How to Claim Insurance with Life Insurance Corporation of India (LIC)?

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Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of ₹1560482 crore.

How to Claim Insurance with Life Insurance Corporation of India (LIC)?

The procedure to claim life insurance with Life Insurance Corporation is as follows:

Maturity Claims:

If you have chosen Endowment type of policy, the amount will be payable at the end of the policy term. In that case;
  • The Branch office sends out a letter at least 2 months before the due date, informing the date on which the amount will be payable to the policyholder.
  • The policy holder must return the duly filled Discharge Form with the Policy Document.
  • The Branch office will then sent a post-dated cheque to the policyholder before the policy due date.
If you have chosen Money Back Policy, where the amount will be provided in periodical payments to the policyholder. The premium are paid for the Survival Benefit up to the anniversary due.
  • When the amount is less than Rs.60,000, cheques are released without the policyholder having to produce the Discharge Receipt or the Policy Document.
  • If the amount is more than Rs.60,000, the policyholder must provide the Discharge Receipt or the Policy Document.

    • Death Claims:

    LIC India pays death claims when the policyholder has paid all the premiums or if the death occurs within the grace period. On the intimation of death of the life assured, the Branch office calls for the necessary claim forms that the claimant must fill. The claims are settled in 30-60 days from the receipt of the documents. However,
    • The claims that arise after a period of 3 years are treated as non-early claims and are settled within 30 days from the date of receipt of all the required documents.
    • Claims that arise within 2 years of the commencement of the policy, the claims are treated as early claims and is subject to investigation.
    • The claims are usually paid to the nominee or the legal heirs, if the deceased policy holder has made no such arrangement, the amount will be payable to the holder of the Succession Certificate provided by the Court of Law.
    • LIC grants concessions for certain Plans where the payment of full sum assured is made. It is subject to the deduction of unpaid premiums and interest till the date of death. That is when the policyholder has been paying premiums for at least 2 years and 5 years respectively.

    Double Accident Benefit Claims:

    The benefit is provided to the policyholder for a premium of 1 rupee per Rs.1,000. The claimant will have to produce the proof to satisfy the LIC that the accident is defined as per the policy conditions.

    Disability Benefit Claims:

    This benefit consists of waiver of future premiums under the policy and extends to benefit the disabled and making monthly payments as per the conditions of the policy. To claim for this benefit, one must be prove that the disability caused by the accident is total and permanent and the disability is preventing him from earning any type of income.

    Documents required:

    Documents for Death Claims:
    When the death occurs in the grace period, the following documents are to be submitted:
    • Claim Form A, where the claimant stated the details of the deceased.
    • Certificate from the Death Register.
    • If age was not admitted, documentary proof of age must be provided.
    • If the deceased policyholder has not nominated anyone, the evidence of title to the deceased’s estate issued under M.W.P. Act must be provided.
    • Original policy document.
    When the death occurs within 3 years from the date of commencement of the policy, the following documents are to be produced:
    • Claim Form B, which is the Medical Attendant’s Certificate.
    • Claim Form B1 which is to be produced if the deceased policyholder received treatment in a hospital.
    • Claim Form B2 which is to be completed by the Medical attendant who treated the deceased policyholder prior to his last illness.
    • Claim Form C which is a Certificate of Identity and burial or cremation. This has to be signed by a person of responsibility and known character.
    • Claim Form E is a Certificate by Employer assured that the assured was employed.
    • Certified copy of First Information Report, Post-mortem report and Police Investigation Report is to be submitted in case of death due to accident or unnatural cause.
    The additional forms are to be filled to ensure that the claim is not a hoax and is genuine. The information helps the officials of the LIC to investigate and further release the claim amount.
    Documents for Maturity Claims:
    Endowment Policy:
    • Discharge Form with the Policy Document.
    Money Back Policy:
    • Discharge Receipt.
    • Policy Document.

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