Within a financial year, Insurance premium paid are exempted under section 80C of Income Tax Act upto ₹1,50,000

There are two scenarios in claim:

1. In case of death of policy holder the sum assured can be claimed by the nominee of the policy.
Process to be followed:
A. Report claim: Inform the death claim to the Insurance company where the policy holder bought the policy.
B. Documentation: 1 Fill the claim form. 2 Submit document like death certificate, attach policy bond & nominee document eg. ID proof, address proof along with documents mentioned by Insurer.
C. Coordinate with Insurance Company.
D. Verify claim settlement details and get the clearance for settlement amount.

2. Second Scenario would be to claim the maturity amount when the time of policy get matured at the end of the policy term.
Follow Process:
Submit policy documents along with a revenue stamp and wait for sum assured to be credited. Some specific requirements from the insurer to be followed as well.