LIC Claim Procedure
Claim Settlement procedures for LIC policies.
LIC claim procedure is based on maturity and death aspects. Maturity claim procedure and Death claim procedure are explained below:
Procedure in case of Maturity Claims:
1) In case of Endowment type of Policies, the amount will be paid at the end of the policy period. A letter will be sent by the LIC branch offices which hold the policy stating the amount and date at which the amount is to be paid to the policyholder. All this process is being done at least two months before of date of payment. The policyholder is requested to return the Discharge Form duly completed along with the Policy Document. On receipt of these two documents, a post dated cheque is sent by post so as to reach the policyholder before the due date.
2) Some of the Plans have periodic payments such as Money Back Policies. These money back policies give periodic payments to policy holder as Survival Benefit. In some cases where amount payable is less than or up to Rs.60,000/-, cheques are released without calling for the Discharge form or Policy Document. However, in case of higher amounts that is more than 60,000/- both Discharge form and Policy Document are required.
Procedure in case of Death Claims:
The death claim amount is payable in case of policies where premiums are paid up-to-date or where the death occurs within the days of grace. On receipt of intimation of death of the Life Assured the Branch Office calls for the following requirements:
a) Claim form A – Claimant’s Statement giving details of the deceased and the claimant(Applicant).
b) Death Certificate.
c) Age proof, if age is not admitted
d) Evidence of title to the deceased’s estate if the policy is not nominated, assigned or issued under M.W.P. (Married women property) Act.
e) Original Policy Document
The following additional forms are called for if death occurs within three years from the date of risk or from date of revival/reinstatement.
a) Claim Form B – Medical history and Medical Certificate during his/her last illness
b) Claim Form B1 – If the life assured received treatment in a hospital, Medical bills.
c) Claim form B2 – To be filled by the Medical Attendant who treated the deceased life assured before his last illness.
d) Claim Form C – Identification certificate stating burial or cremation to be completed and signed by a person of known character and responsibility
e) Claim form E – Certificate by Employer if the assured was employed person.
f) Certified copies of the First Information Report, the Post-mortem report and Police Investigation Report if death was due to accident or unnatural cause.
LIC Documents that are to be submitted while claiming policy
In case of death of insured person Claim form A is to submitted. If policy has run for 3 years or more from date or risk, then claim form no.3783A may be used.
In case of Maturity of policy, submit the discharge form no: 3825 along with original policy document atleast one month before the due date so that the payment is received before the due date of maturity claim.
In case of money back such policies, Some periodic amount is released to policy holder as Survival Benefit. The below document duly filled should be submitted for Survival benefit claim.
LIC ECS form should be submitted by policyholders those who have monthly premium option.
LIC NEFT (National Electronic Fund transfer) Form should be submitted by giving correct bank account details. So that the amount can be transfered to your account directly.
LIC Certificate of Existence should be submitted by all pension plan holders. It is mandatory to submit the Certificate of Existence for every year during entire pension receiving period.
LIC Indemnity form is applicable where the policyholder receives the cheque by authorized officer of insurance company, but the cheque is misplaced. Then the below Indemnity form should be submitted duly filled.