Maturity Claims

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Definition:

The claim for which a policyholder/life insured can apply for after surviving the complete policy term is called maturity claim.

Description:

The life insured after surviving the complete policy term has to file a claim to the insurance company to get the maturity benefit. The maturity claim can be filed at the end of the policy term.

The life insured has to file for the claim along with the documents like original policy documents. After the verification of the documents, the insurance company will process the claim and make the payment to the policyholder. The proceeds of the maturity claim will be directly credited to the policyholder’s account once the policy matures. A policyholder will have to file with these documents like the policy discharge form, original policy document, identity card, age proof, proof of bank details and cancelled cheque.

Example:

Sumit took an endowment plan with a policy term of 15 years. After the completion of the policy term, Sumit survived and was eligible to file the maturity claim. The Life Insurance company verified all the documents that Sumit submitted. His maturity claim was passed once the insurer approved it.