Claim for Matured Insurance Policy
A matured insurance policy is a guaranteed cash value policy in which the policy owner or insured person gets back the full payment when the policy matures or endows. A policy matures when the cash value equals the face amount of the policy. And when this procedure happens, the policy is awarded or endowed to the policy holder or owner.
This process can be explained as it pays off the face amount to the owner of the policy. A policy holder has to pay a certain amount as their premiums for a certain period. The rules forevery insurance company vary regarding the maturity of the amount. There are some companies whose policies mature when the insurance holder becomes 100 years of age.
Thus, maturity of the amount depends on the face value and on the premium rates of the insured policy.On maturation you don’t have to make any payments to the organisation. A matured policy means you have paid all premium payments to the mentioned age or date in the agreement. And now the insurance company is bound to return both the face value and the cash value. You can also use this policy to cover your costs until you breathe your last breath and to arrange resolution of your property.
How to claim for it?
Maturity Claim is connected with the amount of policy’s maturity benefit. Thus, on completion the tenure one can claim matured insurance policy. It is paid to the insurance holder when all premium rates have been paid by him timely and when he holds the original policy documents.Claim for matured LIC amount is the easiest among all claims and is supervised by the Divisional office of LIC.
The policy holder receives a warning letter on the settlement of claims in advance along with the discharge forms as well as other requirements list for the claim of the insured money.
For this procedure you need the following documents:
- Original policy document
- ID proof
- Maturity form
- Last receipt of paid premium
- Age proof
As per Indian income tax laws, the money these insurance companies pay back is a tax free amount. In case when the policy holder does not receive any intimation for his matured amount from the authority, he/she must inform to the nearest LIC divisional office. They will take care of this issue. On completion of all formalities, policy ownerwill receive the entire matured policy amount by post.
You may also like to read about...
A premier banking institution, thousands of Indians depend on is the ICICI Bank, operating smoothly for both the Indian and the NRI customers. ICICI w...More
In this age of plastic money, credit cards have become an inseparable part of our life. Using credit cards are simple and time saving process.However,...More
The most protected and secure place is a bank’s locker for always. Though not every bank offers such facility, but the banks which offer this fa...More