New Delhi: Life Insurance Corporation of India (LIC) underscores the significance of swift claims settlement as an integral part of its service to policyholders. Ensuring the seamless processing of both Maturity and Death Claims is a top priority for the corporation.
Here are eight essential points elucidating the procedure for settling LIC Maturity Claims:
1. Endowment Policies Payout:
For policies falling under the category of Endowment, the payout is made at the culmination of the policy period.
2. Notification Process:
The servicing Branch Office dispatches a letter to the policyholder, notifying them of the date on which the policy monies become payable. This notification is sent at least two months prior to the due payment date.
3. Documentation Requirements:
Upon receipt of the notification, the policyholder is requested to complete the Discharge Form, alongside submitting the Policy Document, NEFT Mandate Form (inclusive of bank account particulars supported by proof), and fulfilling KYC requirements.
4. Payment Processing:
Once the aforementioned documents are received, the payment processing begins promptly. This ensures that the maturity amount is credited to the policyholder’s bank account on the scheduled due date.
5. Money Back Policies:
Certain policies such as Money Back Policies entail periodic payments to policyholders, provided that premiums due under the policies are paid up to the anniversary due for Survival Benefit.
6. Expedited Payments:
For amounts payable up to Rs. 5 Lakh, payments are released without necessitating the submission of a Discharge Receipt or Policy Document.
7. Special Cases:
Under Jeevan Anand policies, Survival Benefit up to a Sum assured Rs. 2 Lakh is disbursed without requiring the policy bond or discharge form.
8. Stringent Requirements:
However, for higher amounts, the submission of both the Discharge Receipt and Policy Document is mandatory.
Efficient and transparent claims settlement processes are instrumental in fostering trust and reliability between policyholders and insurance providers. LIC’s commitment to expeditiously settling claims underscores its dedication to providing exemplary service to its clientele.
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