Life Insurance Corporation (LIC) of India is one of the largest insurance providers in the country, offering a range of life insurance products tailored to meet diverse needs. While purchasing a policy ensures financial security, it’s equally important to understand the process of claiming the policy benefits. This guide explains the steps to claim LIC's life insurance policy, timelines involved, and essential tips for a smooth claim process.
Types of LIC Policy Claims
LIC offers three main types of claims:
1. Maturity Claim:
- Maturity claims arise when the policy term ends, and the insured survives.
- The insured receives the sum assured along with bonuses, if any.
2. Death Claim:
- A death claim is payable to the nominee in case of the policyholder's demise during the policy term.
- This ensures financial security for the family of the deceased.
3. Rider Claims:
- Claims for additional benefits like accidental death or critical illness rider, depending on the policy’s coverage.
Steps to Claim LIC Policy Benefits
1. Notify LIC About the Claim
- Inform the nearest LIC branch office as soon as the policyholder passes away (for a death claim) or a policy matures.
- Use LIC’s online platform or customer service helpline to initiate the claim process.
2. Gather Required Documents
Depending on the claim type, LIC requires specific documents:
For Maturity Claims:
- Original policy bond.
- Identity proof and address proof of the policyholder.
- NEFT mandate form with bank details for direct credit.
For Death Claims:
- Original policy bond.
- Death certificate issued by the municipal authority.
- Claimant’s identity proof and address proof.
- Proof of relationship between the policyholder and nominee (e.g., Aadhaar card, birth certificate).
- Medical records (if the death occurred due to illness).
- FIR or post-mortem report (if the death was accidental).
3. Submit the Claim Form
- LIC provides specific forms for claims:
- Form 3825 for death claims.
- Form 3783 for maturity claims.
- Download these forms from the LIC website or collect them from a branch office.
- Fill out the form accurately and attach the required documents.
4. Verification by LIC
- LIC verifies the claim details, cross-checks documents, and may conduct further investigation in certain cases, especially for early death claims (within three years of policy issuance).
5. Disbursement of Claim Amount
- Upon successful verification, LIC processes the claim and disburses the amount directly to the claimant’s bank account.
How Long Does It Take to Get the Claim?
1. Maturity Claims:
- LIC typically sends a maturity intimation 2-3 months before the policy’s end date.
- Claimants should submit the required documents promptly to receive the payout on or before the policy's maturity date.
2. Death Claims:
- Normal death claims are settled within 15-30 days after submitting all documents.
- Early death claims or those requiring investigation may take up to 90 days.
3. Rider Claims:
- Rider claims may take additional time due to verification of specific conditions.
Tips for a Smooth Claim Process
- Keep Documents Updated: Ensure all policy-related documents and personal details, such as the nominee’s name, are accurate and up to date.
- Submit Genuine Claims: Always provide authentic information and documents. Misrepresentation can lead to claim rejection.
- Track the Claim: Use LIC’s online portal or mobile app to track your claim status.
- Seek Assistance: If unsure about the process, consult LIC agents or customer care for guidance.
CONCLUSION
Claiming a life insurance policy from LIC is straightforward when the necessary steps are followed meticulously. Whether it’s a maturity or death claim, timely submission of accurate documents is crucial for prompt disbursement. LIC’s commitment to transparency and customer service ensures that policyholders or their families can access their rightful benefits without undue hassle.
Planning and preparing in advance can further ease the process, providing peace of mind during critical times. With proper understanding and action, LIC policy claims can serve as a robust financial support system for you or your loved ones.
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