How to Make a Maturity Claim on Your Life Insurance

By | April 12, 2017

How to Make a Maturity Claim on Your Life Insurance?

Life Insurance is, or rather should be, an important investment component in every single person’s life. While selecting the right Life Insurance policy is imperative, it is also equally important to know all about the claim settlement process. After all, there really is no point to insurance if you don’t even know how to claim it.

Additional Reading: 4 Slamming Insurance Products To Help Your Rest In Peace

Basically speaking, there are three types of Life Insurance claims, each of which have different claim settlement processes.

These are:

  • The maturity claim, which includes policy maturity and survival benefit claims
  • The rider claim
  • The death claim, which includes early death and non-early death claims.

In this article, we will be looking solely at the maturity claim.

But, before moving on, here are two important things to keep in mind as far as Life Insurance policies are concerned:

  • All insurance companies in this day and age ask you to de-materialise the policy by opening an e-Insurance account. This is primarily done to make things more hassle-free and convenient for you.
  • You need to provide your bank account details while filling the application form. IRDA has asked all companies to collect this information from customers since huge sums of money have been known to accumulate in unclaimed accounts.

Additional Reading: Why Aren’t People Buying Life Insurance?

What is a maturity claim?

A maturity claim is the claim made by the insured to the insurance company once their insurance policy reaches maturity.

The payment made by the insurer to the insured on maturity of the policy is called the maturity payment. The amount paid to the insured includes the assured sum agreed upon and any bonus or incentives (if applicable).

What is a death claim?

A death claim is the claim made by the beneficiary of the insured upon death of the insured. There are two types of death claims – the early death and the non-early death claim. The former is the claim made if the insured dies within three years of purchasing the insurance policy.

Additional Reading: Death Claim: Documents Required For A Life Insurance Claim

What is a rider claim?

Rider is the term given to the add-ons available on an insurance policy. These can be bought at an additional cost along with your policy. Adding riders to a policy will result in an increase in your premium.

Some common insurance riders include the critical illness rider, accidental death benefit rider and disability income benefit rider. Different riders require different documents and procedures while making claims.

Before making a claim, here are a few important pointers to consider:

  • Is the Life Insurance policy in question still in force?
  • What is the status of the policy?
  • Has the insurer adhered to the policy’s terms and conditions and played their part?
  • Have all the premiums been paid up-to-date?
  • Have any of the insured events taken place – maturity or death?

Additional Reading: Your Guide To Critical Illness Riders

How to make a maturity claim?

The maturity claim process is very simple. Usually when your policy is on the verge of maturity, your insurance company will send you a discharge form. You’ll have to fill in the required details and return it back to your insurer along with a few other documents.

The filled-in and stamped discharge form should be accompanied by the original policy documents, ID proof, age proof, a copy of your bank passbook, a cancelled cheque and any assignment or reassignment details (if applicable). On receipt of these documents, the insurer will pay the claim amount to the entitled person.

So, what happens if the insured dies after the maturity of the policy, but before the discharge of the receipt? In such an unlikely event, the claim will still be considered as a maturity claim and the assured sum will be paid to the deceased’s legal heirs.

On the other hand, if the insured is mentally unsound, it is necessary for the beneficiary to obtain a certificate under the Indian Lunacy Act from the court of law which appoints him or her as the guardian who takes care of the mentally-challenged person’s properties.

Additional Reading: How To Initiate A Life Insurance Claim

When making a Life Insurance claim, take extra care and effort to follow the procedure and necessary documentation if you don’t want your claim to be rejected by the insurance company.

Additional Reading: Top 6 Reasons For Insurance Claim Rejection

Now that you know how to make a maturity claim on your Life Insurance policy, why don’t you help others by spreading the word?

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