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Bonus information

LIC — Tue, 09 Jul 2024 13:33:08 +0530

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FATCA/CRS

Last modified date: 31/8/2023

Bima bharosa

LIC — Tue, 09 Jul 2024 13:20:10 +0530

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ABOUT US

Who we are

The Policyholders Protection and Grievance Redressal Department of IRDAI oversees compliance of Insurers with Protection of Policyholders' Interests Regulations and also empowers Consumers by educating them on Grievance redressal mechanisms. The Department facilitates an environment where the Insured avails himself of proper procedures and redressal mechanisms put in place by Insurers and the Regulations to address complaints and grievances of policyholders efficiently and with speed. IRDAI has established Integrated Grievances Management System (Bima Bharosa) in the year 2010 through which IRDAI monitors disposal of Policyholder Grievances across the industry. Policyholder can also complaint online through Bima Bharosa and view the status of his/her complaint online.

In all cases of Escalated complaints, a provision is made for the complainant to post his feedback after the Insurer has given the final resolution.

Claims settlement requirements

LIC — Tue, 09 Jul 2024 10:49:40 +0530

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Claims Settlement Requirements

The settlement of claims is a very important aspect of service to the policyholders. Hence, the Corporation has laid great emphasis on expeditious settlement of Maturity as well as Death Claims. The procedure for settlement of maturity and death claims is detailed below :

Maturity Claims:

In case of Endowment type of Policies, amount is payable at the end of the policy period. The Branch Office which services the policy sends out a letter informing the date on which the policy monies are payable to the policyholder at least two months before the due date of payment. The policyholder is requested to return the Discharge Form duly completed along with the Policy Document, NEFT Mandate Form (Bank A/c Particulars with supporting proof), KYC requirements etc.. On receipt of these documents payment is processed in advance so that maturity amount gets credited to the policyholder’s bank A/C on the due date.
Some Plans like Money Back Policies provide for periodical payments to the policyholders provided premium due under the policies are paid up to the anniversary due for Survival Benefit. In these cases where amount payable is up to Rs.500,000/- -payments are released without calling for Discharge Receipt or Policy Document. Survival Benefit under Jeevan Anand policies up to Sum assured Rs. 200000/- is also released without calling for policy bond or discharge form. However, in case of higher amounts these two requirements are insisted upon.

Death Claims:

The death claim amount is payable in case of policies where premiums are paid up-to-date or where the death occurs within the days of grace. On receipt of intimation of death the Life Assured the Branch Office calls for the following requirements:

Claim Form A – Claimant’s Statement giving details of the deceased and the claimant.
Certified extract from Death Register
Documentary proof of age, if age is not admitted
Evidence of title to the deceased’s estate if the policy is not nominated, assigned or issued under M.W.P. Act.
Original Policy Document

The following additional forms are called for if death occurs within three years from the date of risk or from date of revival/reinstatement:

Claim Form B – Medical Attendant’s Certificate to be completed by the Medical Attendant of the deceased, during his/her last illness
Claim Form B1 – if the life assured received treatment in a hospital
Claim Form B2 – to be completed by the Medical Attendant who treated the deceased life assured prior to his last illness.
Claim Form C – Certificate of Identity and burial or cremation to be completed and signed by a person of known character and responsibility
Claim Form E – Certificate by Employer if the assured was employed person.
Certified copies of the First Information Report, the Post-mortem report and Police Investigation Report if death was due to accident or unnatural cause. These additional forms are required to satisfy ourselves on the genuineness of the claim, i.e., no material information that would have affected our acceptance of proposal has been withheld by the deceased at the time of proposal. Further, these forms also help us at the time of investigation by the officials of the Corporation.

Double Accident Benefit Claims:

Double Accident Benefit is provided as an additional benefit to the life insurance cover. For this purpose an extra premium of Rs.1/- per Rs.1000/- S.A is charged. For claiming the benefits under the Accident Benefit the claimant has to produce the proof to the satisfaction of the Corporation that the accident is defined as per the policy conditions. Normally for claiming this benefit documents like FIR, Post-mortem Report are insisted upon.

Disability Benefit Claims:

Disability benefit claims consist of waiver of future premiums under the policy and extended disability benefit consisting in addition of a monthly benefit payment as per policy conditions. The essential condition for claiming this benefit is that the disability is total and permanent so as to preclude him from earning any wage/compensation or profit as a result of the accident.

Claims Review Committees:

The Corporation settles a large number of Death Claims every year. Only in case of fraudulent suppression of material information is the liability repudiated. This is to ensure that claims are not paid to fraudulent persons at the cost of honest policyholders. The number of Death Claims repudiated is, however, very small. Even in these cases, an opportunity is given to the claimant to make a representation for consideration by the Review Committees of the Zonal office and the Central Office. As a result of such review, depending on the merits of each case, appropriate decisions are taken. The Claims Review Committees of the Central and Zonal Offices have among their Members, a retired High Court/District Court Judge. This has helped providing transparency and confidence in our operations and has resulted in greater satisfaction among claimants, policyholders and public.

Insurance Ombudsman:

The Grievance Redressal Machinery has been further expanded with the appointment of Insurance Ombudsman at different centers by the Government of India. At present there are 12 centers operating all over the country.
Following type of complaints fall within the purview of the Ombudsman:

any partial or total repudiation of claims by an insurer;
any dispute in regard to premiums paid or payable in terms of the policy;
any dispute on the legal construction of the policies in so far as such disputes relate to claims;
delay in settlement of claims;
non-issue of any insurance document to customers after receipt of premium.

The Ombudsman acts as counselor and mediator on matters within its terms of reference and if complaints are not settled by mediation, may pass an award which is binding on the insurers.

Vigilance related complaints

LIC — Tue, 09 Jul 2024 10:48:27 +0530

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Vigilance Related Complaints

Complaints alleging frauds/corrupt acts/abuse of official position/gross or willful negligence with financial implications/flagrant violations of systems and procedures etc., related to Life Insurance Corporation of India can be sent through online or offline mode.

Online Complaints

Please read instructions before lodging a complaint online.

