Death Claims Process
When a person with a life insurance policy – called a life assured – dies, a claim intimation should be sent to the insurance company as early as possible.
The assignee or nominee under the policy can do this. So can any close relative or the agent who handles the policy.
The insurance company will respond to this intimation and will ask for the following documents:
>>Filled-up claim form (provided by the insurance company)
>>Certificate of death
>>Policy document
>>Deeds of assignments/ re-assignments if any
Legal evidence of title, if the policy is not assigned or nominated
>>Form of discharge executed and witnessed
>>Other documents such as medical attendant's certificate, hospital certificate, employer's certificate, police inquest report, post mortem report etc could be called for, as applicable.
POINT
Important documents required for filing a death insurance claim with LIC
On receipt of intimation of death of the Life assured, LIC branch calls for the following requirements:
>>Duly filled out Form 3783 and Form 3801 (issued from the branch official)
>>NEFT forms of nominees’ bank accounts
>>Original death certificate of the policyholder
>>Original policy bond
>>Nominee’s PAN card
>>Copy of nominees’ valid identity proof such as Aadhaar card, Voter ID card, driving license, passport etc.
>>Valid ID proof of the deceased policyholder
>>Signature of the policyholder's insurance agent or the development officer on the death claim form.
STEPS INVOLVED
Step 1: Visit the home branch of LIC where the policy was issued and inform them about the death of the policyholder.
Step 2: Fill in Form 3783, Form 3801, (issued by the branch official) and NEFT forms for the transfer of funds into the nominee's bank account.
Step 3: Submit the duly filled forms along with the above-mentioned important documents. All the documents need to be self-attested by the nominee.
Step 4: Along with the documents, also attach an intimation letter which acts as a covering letter mentioning the date of death of the policyholder, place of death and cause of death.
Step 5: Next, along with the NEFT forms, submit a cancelled cheque leaf and a copy of the bank passbook containing printed details of the name of the bank account holder, account number and IFSC code.
Step 6: At the time of the final submission of forms along with other documents, a nominee should produce all the original documents for the same.
Step 7: A LIC officer will verify all your documents. Upon successful verification, the official will initiate the process of the death claim.
Step 8: Lastly, the LIC branch will issue an acknowledgement receipt. A nominee should keep it safe for future reference.
If errors are not found in claim papers, the final settlement amount is credited into the nominees’ account within one month.
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Maturity Claims
Life Insurance is a contract that pledges payment of an amount to the person assured (or nominee) on the happening of the event insured against.
Maturity Date is a date on which the principal amount of a note or draft or acceptance bond or another type of debt instrument becomes due and is repaid to the investor and the interest payments stop. It defines the lifespan of security, informing the customer as to when he/she will get the principal back and for how long one will receive the interest payments.
Documents Required for Maturity Claim Discharge
1. Original LIC Policy Document
2. Identity Proof
3. Age Proof (if not submitted previously)
4. Cancelled Cheque leaf or a copy of the Policy holder's Bank Passbook
5. NEFT Mandate Form (to transfer the maturity proceeds directly to the policyholder's account)
6. Assignment/ Reassignment (if any)
Tax Benefits on Maturity of Insurance Policy
The policy holder is eligible to get exemption on any amount received at the time of maturity of the insurance policy under Section 10(10D) of the Income Tax Act of 1961.
Things to note
While making an LIC maturity claim, it is necessary to take the following things in consideration:
>>If the policy dies after the maturity period but before receiving the claim amount, the settlement amount will be paid to the legal heir or nominee.
>>This maturity claim process applies only to policies that have maturity benefits and bonuses. This does not apply to term insurance covers.
>>If the policyholder does not receive the policy discharge form on time, it is better to check with LIC’s customer service or enquire directly with the branch.
>>If the policy has been taken in the name of another person, the right to give the discharge rests with the assignee.
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