Maturity claim is one of the significant benefits of a life insurance plan. Let's explore what a maturity claim in life insurance entails and how you can successfully apply for it.

What is Maturity in Insurance?

Maturity in insurance refers to the end of your life insurance policy's term when it reaches its maturity date. For example, if your policy term is 10 years then the maturity of your policy is 10 years from the date of issuance. The date of issuance is the day when the insurance company will evaluate your application and issue the policy.

If you survive the policy term and the policy has accumulated a cash value, then you can file a maturity claim to receive this cash value.

What is the Maturity Date?

The maturity date is the day when the policy reaches maturity. After this day, the policy is no longer active. The maturity date depends on the policy term.

For example, if your policy is issued on January 1, 2024, and the policy term is 30 years, then the maturity date for your policy would be January 1, 2054.

What is the Maturity Amount?

The maturity amount refers to the cash value that you receive from a life insurance policy when it reaches the maturity date. The amount can vary based on the terms of your policy.

For example, if you invest in a term insurance policy with an annual premium of ₹ 10,000 and a policy term of 40 years, your total premium payments over the four decades would amount to ₹ 4,00,000. Suppose the policy guarantees a return of 105% of all premiums paid, by the end of the policy term, you can expect to receive a maturity amount of ₹ 4,20,000.

How to Claim the Maturity Benefit?

Below are the steps to claim the maturity benefit:

• Contact the 24x7 ClaimCare number at 1860 266 7766, email claimsupport@iciciprulife.com, SMS "ICLAIMPolicy No" to 56767 or visit your nearest ICICI Prudential Life Insurance branch
• Submit necessary documents such as your policy documents, identity and address proofs, bank statements, photographs and any other required paperwork
• The ClaimCare team will assess your claim and inform you if any additional documents are needed

Once the process is complete and your documents have been reviewed, you will receive the maturity claim.

Life Insurance Policies with Maturity Benefit

Below are some life insurance policies that offer maturity benefits:

• Return of premium term insurance plan: A return of premium term insurance plan provides a life cover^! and refunds all or a percentage of your premium payments if you survive the policy term

• Unit-Linked Insurance Plan (ULIP): ULIPs offer a life cover^! along with a cash value at the end of the term. The cash value depends on the value of your funds^@ at the time of maturity

• Endowment plan: Endowment plans provide your loved ones with a life cover^! and also offer a fixed lump sum^{^} or income⁽ benefit on surviving the policy term

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