LIC policyholders can submit maturity claim documents online till June 30, 2020
The Economic Times 03/06/2020
Due to the extraordinary circumstances created by the coronavirus pandemic and the nationwide lockdown, the Life Insurance Corporation of India (LIC) has said that policyholders can send scanned copies of their policies, KYC documents, discharge forms and so on, via email to their servicing branch to settle maturity and survival benefit claims. According to a notification by LIC on its website, you can send these documents via email till June 30, 2020.
It has also stated that the facility to submit details online is in addition to the existing procedure.
Process to settle claims via email
The LIC website states that policyholders can send the claim requirements by email. The mail should be sent to claims.bo@licindia.com where the branch code is the servicing branch. For instance, if 883 is the servicing branch, the mail will have to be sent to claims.bo883@licindia.com.
Other requirements
Scanned copies should not be more than 5 MB in size. If the size of the attachments is more than 5 MB, then you will have to send more than one email. The scanned documents should either be in JPEG or PDF formats, and readable. This email ID should be used only for sending the claim requirements and not for any other purpose. The subject of the email will be the policy number, as per the notification on the LIC website.
The insured is entitled to claim maturity benefits only when the policy is in force and all premiums have been paid duly.
The stated process is permitted only for policies satisfying all the following conditions:
- Policies are in force
- Policies being serviced in the branch office where it has been issued
- Policies not assigned
- Policies where there is no loan outstanding
- Where duplicate policy has not been issued
- Where policy is not issued under Keyman Insurance, Employer Employee Scheme or MWP Act.
- In case of Survival Benefit Claim, the gross SB amount shall be up to Rs 5 lakh
- In case of Maturity Claim, the sum assured of the policy shall be up to Rs 5 lakh
If the above mentioned conditions are satisfied, according to the notification, the following requirements can be sent by email:
- Policy Bond 1st and last page
- Discharge form duly filled and witnessed
- Form number 3510 declaration regarding Non assignment
- Wherever NEFT is not there, then NEFT Mandate form along with the cancelled cheque
- KYC documents, ie ID Proof and address proof along with PAN card.
The policyholder can send the scanned copies to his servicing branch via email. The policyholder needs to mention their mobile number in the email.
Points to note
- For survival benefit, you need to submit the policy bond later for endorsement provided the gross Survival Benefit amount is more than Rs 2 lakh;
- For maturity claim where extended life cover is available, you need to submit the policy bond later for endorsement along with the discharge form;
- For all other maturity claims treat the policy bond as cancelled and submit the same to our office later along with the discharge form;
- If NEFT details were not registered earlier, please ensure a copy of NEFT mandate and canceled cheque is submitted to the Branch.
Apart from this, you can also physically submit the requirements relating to maturity claims and survival benefit claims in any of LIC's branch offices. The Life Plus offices and premium points may also collect the physical copies and handover to their parent branch office