Claiming maturity proceeds from Ulip
A Unit Linked Insurance Plan (Ulip) provides both death and maturity benefits. If all premiums have been paid on time and the policy completes its full tenure, maturity benefits are paid to the policyholder or the nominee. At the time of maturity of the plan, the policyholder receives the value of the fund, along with bonus and loyalty benefits, if any. The value of the fund is the number of units of the policy multiplied by the net asset value of the fund on that day. The policyholder gets a letter from the insurance company with the prescribed forms and procedures well before the maturity date. The maturity claims are settled on or before the due date.
Discharge form
The policyholder has to fill up and sign the policy discharge form available on the company website.
He has to provide the necessary details, including client ID, policy number, policyholder's name and maturity date.
Documents
The original policy document, along with the KYC and bank details, must be provided along with the discharge form.
Bank details
Since all claims or maturity payments can be made only through electronic modes of payment, the policyholder must provide bank details.
Submission
Once the form is completed and documents are in place, the insured must submit them to the insurance company before the due date. The documents can be sent by post or submitted at a branch office.
Points to note
The discharge form must be signed by the policy holder and at least one witness. In case a thumb impression is provided, it should be duly attested.
A revenue stamp of `1 denomination must also be affixed on the discharge form.
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