Which documents are required for LIC maturity claim?
Asked by: Prof. Lazaro Jenkins III | Last update: July 26, 2022Score: 4.5/5 (43 votes)
- Original policy documents.
- Photocopy of identity proof.
- Photocopy of address proof.
- Photocopy of age proof (if not previously submitted)
- NEFT mandate with the bank details.
- A cancelled cheque leaf or a copy of the policyholder's bank passbook.
- Details regarding any assignment or reassignment.
How can I claim LIC policy after maturity?
Maturity Claims:
The servicing Branch usually sends maturity claim intimations two months in advance. Please submit your Discharged Receipt in Form No.3825 with original policy document atleast one month before the due date so that the payment is received before the due date of maturity claim.
Can I claim LIC maturity amount online?
Process of various services and online forms:
The requirement for the claim are as given below: Claim Form 'A' in Form No.3783. If policy has run for 3 years or more from date or risk, claim form no.3783A may be used.
How does LIC pay maturity amount?
Maturity Claims:
1) In case of Endowment type of Policies, amount is payable at the end of the policy period. The Branch Office which services the policy sends out a letter informing the date on which the policy monies are payable to the policyholder at least two months before the due date of payment.
Can I claim LIC maturity amount in any branch?
As per the release, "LIC has allowed its 113 divisional offices, 2048 branches, 1526 satellite offices and 74 customer zones to receive maturity claim documents from policyholders whose maturity payments are due, irrespective of the servicing branch of the policy.
LIC Maturity Claim Process I How to Fill LIC Maturity Form 3825 I I Details in Hindi
What are the steps in claim settlement procedure?
...
Claims Process
- Claim intimation/notification. ...
- Documents required for claim processing. ...
- Submission of required documents for claim processing. ...
- Settlement of claim.
How long does it take for LIC settlement?
The Insurance Regulatory and Development Authority of India has requested every insurer to settle death claims within 30 days from documents submission. Therefore, once these documents are verified, LIC has a period of 30 days to settle the claim or pay interest based on the delay.
How to check LIC maturity money?
To check the updates through SMS, one can type "ASKLIC" followed by the policy number and SMS it to the phone number 56767877 made available by the Corporation. "ASKLIC<Policy Number>AMOUNT." All of the queries mentioned above can be resolved by sending the SMS code to the same number, that is, 56767877.
Is maturity of LIC taxable?
Therefore, the insurance maturity proceeds are taxable, and not entitled to exemption under section 10(10D) of the Income Tax Act. Sandesh surrendered the policy on maturity on 16 September 2019. Since the maturity payment is above Rs 1 lakh, the insurance company is liable to deduct tax on the maturity proceeds.
How can I check my LIC policy maturity value?
The exact Maturity Value cannot be calculated but one can calculate a close estimate of the value to get an idea of the benefit at the end of the term. The basic format is Sum Assured + Bonuses + Final Additional Bonus (if declared).
What happens when a policy matures?
The maturity benefit is a lump-sum payment made by the insurance provider when the policy has reached its expiration date. It simply implies that if your insurance policy has a 15-year term, you, the insured, will get a payout at the end of those 15 years.
What is 3510 form in LIC?
This is an Application Form 5704/3510 for the LIC policyholder who wants to surrender his/her life insurance policy or make a partial withdrawal from the policy fund and this form can be download from the link given below free of cost.
Can LIC life certificate be submitted online?
These people need not visit a LIC branch to submit their life certificate, they can easily submit it online by downloading the newly launched mobile app called LIC Jeevan Saakshya. This app can be used to submit a digital life certificate to continue receiving pension on time.
Can husband claim wife's LIC premium?
Yes, either the insured or the spouse can claim the benefits for the premiums paid by the other. For example, if the husband has paid the premium, the wife can claim deductions while filing for tax and vice versa. But only one can claim it for a particular year.
What is the average return on LIC?
The average return on investment for LIC over a period of ten years between 2005-2006 and 2014-2015 has been 6.7%. The average return on a ten-year bond has been 7.9%.
How can I download LIC receipt?
Step 1: Visit the LIC website (www.licindia.in) and click on 'LIC's e-Services' under the option which says 'Online Services'. Step 2: If you are a registered user, select 'Registered User'. Step 3: You will be redirected to the login screen where you will have to key in your user name and passwor, and date of birth.
Is original death certificate required for LIC claim?
Documents that are required to be submitted along with above-mentioned forms include original death certificate, original policy bond, nominee's PAN card, copy of either nominee's Aadhaar card, voter ID, driving license or passport, and any ID proof of the deceased policyholder (preferably Aadhaar card).
What are the documents required for insurance claim?
- In case of an Accident. Duly filled and signed claim form. Tax receipt. Copy of the insurance policy. Copy the vehicle's registration certificate (RC) ...
- In case of Theft. Original insurance policy document. Tax payment receipt. Registration book in original.
What information are required if a claim is yet in process?
The details required for intimation are policy number, name of the insured, date of death, cause of death, place of death, name of the nominee etc. The claim intimation form can be obtained from the nearest insurance company branch or even by downloading it from the insurance company website.
Who initiates the process of maturity claim?
Once the documents are sent to the insurance company, upon verification, the insurance company will process the maturity claim and make the payment to the policyholder. The maturity proceeds will be credited directly to the bank account of the policyholder after the policy maturity date.
Can life certificate be submitted in any branch of LIC?
Policyholders of the Life Insurance Corporation of India (LIC) can submit their life certificates from the convenience of their own residence. It is no longer necessary to go to their local LIC branch for the same.
What happens if life certificate is not submitted?
What will happen if life certificate is not submitted in the month of November ? Ans: If life certificate is not submitted in the month of November of a year, payment of pension for November and onwards is not be paid to the pensioner, in accordance with the instructions of the Govt.
When should we send life certificate in LIC?
C. Annuity for 5 Years certain & Life thereafter : Life Certificate is to be submitted after 05 years and their after in every year to LIC Office. D. Annuity for 10 Years certain & Life thereafter: Life Certificate is to be submitted after 10 years and their after in every year to LIC Office.
How can I redeem my LIC policy online?
The policyholder needs to visit the nearest branch of LIC along with a surrender discharge voucher. The surrender discharge voucher is called Form 5074. The policyholder should fill up and sign the form. After the submission of the form and documents, the company starts the process of surrendering the policy.