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    How to Claim Life Insurance Benefits Upon Maturity?

    Last Updated On 23-03-2023

    It is crucial to understand different types of life insurance policies. The choice lies between a maturity benefit and a benefit upon the policyholder's death. The death benefit can occur only when the policyholder dies before the policy matures. The maturity benefit, however, can take place if the policyholder survives the tenure of the life insurance policy.

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    Eligibility to Claim

    When one has a life Insurance policy and survives the expiry date of such a policy, they can claim the maturity benefits provided:

    • The premium payment is up to date on such life insurance plans.
    • The policy is 'alive'
    • One has all the necessary documents to stake the claim.

    Process Initiation

    The policyholder receives the intimation from the insurance company once the policy is matured. Or else, even the policyholder can approach the insurer on the completion of the insurance duration. The insurance company processes the maturity benefits, which they pass on to the insurance policyholder. These include bonuses and sum assured at the time of policy purchase. It may also have any other benefit mentioned in the policy.

    How to Collect the Amount Hassle-Free?

    Every policyholder wishes to receive their claims as early as possible when it falls due. To make this possible, the policyholder has to perform the following:

    • Inform the Insurance Company by sending an application a month before the maturity date falls due.
    • All relevant documents should accompany the application.

    Duties of the Policyholder and the Documents Required

    The policyholder has to fill the discharge form with accuracy. Once they sign it, two added witnesses again sign the discharge form to validate it.

    With this done, the policyholder has to attach the documents mentioned below along with the application form. Finally, the policyholder should affix a revenue stamp on the paper. The documents required are as follows:

    • Original life insurance policy document
    • ID proof photocopies including PAN card and Aadhaar Card
    • Copies of documents that prove residential address
    • Bank details with a bank mandate form
    • A cancelled cheque leaf from an active account.
    • An NEFT mandate in case he opts for a Bank transfer

    All the above should be in the hands of the insurance company for seven working days. The seven working days are calculated based on the expiry of the policy.

    With everything in order, it would allow the insurance company to start processing the maturity benefits on the policy. The insurance company process will follow the procedure as detailed below:

    1. Receive and verify that the documents are in order
    2. Start the process by calculating the amount due
    3. Inform the policyholder of the amount due
    4. Transfer the amount to the account. It should be the same one where the policyholder issued the cancelled cheque

    The policyholder has another option of receiving the payment. They can request the insurance company to send a post-dated cheque to their address. This is a much more comfortable and easy method of claiming the benefits of an insurance policy. In addition, they can deposit the cheque only after the policy's maturity date.

    Important Features of a Life Insurance Policy that Includes Maturity Benefits

    • The insurance company pays out bonuses throughout the tenure of the policy. Upon announcement of such a bonus, it is accumulated and paid out after the policy's maturity.
    • The policyholder would benefit from building a corpus at a low cost. Such a feature applies to the life insurance policy with maturity benefits only. Otherwise, all the features of a standard life insurance plan also apply to this one.

    Benefits of Life Insurance

    There are two advantages of a maturity benefit policy. One is that it saves the policyholder's family should the unforeseen happen. The second advantage is enjoying a reasonable amount that matures with the person alive.

    Conclusion

    The maturity claim process is seamless. The policyholder, on their part, should make payments towards his premium as and when it falls due. They are also expected to keep the documents of the policy organised. On its part, the insurance company informs the policyholder at least sixty days before the policy matures. Such information helps the policyholder organise his documents, the post-dated cheque, etc., and be prepared to enjoy a seamless claim process. To know more, please read the relevant articles at our website PNB MetLife

     

    Disclaimer:

    The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

    PNB MetLife India Insurance Company Limited Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
    IRDAI Registration number 117 | CIN U66010KA2001PLC028883

    Terms & conditions apply, Benefits stipulated are subject to premiums paid and policies in-force. For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.

    Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details.
    Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
    The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.

    Beware of Spurious Phone Calls and Fictitious / Fraudulent Offers!
    IRDAI is not involved in activities like selling insurance policies, announcing bonus or investments of premium. Public receiving such phone calls are requested to lodge a police complaint.

    AD-F/2022-23/421

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    Disclaimer

    Collapsed Expanded

    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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