In life insurance, if something happens to you then your beneficiary or nominee will get a death benefit, but what if nothing happens? Will you get anything in return for the premium paid during the policy term? Yes, if the policy specifies, then you will get a maturity benefit.
What is a Maturity Benefit?
A maturity benefit is a lump-sum amount that the insurer pays to the insured when the insured survives at the end of the policy tenure. In simple words, it is a claim amount paid by the insurer to the insured at the time of maturity of the policy.
For instance, Mr. Sagar bought a life insurance policy with a term of 20 years. He will get a payout (maturity benefit/claim) after 20 years. This amount includes a basic sum assured and a bonus.
Note: An insured can only get the benefit if he has made all premium payments on time and the tenure of the policy has come to an end. Also, not all types of life insurance plans provide the benefit at the time of maturity.
How Do I Claim for Maturity Benefit from Life Insurance?
Step 1: Obtain policy discharge form
Life insurers send a policy discharge form to their policyholders a month before the policy expires. They also inform the policyholders about the necessary documents that need to be submitted to them. If you don’t want to wait for your insurer to send you the discharge form, you can also download the form from your insurer’s website.
Step 2: Fill the form and attach the necessary documents
Fill the form carefully. You also need to take signatures from two witnesses on the form. Enclose the following documents with the form:
- Original policy document
- Copy of ID proof
- Copy of address proof
- NEFT mandate with the bank details
- A cancelled cheque
Step 3: Submit the form along with the documents
Submit the policy discharge form along with the documents as soon as possible. Remember, if you delay in submitting the form and the documents, then you may have to face problems and the claim settlement process may get delayed. Submit the form at least 5-7 days before the expiry date of the policy.
Step 4: Wait for the maturity claim/benefit
Your insurer will verify the details. Once the verification completes then at the time of maturity, your insurer will transfer the maturity benefit to your bank account.
- If the insured dies before receiving the maturity benefit but after the maturity period, the beneficiary/nominee will get the settlement amount.
- If the insured doesn’t receive the policy discharge form on time (before the maturity date), the insured must call on customer care no. of the insurer or visit the branch directly. He can also download the form from the insurer’s website.
If you are facing a problem in getting your maturity claim, then contact your insurance company. If you need help, you can connect with Insurance Samadhan.*
Read How Insurance Samadhan Helped a Customer to Get His Maturity Claim
Subhash Kumar, a 58-year-old farmer had a life insurance policy whose insurance maturity claim was accruing. He submitted the policy discharge form along with the necessary documents to his insurance company. However, he did not receive his maturity benefit. Due to a lack of insurance knowledge, he was helpless. He did not know how to proceed to get his life insurance’s maturity benefit.
Then he came to know about Insurance Samadhan and got in touch with us. We discussed his case and guided him on how to get his maturity claim. Within 10 days his case was resolved and he received his maturity claim.
This is one among 14,500+ insurance complaints that Insurance Samadhan has resolved over the last four years. These insurance complaints include claim rejection, delay in claim settlement, fraud and mis-selling in insurance.
Contact us to get samadhan for your insurance-related issues, we’ll be happy to help you.
*Insurance Samadhan is a private organization and has no association with IRDA or any Government body.