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Home / Life / How To

Fulfill the requirements for settling maturity claims

The insurance company always attempts to settle maturity claims on or before the due date as long as their requirements are met within the stipulated time.

The requirements that you as the policyholder must take care of are:

• The policy document must be submitted unless it is in the insurer's custody as security for a loan.
  
  
• Age proof such as the municipal birth certificate or the school leaving certificate need to be submitted in case the age was not admitted when the policy was issued and the sum assured, or the paid-up value is above Rs.15000/-. Where the sum assured or the paid-up value is Rs.15000/- or less, age proof is normally waived.
  
  
• If any assignment or reassignment was executed by a separate deed, such deed or deeds must also be submitted.
  
  
• Finally, the Form of Discharge should be returned duly signed by the policyholder over a Re. 1/- revenue stamp and duly witnessed.

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