Insurance is a financial tool that protects us for a specific period of time and provides us with financial support at the time of need like medical needs, or in case of death, it provides financial aid to the family of the insurer at the time of sudden demises of the insurer. LIC of India is best known for the Claim settlement ratio that provides the insurer with the best service and hassle-free settlement of the claim on the insurance. There are two major events that are required for the insurance to be claimed by either insurer or the nominee of the insurer and are as follows-
- Insurance attained the Maturity period
- The policyholder sudden death
In both the case, the claiming process will be the same with a minute change in the selection of the form for the claiming process.
What is Maturity Period?
Some insurance schemes provide the insurer a Maturity Period of the insurance after which the policy becomes void and the sum assured at the time of availing the insurance will be provided to the insurer. The sum assured is different for different schemes so go through the policy document or inquire the insurance agent for the sum assured after maturity. If you have taken the insurance online then you can use the LIC Customer Care Number to contact the LIC for any inquiry.
Documents Required for Maturity Claim
The following are the document required to claim the insurance-
- Original LIC Policy Document
- Identity Proof
- Age Proof
- Canceled Cheque leaf or a copy of the Policy holder’s Bank Passbook
- NEFT Mandate Form (to transfer the maturity proceeds directly to the policyholder’s account)
- Assignment/ Reassignment (if any)
Along with the above-mentioned document Form, No 3825 has to be submitted at least one month before the due date of the maturity claim. After the approval of the maturity claim from the LIC of India the sum assured will be paid directly to your bank account.
Tax Benefit on Maturity Amount
Some of the insurance policy provides the insurer with the tax benefit that can be reflected on two fronts the primary benefit that the insurer gets is on the ITR Filed and secondary benefit that the policyholder gets is on the maturity amount. The policyholder must go through the policy document before availing the insurance as not all the insurance scheme provides the Tax Benefit on maturity or on ITR Filling.
LIC Policy Death Claim
Death is inevitable and it cannot be predicted so preparation is what left as an option. LIC insurance policy help people in preparing themselves in case of death by ensuring then which in turn will provide their family with a secured future. The insurance policy provided by the LIC has the highest Claim Settlement Ration which makes the policy very much likable among the people. After the death of the policyholder, the nominee decided by the policyholder at the time of availing the policy will have to apply for the death claim by submitting the claim documents.
Document required for LIC Death Claim
- Claim form A – Claimant’s Statement giving details of the deceased and the claimant.
- Certified extract from Death Register
- Documentary proof of age, if age is not admitted
- Evidence of title to the deceased’s estate if the policy is not nominated, assigned or issued under M.W.P. Act.
- Original Policy Document
The following additional forms are called for if death occurs within three years from the date of risk or from date of revival/reinstatement.
- Claim Form B – Medical Attendant’s Certificate to be completed by the Medical Attendant of the deceased during his/her last illness
- Claim Form B1 – if the life assured received treatment in a hospital
- Claim form B2 – to be completed by the Medical Attendant who treated the deceased life assured prior to his last illness.
- Claim Form C – Certificate of Identity and burial or cremation to be completed and signed by a person of known character and responsibility
- Claim form E – Certificate by Employer if the assured was employed person.
- Certified copies of the First Information Report
Note- all the form mentioned above can be downloaded from the LIC official Website
How to Make Death Claim?
Step-1 You very first step is to contact the LIC and inform them about the death of the policyholder or you can contact the LIC agent who will guide you with further claiming process.
Step-2 Submit all the Document mentioned above with the death claim form which can be downloaded by using the link
Step-3 You can visit the LIC Branch to submit the form with all the required details.