Helpful Policies and Information from India's Life Insurance Authority
You are cordially invited to our customer service department, both as a current policyholder and a possible future client. You'll find all the information you need to understand the nuances of a life insurance policy and contract right here. Take the time to read our rules and regulations.
The Security Of Your Policy Guarantee
After your insurance application is approved, we will issue you a policy bond. After your proposal is accepted, your policy's risk coverage will begin, and the policy bond will detail the terms and benefits of your coverage.
Keep the policy bond safe, as it will be needed in a variety of servicing interactions with you. It's needed when filing claims on the insurance. If you want to get a loan or transfer ownership of the policy, you'll need it, too.Be sure to share the policy's location with your significant other, parents, and kids.
When handing over the policy bond to a new party, be sure to get a signed receipt. Keep a photocopy of the policy on file for future use.
Name of Company Policy Number
Your policy bond's schedule, located at the top left of your bond, will have a nine-digit policy number. Your policies will always be identifiable by this number, which will not change over the course of the policy's duration.
Include the policy number in all future correspondence with us, as this will speed up the process of retrieving your file.
Policies and Their Prerequisites
Your policy's terms and conditions will depend on its Plan and Term because each policy is purchased to meet unique requirements. Information such as your nominee, your address, and other personal details are included in the policy schedule on the first page of your policy. Your policy's start and end dates as well as the birth and death dates, the date of maturity, and the due and payment months for renewal premiums are all listed here. Conditions such as risk coverage, additional risks coverage (if selected), standard benefits (which are included in all policies), accident benefit (which can be selected separately), exclusion of risks (if applicable), and other conditions governing the insurance contract are detailed beginning on page two of the policy.
If you want to learn more about the ramifications of different policy conditions, you can learn more about them here.
At times, you may wish to make adjustments to your policy, such as switching premium payment methods or shortening the time period over which you pay your premiums. To proceed with your requests, please submit a written application to the branch responsible for servicing your policy.
Changes can be made to our life insurance policies in a variety of ways (Learn more about policy changes here).
Forget Your Insurance Policy?
Don't assume the policy bond is permanently lost until you've exhausted all other possible explanations. Check your home, your investment records, your office, and even your agent, to whom you may have entrusted the document, for a copy. You may have even used it as collateral to secure a loan from a financial institution like LIC or somewhere else. When you get a loan from LIC using your life insurance policy as collateral, LIC keeps the bond. Be sure that the record you're looking for hasn't already been submitted to LIC or another financial institution. If the policy bond is only partially destroyed (by fire, flood, etc.), the applicant for a replacement policy can return the remaining portion to LIC as proof of policy loss.
To learn more about getting extra copies of your policy, please click here.
What's Your Email Address? Always Keep Us Updated!
That's why we need your address so badly: We cannot provide you with any of our services without your current address. We would hate to have to hold off on providing you with a benefit you're entitled to because we're missing this crucial piece of information. Please let us know your new address whenever you move. Otherwise, any notices we send you, such as those regarding your premium payments or the release of your maturity or survival benefit, etc. , will take longer to get to you
Contact information can be updated with LIC, including new addresses, phone numbers, and email addresses. Please have your servicing branch update the relevant information in your policy files.
Validation of Majority
Verify that your correct date of birth appears on your policy bond. Your insurance premiums include this as a potential cost to the company. This would also serve as the foundation for any additional policies you might purchase from us in the future.
If your birth date is not already included on your policy, and you have a certificate issued by the appropriate government agency, you can send us an attested copy of that certificate. accompanied by a request for verification of your identity and age (See this page for a list of documents LIC will accept as proof of age). )
Check that the nominee's name was properly added to the bond policy. You have the right to change your policy's nomination at any time during the policy's term. If you haven't already, please don't wait to let us know who you'd like to see as the policy's beneficiary. Please note that you must visit the office that handles your policy in order to make a nomination change. If something were to happen to you that was covered by your insurance policy, the claim money would be given to your nominee. You buy the policy so that your loved ones can continue to live comfortably in the event of your untimely demise; in most cases, this means your spouse and children.
