You must Sign In to post a response.
  • Category: Insurance

    Which documents are needed to claim a LIC life insurance?


    Interested in knowing about life insurance policies? Looking out for details of how to claim a life insurance policy? Find advice from experts here.

    I am having old Jeevan Anand policy (table no. 149) with Rs. 1,00,000/- sum of 20 years duration. I want to know which documents are needed to claim the LIC life insurance after the term is over.
    How much amount will be given to me at the end of policy period? Are there any new rules which govern this maturity amount and bonus?
  • #148724
    You have to surrender the original life Insurance policy provided to you along with a form where in you have to mention your Bank - account No, Name of the Bank where the maturity proceed is to be debited. The form provided by the LIC office of your branch is to be signed by you and the same along with your original policy certificate is to be submitted at the designated counter.
    The payment - process in the LIC is very prompt and you may expect your payment within days from the date you submitted the required papers. The payment including the locality - addition is not that much attractive and it would be approximately 1, 75,000/ - only. In order to know the exact details of the payment, you may visit the LIC agent of your Branch.

  • #148725
    You have to submit the original policy certificate along with discharged form duly signed and witnessed. For directly depositing the maturity amount to your bank you have to fill a bank mandate form. A blank canceled cheque leaf pertaining to your bank account is also to be attached with this as proof of account number and IFSC number. Above forms are available from LIC office or LIC site in the internet.

    If your address is changed you will have to give a copy of new address proof along with the above.

    Nowadays LIC online repayment process are streamlined and you will get the payment in time directly in your bank account.

    If it was one-time lump sum premium payment of Rs 100000 then LIC is giving a return of 5-6% on an annualized basis and with that you should get approximately about Rs 290000. If it was paid by you on yearly premium basis then it will be around 150000 only. This is only an approximation and for the exact amount, you should see the authentic LIC table.

    If it was a one-time premium payment then as per new guidelines LIC will deduct 1% TDS on the repayment made by them. This TDS will reflect in your 26AS data in Income tax dept site.

    Knowledge is power.

  • #148729
    As you are the original policy-holder, the process is very simple. You have to take the original policy document, AADHAR card and /or any other Identity Card. You should also carry the last premium payment receipt and revenue stamps. You have to visit the particular branch of LIC from where the policy was taken. You are required to fill up the requisite form and submit the same along with the documents.

    The matured amount in cheque is sent by post to your residence.

    Beware! I question everything and everybody.

  • #148737
    Generally, you will receive a communication from the LIC with a copy of the form you have to fill and submit. You have to submit the Original Insurance Policy and an identity card copy you have to submit. If you want to get your payment into your bank account you have to provide your bank account number, Name of the Bank and Branch name. You have to attach the cancelled bank cheque to the form. In my case, my agent came and collected the required papers as mentioned above and submitted in the concerned branch of LIC. They will process the application and deposit the amount in your account. It will not take more than 10 days for the payment to receive. Generally these days we are getting double the amount of the policy value. If the policy value is100000 rupees, you will get about 200000 rupees.
    drrao
    always confident

  • #148755
    Jeevan Anand is a hybrid policy wherein at maturity the agreed amount is paid but the life cover would be valid until the death of the policyholder.
    Any hybrid policy is not worth or rewarding when compared to a pure term policy and investment the rest in a MF. Please check that the term is over because such policies have a penalty based on the years you've paid the permium before encahsing.If you encash this in the first 2-3 years, you would lose heavily.

    Premiums would be paid annually for the selected period for PPT premium paying term (20 years) in your case. People get confused with PPT and PT. PPT is the term for which you have to pay the annual premium. PT is the policy term (this is the life cover of sum assured for a total of hundred years)
    If a person (26 years) had taken a policy in Jeevan Anand in the year 2010 for 25 years, The first maturity will be at the end of the PPT, 2034 in this case, the second maturity of life cover will show as 2084.

    Bonuses will be declared, but the person will receive it only at maturity or death. Please remember there is no guaranteed that bonus/sum assured will be what is mentioned at the time of taking the policy.

    You have taken the policy with Rs 1 lakh. If you have paid the annual premium for 20 years (roughly Rs.5550/year), then you would get the end amount on maturity (after 20 years) which would be Sum Assured + Bonus declared (around 45-47 rupees/thousand/year). So you should be getting around 1.95-2 Lakhs in hand after 20 years.
    The good thing about Jeevan Anand is that even after the policy matures the life cover carries on until the death of the policyholder.

    To get the claim of maturity, LIC would intimate you 2 months in advance from the date of actual maturity.
    You will need the original policy.

    A Discharge form similar to (https://www.licindia.in/Bottom-Links/Download-Forms/form_no_3825)
    Your regular bank account, if the premiums go from the same account, then it's easy or else you need to give a blank canceled cheque and evidence that the new account is yours.

    Please make sure that you ask for the 'Final Additional Bonus' that is paid at the end of a term, it is a complex calculation based on loyalty, years paid and any extra bonus declared during that period).

    Lastly, some people are enticed to re-invest the maturity amount into another policy, please take a decision based on your commitments and lock-in periods that you can afford.


  • Sign In to post your comments