For registering and tracking Online Vigilance Complaints – please click here

Offline Complaints

Instructions before lodging a complaint offline:

Complaints must be brief and contain factual details, verifiable facts and related matters.
LIC of India does not entertain anonymous/pseudonymous complaints so please mention your proper name and address.
Complaints should not be vague or contain absurd allegations and sweeping statements since these are liable to be filed.
Complaint can be lodged only against offices/employees/agents/Medical examiners of LIC of India.

Offline Complaints can be sent to below address:

To,
The Chief Vigilance Officer,
Life Insurance Corporation of India,
Vigilance Department,
Yogakshema,
Nariman Point,
Mumbai 400021

Policy status

LIC — Tue, 09 Jul 2024 10:47:18 +0530

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Policy Status

NEW USER REGISTRATION GUIDELINES:

For viewing the policy-related information, new customers are required to go through a Registration procedure, the details of which are stated in the ensuing paragraphs.

NEW USER REGISTRATION:

All new users are required to visit liclifeplus.com – click on Login to Customer portal – click on New user or visit Customer portal Login Page and – click on Sign Up option to register into the customer portal to get all information related to their policy including Online premium payment, Online loan Request, Online mode change, NEFT registration, Address Change, Policy Status, Bonus information, etc.

Requirements:

Policy number (printed in the policy bond).
Installment Premium (printed in the policy bond).
Date of Birth (Should match with the date of birth as mentioned in the policy bond).
Mobile number.
Email ID.

Procedure:

"I confirm that the mobile number mentioned above is registered under my name and being used by me. I hereby authorize LIC to use the mobile number for any further communication."
Click on proceed
"Enter the code sent to your mobile no – verify the details–click on the verification link sent to Email ID after completion of registration"
Click on OK.
In the Enrollment of an individual’s policy holder (Sign Up) page,
Enter the Policy Details i.e., Policy Number and Installment Premium without tax (refer policy bond).
Enter Date of Birth (Should match with the date of birth as mentioned in the policy bond).
Enter Mobile Number and Email ID for further correspondence (Valid and should not be attached to any other profile in customer portal).
Enter PAN and Passport details (optional).
Select Gender and verify all the details.
Check on Declaration and submit.
An instant message will be shown as:
Verification of Email ID and Mobile no. is mandatory for registering into Premier Services.
Enter Password and proceed as per password guidelines and confirm.
You have successfully registered into customer portal and You can login through Login Page with your credentials.
An auto-responder mail would be sent to the policy holder as confirmation of successful registration.

* Note1: In case of incomplete registration after clicking on proceed in step 6, you can complete the registration by using Forgot Password option.

Password guidelines:

Password should be minimum of 8 characters and maximum of 16 characters.
Must have at least one uppercase, one lowercase, one numeric and one special character.
Special characters allowed: @, #, $, &, ^, _, -
Password should not contain your first name.
Password should not start with a special character.
Password should not work as your last 6 passwords.

PREMIER SERVICE REGISTRATION GUIDELINES

PREMIER SERVICE:

Registered customers on portal users can avail more benefits (like Online loan Request, Online mode change, address change, Online Ulip Fund Switch, etc.) with the help of premier services registration.

If you are a new user kindly register into customer portal by following New user registration guidelines.

PREMIER SERVICE REGISTRATION:

Eligibility:

Premier services are available for policies which are on your own life and policies of your minor children.

Verification of Email ID and Mobile number is mandatory for registering into Premier Services.

Requirements:

Registration form with signature (from Step 2).
Scanned PAN/PASSPORT (for KYC).

Procedure:

In order to avail Premier Services all the users have to complete premier service registration.
For premier Service registration all the users have to visit Customer portal Login Page and enter Login credentials and click on login.
In the Home page, Go to Service request -> Select Premier Service Registration (from the dropdown), in the next page you will be shown with terms and conditions which you have to follow to complete the premier service registration. The steps involved are:

Step1: Registration Form

Step2: Print/Save Form

Step3: Upload Form/Check Status

Click on proceed.
In the Next Page, the profile details and the List of policies which are eligible for premier services and the list of not eligible policies (with reason) will be shown.
Agree the terms and conditions and click on Ok.
Registration Form: In the next page Registration Form with the Service Request ID will be generated for the eligible policies and click on Ok.

Step 2: Print/Save Form

In the next page, Kindly download the Registration form by clicking on a “Step2: Print/Save Form” option
Take printout of the form and verify the details and eligible policies.
Sign the form and Scan the signed registration form.
Scan PAN/PASSPORT (for KYC purpose).

Note: Size should not exceed 100kb and the allowed formats are PNG,PDF,JPG,JPEG,GIF.

Step 3: Upload Form/Check Status

Click on

“Step3:Upload and Submit documents”

In the following page upload the following documents:
Click on select and choose scanned Registration form with signature.
Click on select PAN/PASSPORT and upload the scanned ID proof Click on Upload.
An instant message will be shown as "Document uploaded successfully".
In the next page, kindly verify the uploaded documents by clicking on view documents.
Click on Ok. An alert will be shown that "Premier service request submitted successfully".
The status of the same will be sent to registered mobile number and Email ID.

Track Request

Track the status of the service request by Service request -> Track Request Status option.
Enter the Service Request ID and click on “ALL”.
Based on the service request status, status will be shown.
View the service request details.
Document upload screen: Kindly upload the uploaded documents.

Reject Request

In case, the premier service request maximum limit of eligible policies are allowed.
Cannot Proceed to initiate a new request.

Contact LIC Call Center at +91-8887333777

Services are now available 24*7 in English, Hindi and a Regional Languages

Insurance selector

LIC — Tue, 09 Jul 2024 10:46:08 +0530

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Insurance Selector

This will help you in deciding which plan is suitable according to your age, occupation, income and insurance needs.

Term of Insurance

What should be the term of my insurance

Premium paying term depends upon :

a.How many years you see yourself earning a regular income?
b.Amount you can commit to be paying regularly
c.How long you want to be insured?

Information Technology and LIC

LIC — Mon, 08 Jul 2024 21:03:48 +0530

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Information Technology and LIC

LIC has been one of the pioneering Indian organizations in leveraging Information Technology for policy servicing and business operations. Unit Record Machines introduced in late 1950’s were phased out with Microprocessors based computers starting from 1964. Branch and Divisional Offices were also equipped with computers in 1980s for Back Office operations. In 1990s, Standard Computer Packages were developed and implemented for Ordinary and Salary Savings Scheme (SSS) Policies.We have been upgrading our systems with relevant and appropriate technologies over the years.

