LIC Matured Policy
Maturity is the date at which the face amount of the life insurance policy is paid to the policy holder. Even if it is not invoked previously, it is paid due to the contingency covered, which is death. This type of payment of amount to the policy holder at the end of a specified period of time is called Maturity claim. Once the policy is matured you have many benefits with that. You get extra money along with the basic amount you paid and this depends on the policy type.
The claim processing through maturity is usually undertaken by the Divisional office of LIC. This is undertaken from two months before the maturity date. Intimation on the settlement of claims is sent to the policy holder along with the discharge forms and the requirements for the settlement. The steps that are to be followed to claim the LIC policy by maturity are as follows.
When the policy holder does not receive the maturity intimation till two months before the date of maturity, he must contact the divisional office concerned and should receive the copy of intimation.
After receiving the maturity intimation from the divisional office, the original policy documents should be sent by the policy holder along with the receipt of the last insurance premium paid. Unless, the policy document is under the custody of LIC for security of loan, the original policy document is to be submitted.
Then the age proof is to be submitted by the policy holder to the corporation in case if it is not been submitted already. If the age proof is already submitted by the policy holder to the LIC, then the form of discharge that is to be executed by the policy holder is to be submitted along with the intimation of maturity.