New Delhi: In a vital service to its policyholders, Life Insurance Corporation of India (LIC) focuses meticulously on the efficient settlement of claims, recognizing the significance of prompt payouts during policy maturity as well as untimely events leading to death claims. With an enduring commitment to customer satisfaction, LIC’s maturity claim process is designed to be a seamless and hassle-free experience for policyholders.
When focusing on the settlement of maturity claims, particularly relevant for those holding Endowment type policies, LIC ensures that the amount due is paid out at the predetermined end of the policy tenure. This process involves the Branch Office, which administers the policy, proactively dispatching an informative letter to the policyholder. This communication occurs at least two months prior to the maturity date, detailing the exact date when the policy proceeds will be due for payment.
Upon receiving this letter, the policyholders are prompted to undertake a crucial step – the return of the Discharge Form, completed in all respects. Accompanying this form should be the original Policy Document, an accurately filled NEFT Mandate Form with bank account details (supported by appropriate proof), as well as fulfilling any necessary Know Your Customer (KYC) formalities.
The inner workings of LIC’s meticulous process feature a proactive technique – processing the payment in advance based on the receipt of these imperative documents. This foresight ensures that the maturity amount is duly credited to the policyholder’s bank account on the specified due date, eliminating any unnecessary waiting period post-maturity.
A noteworthy aspect of LIC’s diverse range of plans is the provision for periodical payments under certain policies like Money Back Policies. Policyholders enjoy the benefit of these intermittent payments, provided all due premiums have been paid until the anniversary date when the Survival Benefit is due.
In keeping with its ethos of customer convenience, LIC has introduced measures to hasten the payment process for smaller maturity amounts. If the amount due is Rs 5 Lakh or less, LIC releases the funds without necessitating the submission of the Discharge Receipt or the Policy Document, thus accelerating the settlement time.
Moreover, the institution extends this facility to certain other products, such as the Survival Benefit under the esteemed Jeevan Anand policies. When the sum assured is up to Rs 2 lakh, these benefits are released straightaway without requiring the physical surrender of the policy bond or a filled discharge form.
However, for more significant sums involved, LIC diligently upholds the protocol, insisting upon the procurement of the comprehensive set of documents, namely the policy bond and the discharge form. This practice is maintained to ensure the authenticity of the claim and protect the interests of the policyholder.
In summary, LIC’s claim settlement process for policy maturity is characterized by its transparent, systematic, and policyholder-centric approach. LIC not only notifies policyholders well ahead of the maturity date but also facilitates a convenient document submission process and expedites direct bank account transfers. This approach underscores LIC’s robust framework for ensuring that policyholders receive their due benefits efficiently and securely, further cementing its reputation as a trustworthy provider in the life insurance sector.