FRONT END OPERATIONS:

With a view to enhance customer experience and services, LIC implemented Front-end Application Package (FEAP) which enabled policyholders to receive policy status report, Revival Quotation, Loan Quotations, payment of premium, change of address and host of other on demand services. Speedy completion of proposals and dispatch of policy documents have become a reality. All our 2048 branches and 1570 satellite offices across the country have been covered under front-end operations and are connected through Wide Area Network (WAN). New policy servicing modules pertaining to both ordinary & SSS policies have been added to the Front End Package catering to Loan, Claims and other office operations. All these modules help to reduce time-lag and ensure accuracy.

LIC WEBSITE:

We have upgraded our Internet website, which is an information bank, to make it dynamic and interactive. We have displayed information about LIC, its products &offices and related details. The addresses/e-mail Ids of our Zonal Offices, Zonal Training Centers, Management Development Center, Overseas Branches, Divisional Offices and all Branch and Satellite offices are displayed with a view to speed up the communication process.

PAYMENT OF PREMIUM AND POLICY STATUS ON INTERNET:

(You have to register for these services)
LIC has provided its policyholders a unique facility to pay premiums online absolutely free of charges and also view their policy details.

INFO CENTRES:

LIC’s Centralized Call Center became operational from 29th September, 2018. The services are accessible through a single number +91-22-68276827 which is operational 24x7 in Hindi, English and eight regional languages (Bengali, Gujarati, Kannada, Malayalam, Marathi, Oriya, Tamil and Telugu) manned by skilled officials to provide information about our Products, Policy Services, Branch addresses and other organizational information.

LIC of India has 74 Customer Zones(CZEEs) across the country at present for touch point services to customers. In some locations, these CZEEs function in shifts to facilitate services to policy holders during off-peak work hours.

Help us to serve you better

LIC — Mon, 08 Jul 2024 20:59:47 +0530

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Help us to serve you better

Admission of Age :

Age is the main basis for calculation of premium under life insurance policies. The following are accepted Standard age proofs as evidence of age:

School Certificate
Certified Extract from Municipal or Other records made at the time of birth.
Certificate of Baptism or certified extract from family Bible, if it contains age or date of birth.
Certificate Extract from service register, in case of Government Employees and Employees of Quasi-Government, Institutions and certificates from Commercial Institutions and industrial undertakings provided conclusive evidence of age was produced at the time of recruitment of the employee.
Identity cards issued by the Defence Departments to defence personnel.
Identity Cards (provided date of birth is mentioned therein) issued by Government, Quasi-Government, reputed commercial and industrial undertakings to their employees.
Marriage certificates issued by Roman Catholic Churches in the case of Roman Catholics.
Domicile Certificates in which the date of birth stated was proved on the basis of the school or birth certificate.
Passport.
Horoscope maintained by a Hindu family in a Bahi or family horoscope provided Manager (NB) is satisfied with its reliability and originality.

Payment of Premium:

By cash, local cheque (subject to realization of cheque), Demand Draft at Branch Office.
The DD and cheques or Money Order may be sent by post.
Premiums can be paid at any of our Branches as all our Branches are connected through network.

Alternate Channels of Premium Payment:

Premiums can be paid through various Alternate Channels for in force policies which are not under Salary Savings Scheme (SSS). The various alternate channels for collection of premium are as under :

Days Of Grace:

Policyholder should pay the premiums on due date. However, a grace period of one month but not less than 30 days will be allowed for payment of yearly/half-yearly/quarterly premiums and 15 days for monthly premiums.
When the days of grace expire on a Sunday or a public holiday, the premium may be paid on the following working day to keep the policy in force.
If the premium is not paid before the expiry of the days of grace, the policy lapses.
For all Term /ULIP plans, please refer policy conditions.

Revival of Lapsed Policy:

If the policy has lapsed, it can be revived during the life time of the life assured but before the date of maturity subject to certain conditions.
For plans issued after 01.01.2014, the policy can be revived within two years from the date of FUP and before date of maturity.
Request for revival may be made to the Branch Office servicing the policy.
KYC requirements will be required to be submitted.

Change Of Address And Transfer Of Policy Records:

The policyholder should immediately intimate the change of his/her address to the servicing unit. The correct address facilitates better service and quicker settlement of claims.
The request letter with Proof of residence shall be submitted.
Policy records can also be transferred from one Branch Office to another Branch for servicing, as requested by the policyholder, provided the policy is in force.

Loss of Policy Document:

The Policy Document is an evidence of the contract between the Insurer and the Insured. Hence the policyholder should preserve the Policy Bond till the contracted amount under it is settled.
Loss of the Policy Document should be immediately intimated to the Branch Office where it is serviced.

Loans:

Loans are granted on policies as per Conditions and Privileges printed on the back of the Policy Bond.
It is mentioned in the policy whether a particular policy is with or without loan facility.
The rate of interest charged on policy loan is declared by the Corporation every year and they are plan specific.
Interest on loan is payable half yearly.

Nomination:

Nomination is a right conferred on the holder of a Policy of Life Assurance on his own life to appoint a person/s to receive policy moneys in the event of the policy becoming a claim by the assured's death.
The Nominee does not get any other benefit except to receive the policy moneys on the death of the Life Assured.
A nomination may be changed or cancelled by the life assured whenever he likes without the consent of the Nominee.
Ensure nomination exists in the policy for easy settlement of claims.

Assignment:

Assignment means transfer of rights, title and interest. When an assignment is executed, all rights, title and interest in respect of the property assigned are immediately transferred to the Assignee/s and the Assignee/s becomes the owner/s of the policy subject to any lawful condition made in the assignment.
Assignment can be either conditional or absolute. On assignment (other than to LIC), Nomination automatically stands cancelled.
Now for the policies under which assignment is effected after 26/12/2014, after reassigned, the nomination which was present before the assignment of the policy, will get reinstated automatically.
For assignments effected prior to 26/12/2014, fresh nomination will have to be executed.

