Download LIC Survival Benefit Claims Form No. 5180 in PDF Format

Life Insurance Corporation of India (LIC) is one of the largest insurance providers in India with a customer base of over 300 million. LIC offers a range of insurance products including endowment plans, term plans, money back plans and more. One of the benefits of LIC’s insurance policies is the survival benefit, which provides lump sum payments to the policyholders at specific intervals during the policy term. In this article, we will take a closer look at LIC’s survival benefit claims and how they work.

What is Survival Benefit?

Survival benefit is a payment that policyholders receive from their insurance policies if they survive the policy term. In other words, if a policyholder survives beyond the term of the insurance policy, he/she will receive a lump sum payment as per the terms of the policy. The amount of payment varies depending on the policy and the insurance provider.

How do survival benefit claims work in LIC?

LIC offers several insurance policies that come with survival benefits. These policies are designed to provide financial assistance to the policyholders at different stages of their lives. Survival benefit payments are made at predetermined intervals, and the policyholder can use the money for any purpose, such as paying for his child’s education, buying a new home or funding his retirement.

For example, LIC’s new endowment plan offers a survival benefit equal to 20% of the sum assured at the end of the fourth, eighth and twelfth policy years. In addition, policyholders are eligible to receive a Simple Reversionary Bonus and Final Additional Bonus at the end of the policy term. Similarly, LIC’s Money Back policy offers a survival benefit of 20% of the Sum Assured at the end of 5th, 10th and 15th policy years. In this policy, policyholders receive 20% of the sum assured as survival benefit, and the remaining sum assured is paid as a lump sum at the end of the policy term.

How to claim Survival Benefit?

To claim the survival benefit, the policyholders need to submit the LIC Survival Benefit Claims Form No. 5180 to LIC. The claim form should contain details such as the name of the policyholder, policy number and policy term. Additionally, policyholders may be required to submit proof of their identity and address, such as a PAN card or passport.

Once the LIC Survival Benefit Claims Form No. 5180 is submitted, LIC will verify the claim and process the payment if the claim is found valid. The survival benefit is generally paid through check or bank transfer.

Why choose LIC for Survival Benefit claims?

LIC is a trusted insurance provider with a proven track record of providing excellent customer service. The company has a network of over 3,500 branches across India, making it easy for policyholders to access their services. Additionally, LIC offers competitive premiums and flexible policy options, making it a popular choice among policyholders.

Conclusion

Survival benefit is an important feature of insurance policies, which provides financial assistance to the policyholders at different stages of their life. LIC’s survival benefit policies offer policyholders a host of benefits, including regular payouts at pre-determined intervals and additional bonuses at the end of the policy term. If you are looking for a reliable insurance provider that offers survival benefit policies, then LIC of India is a great option. With its wide network, competitive premiums and excellent customer service, LIC can provide you with the financial security you need.