LIC Maturity Amount Not Received? Track & Fix

If your LIC policy has matured but you haven't received the maturity amount, this guide will help you track the payment, fix common issues like incorrect NEFT details, and escalate if needed.

When Should You Receive the Maturity Amount?

• LIC sends a maturity intimation letter about 2-3 months before your policy maturity date
• The maturity amount should be credited to your bank account within 30 days of the maturity date
• For survival benefits (periodic payouts in money-back policies), payment is usually within 15-30 days of the due date

Common Reasons for Delayed Maturity Payment

Step 1: Check if LIC Sent Maturity Intimation

About 2-3 months before maturity, LIC sends an intimation letter/SMS to your registered address and mobile number:

• The letter contains a Discharge Voucher (Form No. 3825) that you need to sign and return
• If you didn't receive the letter, your address or mobile number may be outdated with LIC

What to do:

1. Log in to ebiz.licindia.in
2. Check your policy details and maturity date
3. Contact your servicing branch to confirm the intimation was sent

Step 2: Submit Required Documents

For maturity payment, LIC requires:

How to Submit:

1. By post: Send documents to your servicing branch address (use registered post)
2. In person: Visit your LIC servicing branch with originals and copies
3. Through agent: Your LIC agent can collect and submit documents

Step 3: Update NEFT / Bank Details

Incorrect or missing bank details is the #1 reason for delayed maturity payments.

To update NEFT details:

1. Visit your LIC servicing branch
2. Submit NEFT Mandate Form (available at the branch or download from licindia.in)
3. Attach a cancelled cheque or bank passbook first page copy showing:
   • Account holder name
   • Account number
   • IFSC code
   • Branch name
4. The update takes 7-10 working days

Online NEFT update:

1. Log in to ebiz.licindia.in
2. Go to My Profile → Bank Details
3. Enter your bank account number, IFSC code, and account type
4. Upload cancelled cheque image
5. Submit for verification

Important: The bank account must be in the policyholder's name. Joint accounts are accepted if the policyholder is one of the holders.

Step 4: Track Your Maturity Claim

Online Tracking:

1. Log in to ebiz.licindia.in
2. Navigate to My Policies → select the matured policy
3. Check claim/payment status

Via Customer Care:

• Call 069-68-306-090 (LIC customer care)
• Provide your policy number
• Ask for the maturity claim status and expected payment date

Via SMS:

• Send ASKLIC STAT to 9222492224

Step 5: Handle Survival Benefit Delays

For money-back policies, survival benefits are paid at fixed intervals (every 5 years, etc.):

1. Automatic payment: If your NEFT details are updated, survival benefits are credited automatically
2. No discharge voucher needed for survival benefits — only NEFT details must be correct
3. If not received within 30 days of the due date, visit your branch with:
   • Policy number
   • Bank statement showing no credit
   • ID proof

Step 6: Escalate if Payment is Still Delayed

If you've submitted all documents and haven't received payment within 30 days:

Level 1: Branch Manager

• Visit your servicing branch and meet the Branch Manager
• Carry all submission receipts and document copies
• Request a written acknowledgment with expected payment date

Level 2: LIC Grievance Portal

1. Visit https://licindia.in/Bottom-Links/Grievance-Redressal
2. Register your complaint with:
   • Policy number
   • Details of documents submitted
   • Date of maturity
   • Description of the issue
3. You will receive a complaint reference number
4. LIC must respond within 15 days

Level 3: IRDAI (Insurance Regulatory Authority)

If LIC doesn't resolve within 30 days of your grievance:

1. Visit https://igms.irda.gov.in/
2. Register a complaint with IRDAI
3. IRDAI will direct LIC to resolve the issue
4. You can also call IRDAI toll-free: 155255

Level 4: Insurance Ombudsman

For complaints up to ₹50 lakhs:

1. Visit https://cioins.co.in/
2. File a complaint with the Insurance Ombudsman in your region
3. The Ombudsman's decision is binding on LIC

Maturity Amount and Tax (TDS)

Submit Form 15G (below 60 years) or Form 15H (60+ years) to your LIC branch if your total income is below taxable limit, to avoid TDS.

Important Tips

1. Submit documents early — don't wait for the maturity date. Send the signed discharge voucher and NEFT form as soon as you receive the intimation letter.
2. Update your bank details proactively — log in to the LIC portal and add NEFT details well before maturity. See our policy status check guide.
3. Keep your PAN linked — PAN is mandatory for maturity amounts over ₹1 lakh to avoid higher TDS.
4. Check for outstanding loans — if you took a loan against your policy, the outstanding amount will be deducted from maturity.
5. Save all submission receipts — keep photocopies of everything you submit to LIC for tracking.

Frequently Asked Questions

1. How long does LIC take to pay the maturity amount?

LIC typically processes maturity payments within 30 days of receiving all required documents. If NEFT details are already on file, it can be faster (7-15 days).

2. Can the maturity amount be paid by cheque instead of NEFT?

Yes, if NEFT details are not available, LIC issues a crossed cheque sent by post. However, NEFT is faster and more secure.

3. What if I lost my original policy bond?

Apply for a duplicate policy bond at your LIC branch using Form No. 3781. Alternatively, you can submit an indemnity bond on a non-judicial stamp paper along with an affidavit and FIR/lost complaint.

4. Is the LIC maturity amount taxable?

If the annual premium is less than or equal to 10% of the sum assured (for policies issued after April 2012), the maturity amount is tax-free under Section 10(10D). Otherwise, it's taxable.

5. What happens to the maturity amount if the policyholder has died?

The maturity amount is paid to the registered nominee or legal heirs. They need to submit a death claim with the death certificate and other documents.

6. Can I get my maturity amount credited to someone else's bank account?

No, the maturity amount can only be credited to the policyholder's own bank account. For assigned policies, it goes to the assignee's account.

7. What if my LIC survival benefit was not received?

Ensure your NEFT details are updated. Visit your servicing branch with policy number and bank statement. Survival benefits don't require a discharge voucher — only correct bank details.

This guide is for informational purposes only. CitizenNest is an independent platform and is not affiliated with LIC or the Government of India. Always verify details on the official LIC website.