Claiming Survival Benefits in LIC Money Back Policies: A Comprehensive Guide
Survival benefits are a crucial component of LIC Money Back policies, offering financial security and peace of mind. If you are a policyholder seeking to claim these benefits, this guide will walk you through the steps involved in the process, whether you choose to claim online or offline.
Understanding Survival Benefits in LIC Money Back Policies
Survival benefits refer to the regular payments made to the policyholder as per the policy terms. These benefits come into play in the event of the death of the insured while the policy is still in force. If you are eligible for survival benefits, here are the steps you need to follow to claim them.
Steps to Claim Survival Benefits
Check Policy Details
Before you start the claim process, it is essential to review your policy document. This will help you understand the terms and conditions of your survival benefits, including the specific amount that is due. Keep your policy document handy as you may need to refer to it during the claim process.
Gather Required Documents
To initiate the claim, you need to prepare the following documents:
Policy Bond: This is the official document that outlines the terms and conditions of your policy. Proof of Identity: Valid identity documents such as Aadhaar Card or PAN Card. Proof of Age: If required, this could include birth certificates or any other documentation. Bank Account Details: For direct credit of the benefit.Online Claim Process
LIC facilitates an online claiming process, which is both convenient and time-saving. Here’s how you can proceed:
Visit the LIC official website. Navigate to the 'Customer Portal' and log in with your credentials. Look for the option related to claims or survival benefits. Fill out the necessary forms and upload the required documents.If you prefer a more direct method of receiving your benefit, you can opt for online payments using NEFT. This typically requires providing your bank account details along with a cancelled cheque leaf to the branch where the policy was issued.
Offline Claim Process
If you prefer to claim offline, you can visit your nearest LIC branch and submit the claim form along with the required documents. This process can be slightly more time-consuming but is still an effective option.
Track Your Claim
After submitting your claim, you can track its status through the LIC portal or by contacting customer service. Keep an eye on the progress and be prepared to provide any additional information or documentation as needed.
Automatic Benefit Payments
In many cases, the due amount is automatically credited to your bank account on the specified payment date, provided you have given your bank details at the time of taking the policy or even later. This feature simplifies the claiming process and ensures that you receive your benefits without delay.
For payments up to INR 50,000, you do not need to provide any receipts, as the payments are processed automatically. However, for larger amounts, it is advisable to submit the necessary documentation.
Claiming Survival Benefits Through NEFT
If you are interested in claiming your survival benefits through NEFT, you can follow these steps:
Go to the LIC website. Create a customer portal. Get all online services there. Provide your bank details or fill the NEFT form.Alternatively, you can download the NEFT form from the LIC website, fill it out, and submit it to your LIC branch. This method ensures that your benefits are credited to your account in a timely manner.
Final Thoughts
Claiming survival benefits in LIC Money Back policies is a straightforward process, whether you choose to do it online or offline. By following these steps and staying organized, you can ensure that you receive your benefits promptly and seamlessly. Whether you are a seasoned policyholder or new to the process, understanding these procedures will help you navigate through the claiming process efficiently.
For more information or assistance, you can always contact LIC customer service. They are available to guide you through the process and provide support whenever needed.