Survival Benefit Claims:

In case of plans which provide for periodical payments provided premium due under the policies are paid up to the anniversary due for Survival Benefit, claim intimation is sent to the policyholder / assignee well in advance by the Branch Office servicing the policy to submit the requirements such as Original Policy bond for endorsement, Discharge Form, NEFT Mandate Form with Bank Account details of the policyholder.
On receipt of the requirements from the policyholders / assignee, Survival Benefit claim is paid directly into the Bank Account of the policyholder / assignee through the process of NEFT on the due date of the claim.
For Survival Benefit payment up to ?. 2,00,000/- under policies which are not assigned and the premium position is up-to-date, only NEFT Mandate Form duly completed is required from the policyholder, original policy bond and discharge form is not insisted in such cases.

Maturity Claims:

In case of policies where Maturity Claim is payable, claim intimation is sent to the policyholder / assignee well in advance by the Branch Office servicing the policy to submit the requirements such as Original Policy bond, Discharge Form, NEFT Mandate Form with Bank Account details of the policyholder.

On receipt of the requirements from the policyholders / assignee, Maturity claim is paid directly into the Bank Account of the policyholder / assignee through the process of NEFT on the due date of the claim.

Death Claims :

If the life assured under a policy dies during the term of the policy, the nominee / assignee should immediately intimate in writing to the Branch Office servicing the policy mentioning the policy number, name of the policyholder, date of death and cause of death along with original death certificate issued by the appropriate Authority.
On receipt of the intimation letter, necessary claim forms are issued to the nominee / assignee along with instructions regarding the procedure to be followed thereof.
Timely settlement of death claim is the thrust area of the Corporation.

Claims Dispute Redressal Committee :

The Corporation settles a large number of Death Claims every year and adopts fair practices in the matter of settlement of claims. It is not the policy of the Corporation to repudiate a genuine claim. Furthering this cause, LIC pioneered the initiative of introducing an internal review mechanism in the year 1979 to give an opportunity to the claimants to appeal for review, whenever a claim is repudiated.
The Claims Dispute Redressal Committee is functioning at the Corporate Level and all eight Zonal offices. The Central Office Claims Dispute Redressal Committee [CO CDRC] is functional at Central Office, Mumbai and the Zonal Office Claims Dispute Redressal Committee [ZO CDRC] is functioning in all Zonal Offices located at Delhi, Kanpur, Bhopal, Kolkata, Chennai, Hyderabad, Mumbai and Patna.
The Committee consists of senior officials at the Zonal / Central Office and a retired District/ High Court Judge. Whenever a claim is repudiated, the claimant is explicitly informed of the grounds of repudiation and provided with the address of the Zonal Office Claims Dispute Redressal Committee (ZO-CDRC) to prefer his/her appeal. If the decision to repudiate the claim is upheld by the said Committee, then depending on the net claim amount, the claimant is either provided with the address of the Insurance Ombudsman or with the address of the Central Office -Claims Dispute Redressal Committee (CO CDRC). Again, if the decision to repudiate the claim is upheld by the CO-CDRC, the claimant is provided with the address of the Insurance Ombudsman to whom the claimant may prefer an appeal. The internal mechanism for review of repudiated claims adopted by LIC has ensured transparency and confidence in our operations and has resulted in greater satisfaction amongst the claimants and policyholders.

Insurance Ombudsman :

The Institution of Insurance Ombudsman was created by Government of India (notification dated 11.11.1998) with the purpose of quick disposal of grievances of the insured customer and to mitigate their problems involved in redressal of their grievances. The Insurance Ombudsman is appointed by the Governing Body of Insurance Council (GBIC) and are empowered to entertain complaints on the following aspects.
Any Partial or total repudiation of claims by an insurer
Delay in settlement of claims
Any disputes in regards to premiums paid or payable in terms of the policy
Any dispute on the legal construction of the policies in so far as such disputes relate to claims.
Non-issuance of Insurance document to Customers after receipt of premium.
The complainant can approach the Office of Insurance Ombudsman as per jurisdiction, for value of the claim including expenses not exceeding ?.20 lacs, within 1 year from the date of rejection/repudiation/partial settlement of claim by the Insurer. The complaint shall be in writing duly signed by the policyholder or claimant/ legal heirs. The forum of Insurance Ombudsman does not charge any fees for filing the complaint. The complainant should not have approached any other Forum/Court/Arbitrator on the same subject matter of the claim.

Know About Your Life Insurance

LIC — Mon, 08 Jul 2024 20:55:44 +0530

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Know About Your Life Insurance

Life insurance in India made its debut well over 100 years ago. In our country, which is one of the most populated in the world, the prominence of insurance is not as widely understood, as it ought to be. What follows is an attempt to acquaint readers with some of the concepts of life insurance, with special reference to LIC. It should, however, be clearly understood that the following content is by no means an exhaustive description of the terms and conditions of an LIC policy or its benefits or privileges. For more details, please contact our branch or divisional office. Any LIC Agent will be glad to help you choose the life insurance plan to meet your needs and render policy servicing.

What Is Life Insurance?

Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.
The contract is valid for payment of the insured amount during:
The date of maturity, or
Specified dates at periodic intervals, or
Unfortunate death, if it occurs earlier.
Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner.
By and large, life insurance is civilisation's partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person:
That of dying prematurely leaving a dependent family to fend for itself.
That of living till old age without visible means of support.

Life Insurance Vs. Other Savings

Contract Of Insurance:
A contract of insurance is a contract of utmost good faith technically known as uberrima fides. The doctrine of disclosing all material facts is embodied in this important principle, which applies to all forms of insurance. At the time of taking a policy, policyholder should ensure that all questions in the proposal form are correctly answered. Any misrepresentation, non-disclosure or fraud in any document leading to the acceptance of the risk would render the insurance contract null and void.

Protection:
Savings through life insurance guarantee full protection against risk of death of the saver. Also, in case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable.

Aid To Thrift:
Life insurance encourages 'thrift'. It allows long-term savings since payments can be made effortlessly because of the 'easy instalment' facility built into the scheme. (Premium payment for insurance is either monthly, quarterly, half yearly or yearly). For example: The Salary Saving Scheme popularly known as SSS, provides a convenient method of paying premium each month by deduction from one's salary. In this case the employer directly pays the deducted premium to LIC. The Salary Saving Scheme is ideal for any institution or establishment subject to specified terms and conditions.

