How To Claim Life Insurance Benefits Upon Maturity?

Jun 14, 2018 | 7 months ago | Read Time: 2 minutes | By iKnowledge Team

The process of getting life insurance benefits on maturity is quite simple and hassle-free.

Have you outlived your insurance policy? Did you pay your premiums on time? Are you thinking of how to claim the maturity money you had agreed on years back on your life insurance policy? You’ve come to the right place. This article will help you navigate through the process of making a maturity claim.

Step 1: Get the policy discharge form

Your insurer will send you a Policy Discharge Form a month before your policy expires. The insurer will also tell you which documents need to be submitted with them.

If you don’t want to wait for the insurer to give you the form, you can go online and download it from your insurer’s website.

Step 2: Fill the form and enclose required documents

The discharge form will require you to provide your name, the sum assured, your designation, address, bank account details etc. Once you are done filling up the form, you need to get it signed from two witnesses.

Also, the documents you need to attach with the form are:

  • Original policy document
  • ID proof
  • Address proof
  • Bank mandate form with bank details
  • A cancelled cheque

Step 3: Send the form and documents before policy expires

Send the form at least 5-7 business days before the policy expires. This will ensure a hassle-free settlement process. This is important because if you forget to send the form and the documents on time, you may face problems in getting your maturity benefits on time.

Step 4: Wait for the maturity amount

You can use the premium calculators to calculate the maturity amount if in doubt. The insurance company will verify the details Once that’s done, the maturity benefits will be sent to your bank account after your policy matures. You can also opt to get a post-dated cheque at your address. You can cash this cheque after the policy expires.

Things to note:

  1. You can only make claims on policies that have maturity benefits like survival benefits or bonus.
  1. Suppose the policyholder passes away after the policy matures, but before the policy discharge procedure, the legal heir/s of the deceased holder will receive the life insurance benefits.

To sum up, if you outlive the insurance policy, claiming maturity benefits can be a breeze. You don’t have to stress about the process. All you need to ensure is that the premiums are paid on time and that the required documents are in place.

Advt. no.: IA/May 2018/4034

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