What Are the Maturity Benefits in ULIP?

What Happens to ULIP After Maturity?

What Are ULIP Maturity Benefits?

How to Claim Maturity Benefits of ULIP?

What Are the Documents Needed for Claiming Maturity Benefit?

FAQs About Maturity Benefits in a ULIP

How long does it take to process maturity benefit claims in ULIPs?

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Once you accurately fill out the claim form and send it to the insurer, they will verify it and transfer the money to the bank account. The process will be completed within 30 days from the date of receipt of all the documents.

When can I not claim maturity benefit on ULIP?

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You will not be eligible for the maturity benefit on purchasing a ULIP with a yearly premium of more than ₹2.5 lakhs post-February 1, 2021. Hence, you should keep this condition in mind while buying a ULIP policy.

Can I claim maturity benefit on surrendering ULIP before five years?

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No, you will not be eligible to receive a maturity benefit on surrendering a ULIP during the lock-in period, that is, before at least 5 years from purchase. On the contrary, you will have to pay a tax on the surrender amount of ULIP.

Can I get a maturity benefit on surrendering ULIP after five years?

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Yes, you can get a tax-free maturity amount on surrendering your ULIP policy after the lock-in period of 5 years. Also, you will not have to pay any penalty or additional charges, ensuring maximum savings.

How is maturity benefit different from death benefit?

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Only a policyholder can claim a maturity benefit on outliving their policy duration. On the contrary, a nominee can avail death benefit of a ULIP policy in case of the untimely demise of the policyholder.

Disclaimer

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  • This is an informative article provided on 'as is' basis for awareness purpose only and not intended as a professional advice. The content of the article is derived from various open sources across the Internet. Digit Life Insurance is not promoting or recommending any aspect in the article or its correctness. Please verify the information and your requirement before taking any decisions.
  • All the figures reflected in the article are for illustrative purposes. The premium for Coverage that one buys depends on various factors including customer requirements, eligibility, age, demography, insurance provider, product, coverage amount, term and other factors
  • Tax Benefits, if applicable depend on the Tax Regime opted by the individual and the applicable tax provision. Please consult your Tax consultant before making any decision.

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