Liquidity:
In case of insurance, it is easy to acquire loans on the sole security of any policy that has acquired loan value. Besides, a life insurance policy is also generally accepted as security, even for a commercial loan.

Tax Relief:
Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force. Assessees can also avail of provisions in the law for tax relief. In such cases the assured in effect pays a lower premium for insurance than otherwise.

Money When You Need It:
A policy that has a suitable insurance plan or a combination of different plans can be effectively used to meet certain monetary needs that may arise from time-to-time. Children's education, start-in-life or marriage provision or even periodical needs for cash over a stretch of time can be less stressful with the help of these policies. Alternatively, policy money can be made available at the time of one's retirement from service and used for any specific purpose, such as, purchase of a house or for other investments. Also, loans are granted to policyholders for house building or for purchase of flats (subject to certain conditions).

Who Can Buy A Policy?

Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest. Policies can also be taken, subject to certain conditions, on the life of one's spouse or children. While underwriting proposals, certain factors such as the policyholder’s state of health, the proponent's income and other relevant factors are considered by the Corporation.

Insurance For Women:

Prior to nationalisation (1956), many private insurance companies would offer insurance to female lives with some extra premium or on restrictive conditions. However, after nationalisation of life insurance, the terms under which life insurance is granted to female lives have been reviewed from time-to-time. At present, women who work and earn an income are treated at par with men. In other cases, a restrictive clause is imposed, only if the age of the female is up to 30 years and if she does not have an income attracting Income Tax.

Medical And Non-Medical Schemes:

Life insurance is normally offered after a medical examination of the life to be assured. However, to facilitate greater spread of insurance and also to avoid inconvenience, LIC has been extending insurance cover without any medical examination, subject to certain conditions.

With Profit And Without Profit Plans:

An insurance policy can be 'with' or 'without' profit. In the former, bonuses disclosed, if any, after periodical valuations are allotted to the policy and are payable along with the contracted amount. In 'without' profit plan the contracted amount is paid without any addition. The premium rate charged for a 'with' profit policy is therefore higher than for a 'without' profit policy.

Keyman Insurance:

Keyman insurance is taken by a business firm on the life of key employee(s) to protect the firm against financial losses, which may occur due to the premature demise of the Keyman.

Operations

LIC — Mon, 08 Jul 2024 20:49:51 +0530

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Operations

We operate all over India

Organization Chat

LIC — Mon, 08 Jul 2024 20:47:03 +0530

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Contact Information

Vamsi
Email address:Vamsi999@gmail.com
Tel. Nos.: 8887333777

Vamsi

Office address: Hare krishna vizag, Andhra Pradesh -530001 Visakhapatnam

Email address: Vamsi999@gmail.com
Tel. Nos.: 8887333777

Mission / Vision

LIC — Mon, 08 Jul 2024 20:44:46 +0530

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Mission

"Ensure and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development."

Vision

"A trans-nationally competitive financial conglomerate of significance to societies and Pride of India."

Objectives Of LIC

LIC — Mon, 08 Jul 2024 20:41:07 +0530

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Objectives Of LIC

Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost.
Maximize mobilization of people's savings by making insurance-linked savings adequately attractive.
Bear in mind, in the investment of funds, the primary obligation to its policyholders, whose money it holds in trust, without losing sight of the interest of the community as a whole; the funds to be deployed to the best advantage of the investors as well as the community as a whole, keeping in view national priorities and obligations of attractive return.
Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders.
Act as trustees of the insured public in their individual and collective capacities.
Meet the various life insurance needs of the community that would arise in the changing social and economic environment.
Involve all people working in the Corporation to the best of their capability in furthering the interests of the insured public by providing efficient service with courtesy.
Promote amongst all agents and employees of the Corporation a sense of participation, pride and job satisfaction through discharge of their duties with dedication towards achievement of Corporate Objective.

History

LIC — Mon, 08 Jul 2024 20:23:48 +0530

✔ Price: ₹0

History

Brief History Of Insurance

The story of insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era – past few centuries – yet its beginnings date back almost 6000 years.

Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870, and covered Indian lives at normal rates. Starting as Indian enterprise with highly patriotic motives, insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of society. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance companies. The United India in Madras, National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore were established in 1906. In 1907, Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta. The Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) were some of the companies established during the same period. Prior to 1912 India had no legislation to regulate insurance business. In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed. The Life Insurance Companies Act, 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. But the Act discriminated between foreign and Indian companies on many accounts, putting the Indian companies at a disadvantage.

The first two decades of the twentieth century saw lot of growth in insurance business. From 44 companies with total business-in-force as Rs.22.44 crore, it rose to 176 companies with total business-in-force as Rs.298 crore in 1938. During the mushrooming of insurance companies many financially unsound concerns were also floated which failed miserably. The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business. The demand for nationalization of life insurance industry was made repeatedly in the past but it gathered momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly. However, it was much later on the 19th of January, 1956, that life insurance in India was nationalized. About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were operating in India at the time of nationalization. Nationalization was accomplished in two stages; initially the management of the companies was taken over by means of an Ordinance, and later, the ownership too by means of a comprehensive bill. The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost.

Life Insurance Corporation had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956. Since life insurance contracts are long term contracts and during the currency of the policy it requires a variety of services need was felt in the later years to expand the operations and place a branch office at each district headquarter. Re-organization of Life Insurance Corporation took place and large numbers of new branch offices were opened. As a result of re-organisation servicing functions were transferred to the branches, and branches were made accounting units. It worked wonders with the performance of the corporation. It may be seen that from about 200.00 crores of New Business in 1957 the corporation crossed 1000.00 crores only in the year 1969-70, and it took another 10 years for Life Insurance Corporation to cross 2000.00 crore mark of new business. But with re-organisation happening in the early eighties, by 1985-86 Life Insurance Corporation had already crossed 7000.00 crore Sum Assured on new policies.