Information about nomination can be found at this link.
To get a loan from LIC or another financial institution using your life insurance policy as collateral, you will need to assign your policy to LIC or the other lender. You can transfer ownership of the policy from yourself to the institution by assigning it.
Upon the loan being paid back, the policy will be transferred to you.When a policy is transferred to a new owner, it's time to make a new nomination.
The need for a loan is not a prerequisite for assigning a policy, and there are other circumstances in which this may be the case (to learn more about assignment, click here).
When Your Premiums Are Due
If for some reason our notices do not make it to you, please remember to pay your premium on time. Possible postal service delay Typically, LIC will send out premium reminders one month prior to the month in which payment is due.
The Policy bond's front page specifies the premium's due dates in months.
Any premiums that have not been paid by the due date can still be paid without incurring interest charges. The term "grace period" describes this window of opportunity. Most policies with monthly premiums have a 15-day grace period after the due date (though some exceptions apply).
Whether you pay your premium quarterly, semiannually, or annually, you have at least 30 days to catch up.
When and where to make the payments for the insurance premiums
- Payable in branch office cash, local check (subject to realization of check), or demand draft
- All of our locations accept premium payments and are linked together in a unified network.
- Online premium payment allows policyholders to avoid branch visits. This choice is accessible via the Online Payments section of the CUSTOMER PORTAL. Alternatively, the policyholder can use the PAY DIRECT option to make the payment after entering their details (policy number, insurance premium, birth date, mobile phone number, and email id). The policyholder's email address on file will receive an electronic receipt, and the receipt will also be accessible in the portal.
- For Authorized Banks, Please Click Here to Pay LIC Premiums via Net Banking Credit cards (AMEX, VISA, MASTERCARD, RUPAY), debit cards (VISA, MASTERCARD, RUPAY), wallets (VIS, MASTERCARD, RUPAY), payment banks (VIS, MASTERCARD, RUPAY), and the Unified Payments Interface (UPI) are also When using a debit card, internet banking, a wallet, or the Unified Payments Interface (UPI), there are no fees associated with making a purchase.
- Credit card "convenience fees" are assessed for all credit card transactions. LIC takes care of the "Convenience Fee" in its entirety.
- In addition to being emailed to the Policy Holder, the receipt for premium payments made via Portal/Pay Direct can be printed out digitally. A message indicating whether or not the transaction was successful will be displayed alongside it.
- Policyholders also have the option of paying their premiums automatically out of their bank accounts via a system called NACH. Instructions can be found in the FAQs.
Location of Policy Updates
If you have any questions about the status of your policy, including whether it has expired because of unpaid premiums, you can contact your insurance provider directly by calling the number listed on your In addition, it includes useful background material on your policy for your perusal. There is a branch that handles your policies where you can check on the status of your coverage.
It's also accessible via IVR in certain areas (check here to see if your city is included).In cities linked to our databases, the status can be checked at any of our locations.
Now you can check the status of your policy in any of the network-connected cities online (sign up for these services here). You can also check the status of your policy at any time on a touch screen computer kiosk, available in certain cities.
Return To Former Practices
If your policy has lapsed because you failed to pay your premiums when they were due, the policy contract is null and void until you take the necessary steps to revive it.
In order to reinstate a lapsed policy, the policyholder must pay all outstanding premiums plus interest and meet all applicable health criteria. (Learn more about the revival process and the different types of revival that are permitted by clicking here.)Keep your policy active at all times to provide the financial security your loved ones deserve.
Nonetheless, with the exception of a few plans for claims concession, you may be eligible for certain discounts based on the length of time you have paid premiums. (Click here to learn about discounts for late premium payments and claims made during the grace period.)
Obtaining Policy Loans
You can get a loan against your policy if you need money, and many of our plans are endowment types. Your claim payments will be reduced by the amount of the loan plus interest until you either repay the loan or continue making interest payments on it.
After previous policy loan balances are paid off, additional policy loans can be taken out (Click here to learn more about policy loans a target="_blank" href="MY_REDIRECT_PREFIX>).
