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All you need to know about claiming maturity proceeds from Ulip

At the maturity of the ULIP policy, a policyholder receives a total fund value based on the NAV of the policy on the day of disbursement, along with other bonuses and loyalty benefits.

  • 5,937 Views | Updated on: Jan 10, 2024

ULIP policies are quite straightforward insurance policies. They offer many great features to investors. The best part about ULIPs is that you get the benefit of both insurance and investment in a single product. However, since the policy is comparatively new and serves the modern investment approach, people have a lot of doubts about it. However, ULIPs allow you to stay protected and manage financial growth by investing in different ULIP funds as per market trends.

You get benefits when a ULIP policy matures. For example, suppose the policyholder has paid all the premiums of the ULIP on time, and the policy has completed its full tenure. In that case, the maturity benefits will be paid to the policyholder itself or the nominee as per the policy guidelines

At the maturity of the ULIP policy, a policyholder receives a total fund value based on the NAV of the policy on the day of disbursement, along with other bonuses and loyalty benefits, if any, as per the policy.

What are Maturity Proceeds in ULIPs?

Maturity proceeds in ULIPs are the total amount that the policyholder receives after the ULIP policy completes its maturity period as chosen by the policyholder.

The insurance company issues a letter to the policyholder containing all the procedures and forms to be filled out for claiming maturity benefits and the total ULIP maturity amount. Policyholders must ensure that all the claims related to the maturity proceeds in ULIPs are settled on or before the due date. However, they can further decide to keep the amount invested, subject to the guidelines of the policy and the insurance company.

What Happens to ULIP After Maturity?

Once ULIP policy has completed its maturity tenure, the sum insured and invested is paid to the policyholder/nominee (in case of demise of the policyholder). However, for claiming maturity benefits of ULIPs, the investor or the policyholder must ensure that all the documents are correct and the premiums are paid on time.

Claiming Maturity Benefits of ULIPs

Claiming maturity benefits of ULIPs is not rocket science. You just have to follow the policy guidelines, fill out some forms, and that’s it. Here is a brief explanation of how you can claim the maturity benefits of ULIP policies:

Discharge Form

As soon as your ULIP policy’s maturity nears its completion, the insurance company issues all the documents required for claiming maturity benefits and all ULIP returns. The discharge form is one of these documents. It is also available on the insurance company’s website. While filling out this form, the policyholder needs to provide some information for identification purposes. The information asked may include details such as the policy number, the policyholder/client ID, the policyholder’s name, the date of maturity and the ULIP plan type, etc.

Documents

You will also need to provide some documents like the paperwork related to the original policy, bank details, and KYC, along with the discharge form and some valid identifications.

Submission

Once you have all these forms and documents in place, you need to submit all these to the insurance company before the due date.

Important Things to Note

  • The discharge form needs to be signed by the policyholder/nominee and at least one witness. In the case of a thumb impression, getting it attested is required
  • The discharge form must be affixed by a revenue stamp of ₹1 denomination.

In conclusion, you must understand that to get the best ULIP returns; the policyholder must do his research and go through a proper ULIP plan comparison. Most experts suggest a thorough ULIP plan comparison via various online tools available. This is to help the investor understand his investment needs and know the different types of ULIP plans available in the market.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

In this policy, the investment risk in the investment portfolio is borne by the policyholder.

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