Few of the insurance policies including endowment plans come with maturity benefits (bonus, survival benefit) that can be claimed only when all the premiums towards the policy have been duly paid and the policyholder survives through the term of the policy.
Know the procedure for making the claim
Insurer sends policy discharge form in respect of the policy nearing maturity
As the maturity of your life insurance policy nears, the insurer sends over policy discharge form at least one month in advance from the date of maturity of the policy. It also enlists all the supporting documents that need to be further enclosed with the form.
Fill in the form and submit all requisite documents
The policyholder needs to fill in the discharge form and sign it. Signature of two other witnesses is also sought in the form. Other than this the documents that need to be enclosed are:
i) Original policy bond
ii) ID proof copy
iii) Address proof copy
iv) Bank mandate specifying bank details and a cancelled cheque leaflet
The procedure to make claim for maturity benefits is hassle free and requires less paper work. It is suggested that the policyholder sends over the documents along with the filled in claim application form well in advance of the policy maturity date for seamless and timely settlement by the insurer.
Insurer verifies the details and process the claim
On receipt of the duly completed form and subsequent verification, insurance company process the claim and the amount in lieu of the maturity proceeds is directly credited in the bank account of the policyholder.