Today Life Insurance Corporation functions with 2048 fully computerized branch offices, 113 divisional offices, 8 zonal offices, 1381 satallite offices and the Corporate office. Life Insurance Corporation’s Wide Area Network covers 113divisional offices and connects all the branches through a Metro Area Network. Life Insurance Corporation has tied up with some Banks and Service providers to offer on-line premium collection facility in selected cities. Life Insurance Corporation’s ECS and ATM premium payment facility is an addition to customer convenience. Apart from on-line Kiosks and IVRS, Info Centres have been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and many other cities. With a vision of providing easy access to its policyholders, Life Insurance Corporation has launched its SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer to the customer. The digitalized records of the satellite offices will facilitate anywhere servicing and many other conveniences in the future.

Life Insurance Corporation continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. Life Insurance Corporation has issued over one crore policies during the current year. It has crossed the milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a healthy growth rate of 16.67% over the corresponding period of the previous year.

From then to now, Life Insurance Corporation has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. The same motives which inspired our forefathers to bring insurance into existence in this country inspire us at Life Insurance Corporation to take this message of protection to light the lamps of security in as many homes as possible and to help the people in providing security to their families.

Some of the important milestones in the life insurance business in India are :-

1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning.

1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business.

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalised. Life Insurance Corporation formed by an Act of Parliament, viz. Life Insurance Corporation Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British.

Some of the important milestones in the general insurance business in India are:-

1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business.

1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices.

1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.

1972: The General Insurance Business (Nationalisation) Act, 1972 nationalised the general insurance business in India with effect from 1st January 1973.

107 insurers amalgamated and grouped into four companies viz. the National Insurance Company Ltd., the New India Assurance Company Ltd.,the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.

NRI Centre

LIC — Mon, 08 Jul 2024 19:31:43 +0530

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Non-Resident Indian / Foreign National Of IndIian Origin/Oci:

A. NON-RESIDENT INDIAN

A non-resident Indian is a citizen of India temporarily residing in the country of his/her present residence and holding a valid passport issued by the Government of India.
NRI should not be a green card holder. He/She should not have applied for or planning to apply in the near future for acquiring citizenship of his /her present country of residence or any other country.
It is clarified that People of Indian Origin having foreign nationality and residing in foreign countries FNIOs/ Green card holders are not considered as NRIs for the purpose of allowing insurance.
Policies are issued in Indian Rupees only. Our Branches and Joint Venture Companies ( refer to option ; ‘Associates’ on main page for details ) issue policies in their local currencies. e.g. Our U.K. Branch issues policies in Sterling Pound currency.
NRIs are allowed insurance on their visit to India where all formalities are completed during their stay in India. In such cases they would be treated at par with Indian Lives for the purpose of allowing insurance.
NRIs may also obtain insurance cover from their present country of residence where all formalities are completed in their present country of residence and this process is called ‘Mail Order Business’.
Minimum Sum Assured allowed would be Rs. 10 lakhs and maximum would depend on conditions of insurability. However, under mail order business, maximum sum assured would be limited to Rs. Three Crore only.
Proof of income in the form of income tax returns, copy of employment contract where emoluments are mentioned, Certificate from Chartered Accountant, Personal Financial Questionnaire (PFQ) etc. would be required if the sum assured is high or if the proposal is submitted through Mail Order Business.
All types of plans are allowed subject to the conditions that.
Critical Illness Benefit is not granted.
Term Rider Benefit would be restricted to certain limit of Sum assured.
Sum Assured would be restricted in respect of term insurance plans.
NRIs may obtain insurance cover under our Non-Medical ((Preferred and Special) scheme subject to certain restrictions, some of which are listed below:
Applicable if insurance is obtained during visit to India or through Mail Order Business when LIC Agents visit the country of residence of NRI for completing the necessary formalities.
If the proposer has not visited India and the Agent has also not visited the country of residence of NRI, an additional facility to complete the proposal on the basis of Video Medical is also available subject to certain terms and conditions.
Maximum age at entry would be 50 years.
Plans with high risk cover and term rider benefits would not be allowed.
The proposer should be employed in Government or reputed commercial firm or should be a professional such as Chartered Accountant, Doctor, Teacher, Lawyer, Accountant, Engineer, etc.
This scheme is applicable to those NRIs who are residing in Group V countries only. (See Annexure-IV for group details).

Rules regarding insurance under medical scheme through ‘Mail Order Business’ are given in Annexure-I.

The rules regarding granting insurance cover to NRIs during their visit to India would be similar to those applicable to Indian Lives. Help of a local agent/ development officer / branch office of LIC may be obtained. Addresses of our Offices can be obtained from the option:‘locator’.
The main papers required to obtain insurance cover would be
Prescribed proposal form depending on the type of policy selected.
NRI Questionnaire. (Annexure-II)
Medical Report (not applicable if the proposal is under non-medical scheme)
Special Medical Reports, if called for.
Attested copy of Passport.
Proof of age and income.
Initial Deposit equivalent to Installment Premium under the proposed plan of insurance.
A reference may please be made to Annexure-IV for details such as Residence Extra and other restrictive conditions.

B. Overseas Citizen of India(OCI) / People of Indian Origin having Foreign Nationality and residing in Foreign Countries(FNIOs/ Green Card holders/ OCI)

Mail order business will be allowed only to those registered as Overseas Citizen of India and have valid OCI Card
Policy will be issued in Indian Currency
Report by designated LIC agents is compulsory.
Claim would be paid in India in Indian Currency only.
Other rules are same as NRIs.

C. Foreign Account Tax Compliance Act (FATCA) & Common Reporting Standards (CRS)

Post listing LIC is a Reporting Financial Institution under section 285BA of the Income tax Act, 1961 (‘the Act’) and is required to identify accountholders after carrying out the due diligence process as per Rules 114F to 114H of the Income-tax Rules, 1962 (‘the Rules’) published vide Notification No. S.O. 2155(E) dated 7 August 2015 read with Guidance Note dated 30 November 2016 on these Rules. It has therefore become mandatory to capture the Tax Residency status of policyholders. Accordingly, all our policyholders are requested to inform their Tax Residency Status by filing the Self Certification Form. Kindly logon to our customer Portal and complete the Self certification form.

