Insurance claims, especially the claim settlement process show the true merit of a policy. This is because a lot depends on how the claim is settled for the insured or their beneficiaries to benefit from it. This is why it is recommended that you look for policies that come with a high claim settlement ratio, which reflects the insurer’s claim settling record and the overall claim process. If you find out this key detail it will help you save a lot of hassles when you decide to claim the maturity benefit of a life insurance policy or your family raises a death claim.
Notably, a maturity claim can be raised when a policyholder outlives or survives the policy term of their life insurance policy. However, this is applicable to policies that offer maturity benefits. Hence, you must make it a point to check more about the maturity benefit and the process to raise a claim to access the money. Ideally, you will find that the process to raise a maturity claim is the same for all life insurance policies. However, you must check with your insurance provider to learn the exact process and requirements. This will help you streamline the process and allow you to plan things better.
A Quick Brief on Maturity Claims
We know that life insurance policy plans help us gain financial freedom during unfortunate events. The sum assured not only acts as our financial safety net but also allows us to get back on our feet in the unfortunate event of the death of the sole breadwinner of the family.
Maturity benefit is a key benefit of life insurance policies that offer more than protection. You should consider it as a reward for continuing the policy till its term. When you buy a policy you will see that life insurance with endowment plans may promise to pay a lump sum after you continue the plan for a certain period or a maturity date. Once your policy matures, your insured will notify you about the same after which you can raise a maturity claim to access the promised sum. To ensure the process is smooth and without delay, you need to fulfill all the requirements and complete documentation promptly. Note that you can settle maturity claims before or on the due date. However, it would be in your best interest to talk to your insurance agent or company to understand the process and coordinate with ease. Subsequently, make sure to find the steps of raising a claim in detail to streamline the process without hiccups or last-minute rush.
Steps to File Maturity Claim in Life Insurance Policy
You will find the steps to file a maturity claim as simple as the steps to use an online SIP return calculator. Check the following steps to understand the standard process of filing a maturity claim against your life insurance policy –
Step 1: Avail the maturity claim intimation document
As mentioned earlier, once your policy reaches the maturity date your insurance provider will send a notification through mail and email informing you about the maturity date and potential claim. In the notification document, you will find information such as maturity date, amount, and instructions to file a maturity claim.
Step 2: Fill up Your Maturity Claim Discharge Form
To begin the claim filing process you would first need to fill up a maturity claim discharge form that you can avail of from your insurer. This form is important as it will help authorize the release of the promised amount. However, make sure to fill up the form carefully, and enter details like contact, policy number, and bank account details to ensure smooth processing.
Step 3: Submit Required Documents
Besides the maturity claim discharge form, you would be asked to submit several documents to support your claim request. Typically, insurance companies ask for the following documents to support claim requests and you may also be asked to share them.
- Original policy bond to prove the existence of your insurance plan
- Any government-backed photo proof like a voter ID card, Aadhar card, PAN card, passport, or active driver’s license
- Documents that can also serve as your address proof like bank statements, electric bills, or your rental agreement
- Documents that will support your Bank details such as canceled cheque or your bank statement
However, you may be asked to provide additional documents. Regardless, make sure all the documents you submit are attested and have uniform and accurate information. Lastly, submitted them to the designated insurance company branch to speed up the processing and approval process.
Step 4: Receive the Maturity Amount
Once your insurer verifies all the documents and is satisfied with the proofs they will process the maturity claim. Subsequently, your maturity amount will be transferred to your bank account that is registered with the insurance provider, and the transaction will be carried out through electronic transfer. Alternatively, you may receive a cheque at your registered address. The choice of payment mode will depend on you so ensure your convenience.
In the best-case scenario, your maturity amount will get disbursed within 1-2 business days. It is advised that you stay in touch with your insurance company constantly to track processing status. Once you decide the maturity amount you can acknowledge the receipt and close the query promptly.
By following these steps and the instructions of your insurer, you can simplify the maturity claim process. It is also advised that you act quickly after you receive your maturity date intimation to avoid delays in claim processing or settlement. Additionally, keep all key documents handy and submit them on time to support your claim. It is advised to carry everything with you when you visit the insurance office to ensure your claim is initiated at a go. You are free to use the received amount as you deem fit and can meet your financial goals or reinvent the money to secure your financial future.
