How To Claim PLI Maturity
If you have a PLI policy and are now getting matured, it is helpful to know the PLI Maturity claim process, so that the maturity amount of your PLI policy is credited to your account timely. Here we will provide a detailed guide on how to process PLI Maturity claims and what is the forms.
PLI Maturity claim process:- Follow the steps:-
- Collect all necessary documents
- Fill out the maturity claim form
- Attached are the necessary documents /cancel cheque
- Submit your claim form with the original policy bond and PRB at least 15 days before the maturity date
- Obtain the receipt for submission of documents from PLI
- The maturity amount will be credited to your account within 15 days after the due of the maturity.
When to submit PLI Maturity Claim:-
Normally 15 days before your PLI policy maturity date, you may submit your PLI policy maturity claim forms with necessary documents. Ensure to premium is deposited up to the previous month of the maturity month of the PLI policy.
Suppose your PLI policy maturity date is 05.01.2024, so deposit the premium up to Dec-2023 and submit the claim after 15.12.2023 so that payment of the maturity amount is credited to your account on the due date.
How to submit PLI Maturity Claim
PLI Maturity Claim Form (Annex-II) along with the required documents can be submitted by the Insurant at any Post Office including Branch Post Office or CPC across the country through himself/herself along with all original documents for comparison with a copy of the document(s) by Official concerned.
However always it is advisable to submit your PLI policy maturity claim in the Head Post Office/CPC for early processing of your maturity claim. Also, ensure to obtain the receipt of the submission of your original policy documents with PLI
Can you claim PLI Maturity through Messenger:-
Yes, In case any Postal life insurance (PLI) Policy insurant is unable to visit the post office, being medically unfit or outside India, for submission of the Maturity claim form, he/ she may authorize any person as a messenger for submission of the maturity claim form along with necessary documents. Only an adult literate person of sound mind, who is not insolvent, can be appointed as a messenger.
In case of being medically unfit to visit the Post Office, a self-attested medical certificate to this effect needs to be submitted from Govt. a hospital or Govt. an accredited hospital.
How to claim Postal life insurance (PLI) Policy Maturity if insurance is abroad/ Foreign country
However, if the insurant is abroad/foreign country at the time of maturity of his/her Postal life insurance policy, he/she needs to submit a self-attested copy of your passport showing the date of departure from India. The payment will be made in India only, he can appoint the messenger to get the maturity amount.
List of documents required to claim Postal Life Insurance(PLI) Policy maturity
1.5 The following documents are required to be submitted along with the Claim Form:
|
Sl. |
List of Documents |
Cash Policy |
Pay Policies |
|
1 |
Maturity Claim Form (format at Annex-II) |
Yes |
Yes |
|
2 |
Original PLI Policy Bond or Letter of Indemnity* (Format Annex- III) |
Yes |
Yes |
|
4 |
Attested( Self) copy of ID and Address proof of the Insurant (list of Documents acceptable as ID and Address proof is given in Annex-IV) |
Yes |
Yes |
|
5 |
Canceled Cheque for Bank mandate or Self Attested copy of POSB passbook |
Yes |
Yes |
|
6 |
Self-Attested Document of Credit, if any** |
No |
Yes |
|
7 |
Premium Receipt Book *** |
Yes |
No |
|
8 |
Loan Receipt Book# |
Yes |
Yes |
** In case, the PLI premia payment is not updated having Pay Policies, a certificate from the DDOs about the deduction of premia and details/copy of the pay recovery schedule sent to India Post.
*** In case, the premia payment is not updated in Cash Policies, the Premium Receipt Book is mandatory for the updation of Premia paid by Insurant in McCamish Software.
# In case, loan amount shown outstanding in the Intimation letter has been repaid partially or in full.
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Calculate the Maturity Value of the PLI Policy- SAMTOSH- ENDOWMENT PLAN
How to claim Postal life insurance (PLI) Policy Maturity if the original policy bond is lost/not available
A letter of Indemnity on stamp paper in case the original policy bond is lost needs to be submitted by the PLI policyholder to claim the maturity amount in his policy. For an indemnity bond, you need two surety and two witnesses along with id proof of both.
FAQ:-
1. If a few months’ premia is not paid in my policy and the policy gets matured?
A- If your policy matures and a few months premia is not paid then the unpaid premium can not be paid after the maturity date, however, if the premium of the last 12 months is not paid, PLI will recover it from your maturity value with interest and grant the full benefit of bonus of last year also.
2. I have paid all premiums in cash or premium deducted from my salary but not updated in policy?
A- PLI will update all premiums paid before the maturity claim settlement. Submit the premium paid receipt/certificate from DDO.
3. will I get any interest/bonus from PLI if did not claim maturity in time?
A- Bonus will be paid only up to the date of maturity and no further bonus or interest is paid for not claiming PLI maturity.
4. What is the normal maturity claim settlement period after the submission of all documents to PLI?
A- The normal timeline for settlement of a maturity claim is 15 days.