Insurance Selector

LIC — Mon, 08 Jul 2024 19:27:10 +0530

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What should be the term of my insurance

Premium paying term depends upon :
a. How many years you see yourself earning a regular income?
b. Amount you can commit to be paying regularly
c. How long you want to be insured?

Policy Guidelines & Helplines

LIC — Mon, 08 Jul 2024 19:17:15 +0530

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Your Policy Bond And Its Safety

The policy bond is the document that is given to you after we accept your proposal for insurance.
The risk coverage commences after acceptance of your proposal and the conditions and privileges of your policy are mentioned in the policy bond.
This is an important document which would be referred to for various servicing interactions with you – Keep the policy bond safe. It will be required at the time of settlement of claims on the policy. You will also require it if you are availing a loan or want to assign the policy.
Inform your spouse/Parents/Children as to where the policy is kept.
In case you are handing over the policy bond to any person or office, please take a written acknowledgement. Keep a Photostat copy of the policy for your reference.

Your Policy Number

The policy number is consisting of nine digits and can be found at the top left hand corner of the schedule of your policy bond.
This is a unique identification number that distinguishes your policies from other policies and will remain unchanged throughout the lifetime of the policy.
Remember to quote the policy number every time in your correspondence, as it helps us to locate your records for reference.

Policy Conditions

Every policy is taken for different types of needs; therefore the conditions for your policy will vary according to the Plan and Term of the policy.
The policy schedule contains on the first page of your policy, like the ones mentioned above as well as other information like nominee, your address etc. It also shows the date of commencement of your policy, date of birth, date of maturity, due dates and months in which the renewal premiums are to be paid etc.
The second page onwards carries the various policy conditions like risk coverage, additional risks coverage if opted for, standard benefits that are available for all policies, accident benefit if opted for, exclusion of risks if any and other conditions that govern the contract of insurance.

If Your Policy Is Lost

Kindly make a thorough search before concluding that you have lost the policy bond. Look for the same within your residence, among your investment papers, at your office and even with your agent to whom you might have entrusted the document for some reason.
It could have been even pledged with LIC/any other financial institution for availing a loan by you. LIC retains the policy bond when you go in for a loan against the policy. Make sure that the document you are searching is not one that has already been assigned to LIC, or to another financial institution.
If the policy bond is partially destroyed due to natural causes like, fire, flood, etc, the remaining portion may be returned as evidence of loss of policy to LIC, while applying for a duplicate policy.

Assignment

In case you are raising a loan against your policy from LIC or any other financial institution, your policy would have to be assigned to LIC or the financial institution.
When you assign the policy the title of the policy is shifted from your name to that of the institution.
The policy would be reassigned to you on the repayment of the loan.
A fresh nomination should be done after reassignment of the policy.

Tax Benefit

LIC — Mon, 08 Jul 2024 18:59:01 +0530

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INCOME-TAX RATES AND TAX BENEFITS FROM LIFE INSURANCE AND RATES FOR ASSESSMENT YEAR 2022-2023 (FINANCIAL YEAR 2021-2022) (Content is in English) (520 KB)

Pension & Group Schemes

LIC — Mon, 08 Jul 2024 18:15:48 +0530

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Pension & Group Schemes

Group Insurance covers a group of lives under one contract. It can be employer- employee group or any other homogeneous group formed for purposes other than obtaining insurance.
In addition to providing group insurance cover, the P&GS Department also offers Fund management services to the Employer Group through its dedicated Gratuity, Superannuation and Leave Encashment schemes. It provides customized solutions to the customers at a group level. It is also the Annuity Provider for the employees who are retiring or exiting the company.
The Department provides customized insurance/ benefit administration schemes specifically designed as per respective governments – State and Central.

Insurance Products

Sr. No.	Product Name	UIN No	Policy Document	Sales Brochure
1	LIC's New Group Superannuation Cash Accumulation Plan	512N274V03	PDF (266 KB)	PDF (217 KB)
2	LIC's New Group Gratuity Cash Accumulation Plan	512N281V03	PDF (2.3 MB)	PDF

Contact for Group Insurance Scheme

LIC — Mon, 08 Jul 2024 18:12:13 +0530

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Plan NAV

Plan NAV stands for Net Asset Value, which represents the per-unit price of the mutual fund scheme.

Foreign Units

Foreign Units typically refer to subsidiaries or associated companies of LIC that operate internationally.

LIC Associates & Subsidiaries

LIC Housing Finance Ltd.
LIC Mutual Fund Asset Management Ltd.
LIC Pension Fund Ltd.
LIC Cards Services Ltd.

LIC Quick Tips

Always check the NAV before investing in a mutual fund.
Understand the terms and conditions of foreign units before dealing with them.
Explore LIC's various subsidiaries for specialized financial services.

Group Customer/Annuitant Login

LIC — Mon, 08 Jul 2024 18:09:42 +0530

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Group Customer/Annuitant Login

CLICK HERE for Group Customer/Annuitant Login

Last modified date: 30/8/2023

Plan NAV

Plan NAV stands for Net Asset Value, which represents the per-unit price of the mutual fund scheme.

Foreign Units

Foreign Units typically refer to subsidiaries or associated companies of LIC that operate internationally.

LIC Associates & Subsidiaries

LIC Housing Finance Ltd.
LIC Mutual Fund Asset Management Ltd.
LIC Pension Fund Ltd.
LIC Cards Services Ltd.

LIC Quick Tips

Always check the NAV before investing in a mutual fund.
Understand the terms and conditions of foreign units before dealing with them.
Explore LIC's various subsidiaries for specialized financial services.

NRI Centre

LIC — Mon, 08 Jul 2024 18:02:05 +0530

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NRI Centre

Welcome to NRI Centre. We have made an attempt here to furnish important features applicable to Non-Resident Indians (NRI) and People of Indian Origin having foreign nationality and residing in foreign countries ( FNIOs).

