How do I check the status of my matured policy?

How to check LIC Policy status online and text messages

1. Step-1: Go to the official website of LIC —https://www.licindia.in/.
2. Step-2: Then register to find out the status here.
3. Step-3: Now, enter your date of birth, name, policy number.
4. Step-4: Once registered, you can check your status at any time.

How long does it take to get LIC maturity amount?

Maturity Claims: 1) In case of Endowment type of Policies, amount is payable at the end of the policy period. The Branch Office which services the policy sends out a letter informing the date on which the policy monies are payable to the policyholder at least two months before the due date of payment.

How can I get LIC maturity amount online?

a. If already registered on LIC Portal:

1. Click on e-Services, login with your user-id and password.
2. Register your policies for availing the e-services by filling up the form provided.
3. Print the form, sign it and upload the scanned image of the form.
4. Upload the scanned image of PAN Card or Aadhaar Card or Passport.

Is amount received on maturity of LIC taxable?

No exemption from income tax on the maturity of policies Taxation, where the premium paid, is more than 10% of the sum assured – Any money received from a life insurance policy, where the premium is more than 10% or 20% of the sum assured as the case may be, is fully taxable.

What is procedure for LIC after maturity?

Maturity Claims: The servicing Branch usually sends maturity claim intimations two months in advance. Please submit your Discharged Receipt in Form No. 3825 with original policy document atleast one month before the due date so that the payment is received before the due date of maturity claim.

Which documents are required for LIC maturity claim?

Documents required Photocopy of identity proof. Photocopy of address proof. Photocopy of age proof (if not previously submitted) NEFT mandate with the bank details.

When the maturity claim is payable?

It simply means that when the policy completes its tenure, a certain amount of money called Maturity Claim amount is settled towards the life assured. It is paid only if the policy completes its due course of time and the policy has been continued properly, i.e. all due premiums have been paid on time.

What is maturity discharge form?

LIC Discharge or Maturity Claim Form The LIC discharge form can be understood as a document. It is sent to the policyholder by an insurance company. Usually, the LIC discharge form is given to the policyholder one month prior to the date of maturity of the policy.

How can I check my LIC policy status online SMS and phone?

LIC Policy Status by SMS

1. Open your mobile to send SMS.
2. Click on compose SMS.
3. Type ASKLIC XXXXXXXX STAT.
4. Send to 9222492224 or 56767877.
5. Immediately you will get the live status of LIC policy through a reply short message or an error message if your mobile number not registered.

How can I download LIC premium statement?

You can download your LIC premium receipt by visiting https://licindia.in/Home-(1)/Customer-Portal. Is the LIC premium paid certificate in PDF format? Yes. The LIC premium paid certificate is generated in PDF format.

Is there TDS on LIC maturity?

The insurance company is liable to deduct tax at 5% of the income component of the payment, before releasing the payment to the taxpayer. Here, the TDS would be on the net maturity proceeds i.e., on Rs 65,000 (1,10,000-45,000). The TDS would be 5% on Rs 65,000 amounting to Rs 3,250.

Where do we put LIC maturity amount in ITR?

As per Section 10(10D) of the Income Tax Act, the sum assured received on maturity or surrender of a policy or upon the policyholder’s death is completely tax-free. Bonuses received with such an amount are also exempt under Section 10(10D).

What happens when life insurance policy matures?

Given enough time, permanent policies eventually mature. When this happens, the maturity value—which may be equal to the cash value that’s accumulated or equal to the face amount—is paid out and the policy ends. Any amount that exceeds the amount invested in the contract, such as premiums paid, may be taxed as income.

How do I claim a matured insurance policy?

How To Claim Life Insurance Benefits Upon Maturity?

1. Step 1: Get the policy discharge form.
2. Step 2: Fill the form and enclose required documents.
3. Step 3: Send the form and documents before policy expires.
4. Step 4: Wait for the maturity amount.
5. 10 Finance Terms You Should Know In Your 20s.

Can I submit maturity claim of LIC in any branch?

Life Insurance Corporation of India (LIC) has permitted its policyholders to submit their maturity claim at any of their nearest LIC offices anywhere in the country till the end of this month.

What is 3510 form in LIC?

This is an Application Form 5704/3510 for the LIC policyholder who wants to surrender his/her life insurance policy or make a partial withdrawal from the policy fund and this form can be download from the link given below free of cost.

Is there any app for LIC?

Life Insurance Corporation of India ( LIC), to serve its customers better and to take the LIC services at the door steps of its customers launched a new android app. It is the replacement of the Old LIC App launched a few years ago.

Can I get LIC statement online?

All LIC customers who have an account on LIC’s official site and have registered their policy online can generate these premium statement receipts whenever needed.

Is LIC matured taxable?

Therefore, the insurance maturity proceeds are taxable, and not entitled to exemption under section 10(10D) of the Income Tax Act. Sandesh surrendered the policy on maturity on 16 September 2019. Since the maturity payment is above Rs 1 lakh, the insurance company is liable to deduct tax on the maturity proceeds.

What is the maturity date mentioned in LIC policies?

Q: What is the Maturity Date mentioned in LIC policies? Ans: The maturity date is the date on which the policy or bond matures. On this day, the insured or investor receives the principal amount in lump sum along with any residual returns and benefits.

How to check LIC policy status?

Instructions to Check LIC Policy Status. Policy Number: This must be a valid LIC policy in your name. Instalment Premium: This is the paid premiums without any service tax that is required to be entered. Date of Birth: The DOB must be in DD/MM/YYYY format.

How to register LIC policy for a new user?

Steps for LIC Registration for a New User 1 Policy Number: There must be a valid LIC policy in your name 2 Installment Premium: This is the paid premiums without any service tax that is required to be entered. 3 Date of Birth: The DOB must be in DD/MM/YYYY format

Where will the policy maturity proceeds be credited to?

The maturity proceeds will be credited directly to the bank account of the policyholder after the policy maturity date.