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Your LIC policy maturing is a moment to celebrate β 10, 15, or 25 years of disciplined saving paying off. Vinodbhai guides you through the maturity claim process to ensure you receive every rupee (sum assured + full bonus) without any hassle.
Look at your policy bond for the 'Date of Maturity' or 'Policy Term'. LIC sends a notice 2β3 months before maturity. If you haven't received it, WhatsApp Vinodbhai with your policy number.
LIC pays maturity benefit by NEFT directly to your bank account. Ensure your current account number is registered with LIC. Vinodbhai helps you update it if needed.
LIC requires valid KYC (Aadhaar + PAN) for maturity payments above βΉ1 lakh. If KYC is pending, update it at the LIC portal or branch. Vinodbhai guides you.
This is the maturity claim voucher sent by LIC before maturity. Sign it exactly as per policy records and return it to LIC. Vinodbhai reviews it before you sign.
Submit the discharge form with original policy bond, identity proof, and bank details to the servicing branch or via post. Vinodbhai can do this on your behalf.
LIC processes maturity payments within 7β15 working days of receiving complete documents. Amount = Sum Assured + Reversionary Bonus + Final Addition Bonus (if applicable).
Keep these documents ready before visiting the LIC branch or calling Vinodbhai. Having everything in order makes the process 3Γ faster.
Not sure you have everything? WhatsApp Vinodbhai β he'll tell you exactly what you need based on your specific policy and situation. He's handled dozens of these cases across Vadodara.
Your maturity amount is a lump sum β perhaps βΉ5ββΉ25 lakh or more. This is the right moment to have a fresh conversation with Vinodbhai about the next phase of your financial plan. Many clients reinvest a portion into a pension plan (for retirement income) or a new savings plan for their child.
Invest your maturity lump sum in LIC Jeevan Shanti or Saral Pension for guaranteed monthly income for life. See Pension Plans β
Use a portion to start a child education plan. Your maturity money becomes your child's education fund. See Child Plans β
LIC adds a 'Simple Reversionary Bonus' every year to your policy. At maturity, you receive the Sum Assured + all accumulated bonuses + a Final Addition Bonus (for some plans). The total is typically much higher than the sum assured.
WhatsApp Vinodbhai with your policy number and expected maturity date. He will check the status with the servicing branch and initiate the process. Do not delay β unclaimed maturity amounts attract no penalty, but getting them early is always better.
For most traditional LIC plans, maturity proceeds are fully tax-free under Section 10(10D) of the Income Tax Act β provided the annual premium was not more than 10% of the sum assured. Vinodbhai confirms the tax status for your specific policy.
You need to apply for a duplicate policy bond before making the maturity claim. Vinodbhai helps you do this at the LIC branch β it typically takes 2β3 weeks.
He'll ensure you receive every rupee β sum assured + full bonus β smoothly and on time.
MonβSat, 9AMβ7PM Β· Vadodara Β· Agency Code: 00525879