Claim procedure for Maturity of policy
On survival of the Life Insured till the end of the policy term provided the policy is in force, Maturity Benefit as mentioned in policy schedule will be payable
The contract will terminate on payment of Maturity Benefit.
Process:
SUD Life initiate the claim process by sending intimation sufficiently in advance starting T-180 days (T being Date of Maturity)
Update latest contact number, Email ID and residence status of policy owner on the policy
Link Aadhar Number with PAN to avail tax benefit. The government made it necessary for people to link their Aadhaar with their PAN in order to simplify financial transactions, encourage tax transparency, and prevent tax evasion.
Please update the policy owner’s latest bank account details on policy, for faster & accurate processing.
On the Date of Maturity of policy, maturity amount will be credited to the updated/active bank account of policy owner, via electronic mode.
For pension product, policy owner to submit annuity form to avail annuity benefit.
In case of delay in settling a Maturity claim (non-compliance to the defined regulatory TAT) Company shall pay interest on the Maturity amount at a rate which is 2% above the bank rate prevalent at the beginning of the financial year.
Documents:
KYC Document of the policy owner
Bank proof of the policy owner
Completely filled Annuity form duly signed by the policy owner
Note: Company reserve rights to call any additional documents if required