does not matter where you have the account. The money will be credited to your account online.

Replied By Admin (MIC Staff) on Jan 17, 2014 Reply

hello sir my policy is going to mature even i got a letter which intimated me to submit certain forms i got all forms rather than one that is maturity claim discharge form where can i get it...?
or if i can i get it in internet how can i download it...?

By Chandu Yellapu on Jan 09, 2014 Reply

Dear Chandu, this form will vary from company to company. You will have to visit the site of the insurance company which has issued the policy to check if they have the form which can be downloaded from their site.

Replied By Admin (MIC Staff) on Jan 13, 2014 Reply

A good simplified explanation . Thank you

By Yash Gurjar on Aug 10, 2013 Reply

Hey thanks Yash, glad you liked it.

Replied By Admin (MIC Staff) on Aug 12, 2013 Reply

sir i want to know the maturity date of policy no.230218604

By Madhu Behl on Jul 28, 2013 Reply

Dear Madhu, for this you will have to check with insurance company which had issued the policy to you.

Or you may simply check the policy document received by you - it wil clearly mention the maturity date.

Hope this helps.

Replied By Admin (MIC Staff) on Jul 29, 2013 Reply

sir my policy no. is 240109805 and its maturity date are completed but mt amout is not recieve how to recieve me my amount plzzzzzzzzzzz help me

By Asha Khatri on Jul 14, 2013 Reply

Dear Asha, most of the insurance companies do an onlin transfer of the maturity amount after confirming with you. They also send you a physical mail to inform you that your polciy is maturing.

From which insurance company have you taken this plan? Do share this and we can provide you the contact details.

It would be best to contact them directly. It is usually a painless process.

Replied By Admin (MIC Staff) on Jul 17, 2013 Reply

Sir,my policy no.is 500301234and it was mature on 28.03.13but maturity amount is still awaited.please arrange payment of my maturity amount with intrerst up to the date of payment.C.L.Meena

By Rajesh Goyal on Jun 13, 2013 Reply

Dear Rajesh, maturity claims are now processed almost instantly by most insurance companies. We would recommend that you write to the insurance company or make a call to their helpline number to get this done on priority?

Which insurance company is this?

The delay is too long. Please do not delay any further in highlighting this issue.

Replied By Admin (MIC Staff) on Jun 14, 2013 Reply

it is not true . They will give intimation through a call only on the date of maturity the above time frame is not in practice. LIC policy is not an an investment as it will not fetch more that 5 % PA. less than any known investment. Only thing is " fear of death and love of family" !!. The people will take Policy only to save some income tax . From investment and pension is concerned it is not at all attractive.

By B N Srinivasa Rao on Mar 15, 2013 Reply

i am waiting my matured policy claim, agaist phone call to me by lic .

By Ram Sushil Tiwari on Feb 23, 2013 Reply

Hi
What are the IRDA defined TATs for maturity payouts??
Is it mandatory for companies to send discharge form 90 days before. If yes, please provide regulation/circular no reference.

By Anurag Gupta on Feb 12, 2013 Reply

my policy no.CM 2230511 already matured last dec 4,2012.Kindly calculate the amount that I

can receive.Please inform me,my mobile no. is 09088626561

By Perla Garcia Caguitla on Feb 07, 2013 Reply

my lic policy no. 120066032 already matured on 14.4.12 and i have deposited the claim form wth original policy bond on29.03.12 but till i have not received the maturity amount.

By Ishwar Lal Wadhwa on Apr 16, 2012 Reply

my lic policy already matured on 14.3.12 and i have deposited the claim form wth original policy bond on 22.2.12 but till i have not received the maturity amount.j.m.pany,Bhubaneswar

By Jiban Mohan Pany on Mar 24, 2012 Reply

my lic policy already matured but i have not the maturity money yet.

By Jiban Mohan Pany on Mar 24, 2012 Reply

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