Must need to know all the conditions involved before claiming a LIC policy due to maturity or on sudden demise, and the reasons to reject a Life Insurance Claim, what is the claim settlement time and the process involved, and how to check the claim status after submission of required by the policyholder.
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LIC Claim
We choose an insurance policy so that one gets its intended benefits whenever needed; when you avail a life insurance policy from Life Insurance Corporation, you are entitled to receive the associated benefits, but to get the benefits, one needs to claim the insurer, where once the insurance company verifies the claim, you get the maturity or death benefits of the subscribed insurance policy. The entire process of making a claim on the part of the customer and verifying the claim, and paying the benefits is called the Insurance Claim Settlement process.
LIC is very proactive in the settlement procedure, and the renowned Life Insurance company in India has been in the market for almost 60 to 65 years of existence. The track record of the LIC can be evaluated in the term “Excellent” category and the unique reason why LIC India has earned the trust of millions of policyholders throughout the century. It remains unfazed in the era of extreme competition too.
Instead, the business of the LIC has grown exponentially as soon as the new private players came into the Indian market with lucrative plans along with them. Every policyholder of Life Insurance Corporation of India opts for the policy, keeping in mind that the insurance company will serve him in the future when it comes in the term of the ‘LIC India Claim Settlement’ either in the form of maturity or death.
The Life Insurance policyholder prefers the Life Insurance company which will make a quick response and be proactive in the settlement, and here, LIC’s track record is far better than its competitor; if the ‘Claim Settlement’ process takes minimal time, we say that the insurance company is quick to make the claim settlements and can be relied upon in the market.
A company is judged by how it makes a quick, smooth, and customer-friendly claim settlement, and for the claim settlement, one needs to follow a proper way, but before understanding the process of making the Life Insurance claims, you must know what the types of claims are?
LIC Claim Types
- Maturity Claim
- Death Claim on LIC Policy
The name clarifies the purpose of the claim, and to make these Life Insurance claims, you first need to contact your Life Insurance Corporation of India and fill the claim form and submit all the documents asked by the insurance company for the final claim settlement, where both types of claim follow a different process of claim settlement, and it is essential to know the steps of the claim for settlement of your LIC policy because this education will lead to the empowerment of the policyholder, So let us discuss them one by one.
LIC Maturity Claim
The claims settled for the endowment type of insurance policy offered from LIC under settlement option for the amount payable at the end of the policy period or regular structured periodic installments as per the subscription of LIC policy is LIC maturity claim. Every claim under this maturity will be intimated to policyholders before at least two months before the due date. So check the step-by-step LIC maturity claim settlement process and what documents are required for early final settlement.
LIC Death Claim Settlement
The pinching factor is Death Insurance Claim, and filing the death insurance claim of LIC is one of the difficulties which may face by the nominee/family members after the sudden death of a loved one. Still, the death claim includes lump sum amount and tax benefits over traditional insurance or term insurance subscribed accordingly. The documents to be submitted to LIC India are also more for the final settlement of the death claim.
There are different types of Life Insurance death claims like Accidental death, Natural death, and more, and the claim settlement depends on the insurance policy taken. For each of them, there is a predefined process for final payment. So, check the predefined process LIC death claim insurance and the required one for early settlement of claim to nominee or family person.
So while it is advisable to be always alert in choosing the best-suited Life insurance policy for you and your family, it is also advisable to carry your insurance policy in a safe place as it carries a longer duration (15 to 20 years), So follow along with the steps stated in this article, and it is your (Nominee/Family Member) responsibility that you must inform the same to the branch office of the Life insurance company from which you have taken the insurance policy. It is recommended that you must contact the concerned advisor at the office; if it is not possible, at least you must use the LIC customer helpline to do the same.
LIC Claim Status
After submission of all the required documents and Maturity / Death Claim form to the Life Insurance Corporation policy serving branch, an email or SMS will be received within a short time for acceptance of the claim, and within 30 days, the policy doing branch will settle all the final claim settlements to policyholder/nominee in case of death.
The policyholder/nominee has two options to check the Claim Status of the LIC policy
- Check the claim through LIC Online Login Service Portal
- Contact with Branch
With the login portal, you must register your account login at ebiz.licindia.in. After login, the option LIC Claim status provides you with the details of the latest Claim due under a policy. Still, the option has a network dependency for the display of relevant information.
For the second option, you must have contact directly at the LIC branch or over a phone contact with the dealing assistant. It is suggested to have the personal relationship manager’s contact number when submitting documents to know the status of the maturity or death claim. If any rejection occurs in the LIC claim, an SMS or email will be an intimation to solve the issues.