On your request, most banks will also give you a loan against your life insurance policy at the value LIC gives you.
Value of Surrender
If you decide to terminate your policy and cash it in at LIC, this is the amount you will receive in return. Once premiums have been paid to LIC for three consecutive years, only then will the surrender value be paid. In addition, the Bonus is automatically added to a participating policy under the current regulations. When compared to the premiums paid, the surrender value of a life insurance policy is always dismal. If you change your mind and decide to get more insurance now that you're older, you'll have to pay a much higher premium than you did when you first got insurance.
Therefore, the best strategy for maintaining life insurance coverage is to hold on to existing policies and never let any of them lapse.
Benefits Upon Retirement, Disability, or Death:
We will notify you well in advance of the dates on which your Survival Benefits (for Money back policies) and/or maturity benefits are due. However, if the sum of the survival benefit and the Rs Aside from a few exceptions, your 500,000/- will be sent to you directly without any policy or discharge forms.
Please let us know if you haven't received any such notifications by the due date (Read more about the claims process here) so that we can investigate the matter.
Policies Regarding a Wage-Based Savings Program
Please consider the following advice if you purchased your policy through a salary reduction plan:
- Your employer will deduct the premium for your Salary Savings Scheme policy from your paycheck and send a single check to the LIC branch where your policy records are kept.
- Find out from your Agent or your company's payroll office which LIC branch will be handling your policy file.
- Knowing which LIC branch handles your policy is important because you'll need assistance from them when collecting your Maturity/Survivorship Benefits, making changes like a change of address, applying for loans, etc.
- If you are in a transferable position, you are required to notify the appropriate LIC branch of your new address.
Please inform the LIC Branch that has been servicing you that you have moved, and have your employer contact the LIC Branch where your new office will be sending your premium payments.
- With this, your files will be in the right place and you'll be able to take advantage of our services, such as record keeping, at the appropriate time.
If you decide to leave your job or join a different company, you can switch to the Salary Savings Scheme at your new company or convert your policy's payment frequency from monthly to quarterly, semiannually, or annually.
- If you want to avoid having to constantly renew your insurance policy, make sure your premium payments are consistent. For someone in a job with potential for relocation, this could become a time-consuming hassle.
- Do not send payments to us directly. Your employer is the sole source for your premium payment. Unfortunately, our payment processing infrastructure does not permit us to modify individual premium payments. If that is not possible, then please make direct payments on a quarterly, semiannual, or annual basis. In this way, you can reduce the amount of your premium payment.
- Give us a local address we can use to contact you no matter where you end up, even if it's years from now.
This information is intended to serve as a guide and is not intended to be legally binding on either party. Your policy's contractual effects are subject to the provisions of your proposal and the policy document issued to you. The corporation's rules and regulations that are notified to them from time to time may be revised and changed at any time. Moreover, the contract will be governed by the laws of the land.
Please read our instructions thoroughly to maximize the benefits of your policy.
- Make sure the policy bond is secure. Once the time comes for your maturity or Survival Benefit, you'll need this. For other uses, such as getting a loan or selling your policy, you'll need it as well.
- Share the policy's whereabouts with your partner/parents/children.
- Notify us of your new address whenever you move. Otherwise, any notices, vouchers, discharge forms, etc. that we send you will be considered invalid. , will take longer to get to you
- Make sure the bond policy accurately reflects the nominee's name.
- In a timely manner, your premium payment is due. The policy bond specifies the months for which payments must be made.
- Verify that the date of birth recorded in your policy bond is the correct one.
- Take a written acknowledgement from the recipient, such as the LIC office, when you hand over the policy bond.
- We notify you three months before your Survival Benefits (for Money back policies) or maturity benefits are due. If such notices have not arrived within a month of the due date, please let us know so that we can take appropriate action.
- If you have any questions about your policy, contact your agent or the branch where you purchased it.
The Branches are the Main Units of Our Business. Therefore, please get in touch with your policy's Servicing Department for any servicing-related questions. However, any LIC branch can be contacted for more broad-brush details.
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