Endowment policy survival benefit not credited
First Steps — Verify & Initiate
1
Identify the survival benefit schedule in your policy document: the policy schedule or benefits table shows which years have payouts and the amounts. Confirm the payment date for the missed survival benefit.
2
Check the insurer’s portal for the survival benefit payment status — most insurers have transaction history available online.
3
Verify your registered bank account with the insurer — survival benefit credits go to the account on record.
4
For LIC money-back policies: survival benefits are typically credited automatically to your registered bank account. If not received, visit the servicing branch with your policy number.
5
Check whether your policy has entered a ‘paid-up’ status due to a lapsed premium — paid-up policies still pay survival benefits but at a reduced amount.
Follow-up Steps — Next 2–4 Weeks
1
If the bank account on record is incorrect or closed: submit a bank account update request with the insurer immediately along with a claim for the missed survival benefit.
2
For older LIC policies where direct credit was not available: some survival benefits were paid by cheque. Check with the branch whether an uncashed cheque exists in your name.
3
File a formal claim for the missed survival benefit — submit the claim form, identity proof, and correct bank details.
4
Request the insurer to backdate the credit to the original due date and pay interest for the delay period (2% above bank rate per day beyond 30 days of claim submission).
5
If multiple survival benefits were missed (you discovered this late): compile the complete list with due dates and amounts and submit a consolidated claim.
Escalation — If Still Unresolved After 30 Days
1
File a complaint with the insurer’s Grievance Redressal Officer specifying the policy number, survival benefit due dates, amounts, and the failure to credit.
2
Escalate to IRDAI Bima Bharosa (bimabharosa.irdai.gov.in).
3
File with the Insurance Ombudsman — survival benefit non-payment is a clear-cut case that Ombudsmen resolve quickly.
4
For LIC: file on pgportal.gov.in under Ministry of Finance.
5
Consumer forum for compensation beyond interest if financial hardship was caused by non-receipt.
Prevention — Claim-Ready From Day One
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Note all survival benefit dates from your policy document in a calendar — track them annually.
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Verify your bank account with the insurer is current — update it after every bank account change. Ensure that the bank account name, PAN card, and policy document match character-for-character or submit a bank-attested cancelled cheque with full account holder details prior to maturity.
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Check your insurer’s portal every year to confirm survival benefits are being credited on schedule.
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Consolidate all your insurance policies in one insurer’s portfolio view — some portals show all policies and their payment schedules in one place.
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Your Rights
Survival benefits are contractual obligations of the insurer — not discretionary payments. IRDAI regulations require payment within 30 days of the due date (or of claim submission if the insurer requires a claim form). Interest at 2% above bank rate is payable for delays. For automatic-payment policies, the insurer’s failure to credit on the due date is itself a regulatory violation — no claim form is needed to establish the violation.
Also, under the IRDAI 2024 PPHI Master Circular framework, if an insurer fails to comply with or execute an Ombudsman award within 30 days, they must pay a statutory penalty of ₹5,000 per day of delay directly to the complainant.
Key Contacts & Portals
| Who / What | Contact / Action |
|---|---|
| Your insurer’s portal | Check policy status and survival benefit schedule online |
| LIC Customer Service | licindia.in | 022-68276827 |
| IRDAI Bima Bharosa | bimabharosa.irdai.gov.in | 155255 |
| Who / What | Contact / Action |
|---|---|
| Insurance Ombudsman | irdai.gov.in/web/guest/find-ombudsman |
| pgportal.gov.in | Ministry of Finance — for LIC |