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Life Insurance Corporation of India (LIC), the country's leading insurance company, has brought a major change in the lifestyle of Indian citizens over time. Various schemes of LIC have helped customers to build financial base and secure their future.

LIC states that speedy settlement of claims is important in ensuring better service to policyholders. Recognizing the importance of maturity and death claims, LIC lays great emphasis on expediting the settlement process. LIC aims to provide timely benefits to the policy holders. Below are eight things policyholders should know about the LIC maturity claims settlement process.

1. In case of property type policies, the amount is payable at the end of the policy period.

2. The branch office providing the policy services is required to send a letter to the policyholder at least two months prior to the due date of payment of the policy amount informing the date on which the payment is due.

3. The policyholder is asked to return the duly filled discharge form along with the policy document, NEFT mandate form, account details, etc.

4. On receipt of these documents the payment is pre-processed and the maturity amount is credited to the policy holder's bank account on the due date.

5. Some plans like money back policies provide periodic payments to the policy holders.

6. Payments are released without waiting for discharge receipt or policy document if the amount payable is up to Rs.5 lakhs.

7. Survival benefit under Jeevan Anand policies up to Rs.2 lakhs is released without calling policy bond or discharge form.

8. However, both these above mentioned requirements are mandatory in case of higher amount.

From document preparation to verification and final settlement, each step plays a critical role in facilitating a successful claim. Thus, checking the nuances of LIC's maturity claim settlement procedure is essential for policyholders who want to maximize the benefits of their investment.