FAQs related to Payouts
What is Maturity Benefit? How do I get my maturity amount?
Maturity Benefit is the amount of money received by the insured, upon survival of the term of the policy. Maturity benefits will vary for Conventional and Unit Linked Policies. It also differs from product to product. If your policy offers a maturity benefit, then at the end of your policy term, a maturity benefit will be paid to you provided all due premiums on the policy have been paid. To get maturity value of your policy, you can visit any of our branches with the following documents:
Original Policy Document
Signed copy of ID & address proof of policy holder.
Bank cancelled cheque/ passbook copy in which you wish to receive the surrender amount.
What is Survival Benefit?
Survival Benefit is payment of the Sum Assured in a specified number of instalments through the term of the policy. At the end of the policy term, the maturity amount is reduced by the amounts already paid. Balance amount will be paid along with Vested Bonuses. However, if death occurs during the policy term, the Sum Assured is paid in full without any deductions, along with the Vested Bonus.
How can I cancel my policy within free-look period?
To cancel your policy within free look period you can visit any of the SLIC branches and submit the following documents:
- Application letter mentioning reason for cancellation
- Original policy bond
- Bank cancelled cheque/ passbook xerox