IntroductionIt is very common these days that we opt for various types of Insurance policies whether for life or our vehicle or house or health. Life insurance coverage will help the family in case of exigencies and takes care of the family needs in the absence of an individual from this world. Thus it is an agreement between the Insurer and the Beneficiary of the Policy a predetermined sum of money in the event of the death or maturity of the policy whichever is earlier. Thus an insurance Policy plays an important role in your savings and investment portfolio. Policy will come to your family's aid during such phases of life.
Taking Insurance an Investment Option
We have various Insurance policies like ICICI Pru-life policy, LIC Money back policy, retirement plans, etc., which would serve as a good investment option. It is also a measure for tax saving under Section 80C of the IT Act. With different options on hand, one has to think of taking some good Insurance policies early in life, when you are still young and free of illnesses and for family members also.
Action to be taken on maturity of a Policy
Generally the policies are taken for a fixed time from ranging from 5 years to 25 years based on the age of the policy holder. One should be regular in payment of the premium amount to avoid lapse of the policy. With the advent of online payments, we can make payments through e-mode from the desk of our computer or from a cyber cafe.
On completion of the prescribed premium amount for the Sum assured for the opted term, the policy gets matured and you can claim amount plus accrued bonus. Just give intimation well in advance before the payment of the last Premium to the branch from where your Policy is in operative mode requesting them to send the requisite documents to be filled in. In case you are far away from the location, you can visit the nearest branch and get the blank papers from them and forward the filled in documents with the original copy of the Policy document and bank mandate for getting the amount through NEFT.
Sample letter format
The Branch Manager,
Sub: Payment of Insured amount on maturity of the Policy No. xxxxxxxx
I own an Insurance Policy bearing No. xxxxxxxx taken on 15th January 2007 for a sum of Rs. 100000/- for a period of 10 years. Now the policy stands matured on 15th January 2017. I am sending herewith the requisite documents (blank forms obtained from the nearest branch) along with the Policy document in original and the mandate form containing my bank details for crediting the amount into my Savings bank account.
I shall be glad if you look into it and do the needful at the earliest
[Your phone no.]
Wrap upSame is the procedure for claiming the amount from the Insurance company in the event of the death of the Policy holder where you have to intimate to the Branch Manager in the same format along with the copy of Death certificate and the amount would be credited into the account of the Nominee registered in the Policy.
Jagdish Patro is a freelance writer and a regular contributor to ISC and other websites. Fond of reading books, novels and spends his leisure time by listening to music. He did his B.Sc in Applied Chemistry and his M.Sc in Resource Development Technology. He edited and published an in-house monthly journal by name ‘Srujana’ during 2009-2011 which was totally a private circulation.
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