Non-Resident Indian / Foreign National Of IndIian Origin/Oci:

A. NON-RESIDENT INDIAN

A non-resident Indian is a citizen of India temporarily residing in the country of his/her present residence and holding a valid passport issued by the Government of India.
NRI should not be a green card holder. He/She should not have applied for or planning to apply in the near future for acquiring citizenship of his /her present country of residence or any other country.
It is clarified that People of Indian Origin having foreign nationality and residing in foreign countries FNIOs/ Green card holders are not considered as NRIs for the purpose of allowing insurance.
Policies are issued in Indian Rupees only. Our Branches and Joint Venture Companies ( refer to option ; ‘Associates’ on main page for details ) issue policies in their local currencies. e.g. Our U.K. Branch issues policies in Sterling Pound currency.
NRIs are allowed insurance on their visit to India where all formalities are completed during their stay in India. In such cases they would be treated at par with Indian Lives for the purpose of allowing insurance.
NRIs may also obtain insurance cover from their present country of residence where all formalities are completed in their present country of residence and this process is called ‘Mail Order Business’.
Minimum Sum Assured allowed would be Rs. 10 lakhs and maximum would depend on conditions of insurability. However, under mail order business, maximum sum assured would be limited to Rs. Three Crore only.
Proof of income in the form of income tax returns, copy of employment contract where emoluments are mentioned, Certificate from Chartered Accountant, Personal Financial Questionnaire (PFQ) etc. would be required if the sum assured is high or if the proposal is submitted through Mail Order Business.
All types of plans are allowed subject to the conditions that.
Critical Illness Benefit is not granted.
Term Rider Benefit would be restricted to certain limit of Sum assured.
Sum Assured would be restricted in respect of term insurance plans.
NRIs may obtain insurance cover under our Non-Medical ((Preferred and Special) scheme subject to certain restrictions, some of which are listed below:
Applicable if insurance is obtained during visit to India or through Mail Order Business when LIC Agents visit the country of residence of NRI for completing the necessary formalities.
If the proposer has not visited India and the Agent has also not visited the country of residence of NRI, an additional facility to complete the proposal on the basis of Video Medical is also available subject to certain terms and conditions.
Maximum age at entry would be 50 years.
Plans with high risk cover and term rider benefits would not be allowed.
The proposer should be employed in Government or reputed commercial firm or should be a professional such as Chartered Accountant, Doctor, Teacher, Lawyer, Accountant, Engineer, etc.
This scheme is applicable to those NRIs who are residing in Group V countries only. (See Annexure-IV for group details).

Rules regarding insurance under medical scheme through ‘Mail Order Business’ are given in Annexure-I.

The rules regarding granting insurance cover to NRIs during their visit to India would be similar to those applicable to Indian Lives. Help of a local agent/ development officer / branch office of LIC may be obtained. Addresses of our Offices can be obtained from the option:‘locator’.
The main papers required to obtain insurance cover would be
Prescribed proposal form depending on the type of policy selected.
NRI Questionnaire. (Annexure-II)
Medical Report (not applicable if the proposal is under non-medical scheme)
Special Medical Reports, if called for.
Attested copy of Passport.
Proof of age and income.
Initial Deposit equivalent to Installment Premium under the proposed plan of insurance.
A reference may please be made to Annexure-IV for details such as Residence Extra and other restrictive conditions.

B. Overseas Citizen of India(OCI) / People of Indian Origin having Foreign Nationality and residing in Foreign Countries(FNIOs/ Green Card holders/ OCI)

Mail order business will be allowed only to those registered as Overseas Citizen of India and have valid OCI Card
Policy will be issued in Indian Currency
Report by designated LIC agents is compulsory.
Claim would be paid in India in Indian Currency only.
Please refer to Annexure-IV for details such as residence extra and other restrictive conditions and Plans allowed, Maximum sum assured etc.
Other rules are same as NRIs.

C. Foreign Account Tax Compliance Act (FATCA) & Common Reporting Standards (CRS)

Post listing LIC is a Reporting Financial Institution under section 285BA of the Income tax Act, 1961 (‘the Act’) and is required to identify accountholders after carrying out the due diligence process as per Rules 114F to 114H of the Income-tax Rules, 1962 (‘the Rules’) published vide Notification No. S.O. 2155(E) dated 7 August 2015 read with Guidance Note dated 30 November 2016 on these Rules. It has therefore become mandatory to capture the Tax Residency status of policyholders. Accordingly, all our policyholders are requested to inform their Tax Residency Status by filing the Self Certification Form. Kindly logon to our customer Portal and complete the Self certification form.
Click here for download the forms

Other Points
Existing policies taken while in India will continue in Indian Currency even after the life assured moves to foreign countries as NRI. Please keep the concerned servicing branch of LIC informed about your new status i.e. NRI and your new address. Please submit to them NRI questionnaire form duly filled and signed. (See Annexure-II). You may continue to pay premiums through various approved channels to LIC.

ANNEXURES:

Rules regarding mail order business - Annexure - I (21 KB)
NRI Questionnaire - Annexure - II (26 KB)
Life insurance Memorandum - Annexure - III (21 KB)
Revised Residence groups - Annexure - IV (46 KB)

EXEMPTION OF GST ON PAYMENT OF RENEWAL PREMIUM FOR ELIGIBLE NRI POLICYHOLDERS

Eligible NRI/ OCI/ FNIIO Policyholders can avail exemption of GST on payment of Renewal Premium subject to fulfilment of certain conditions. The complete guide and the relevant annexures can be downloaded from below:

FATCA/CRS

LIC — Mon, 08 Jul 2024 16:45:58 +0530

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FATCA/CRS

Last modified date: 31/8/2023

IRDA Hindi version

LIC — Mon, 08 Jul 2024 12:41:45 +0530

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For more chapters (click here)

IRDA English version

LIC — Mon, 08 Jul 2024 12:40:04 +0530

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For more chapters (click here)

IC 38 synopisis-section-3 health insurance

LIC — Mon, 08 Jul 2024 12:21:17 +0530

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IC 38 synopisis-section-2 life insurance

LIC — Mon, 08 Jul 2024 12:19:32 +0530

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IC 38 synopisis-section-1 common

LIC — Mon, 08 Jul 2024 12:18:12 +0530

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Lic exam content

LIC — Mon, 08 Jul 2024 12:11:49 +0530

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Information Technology and LIC

LIC — Fri, 05 Jul 2024 17:54:07 +0530

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Information technology and LIC

LIC has been one of the pioneering Indian organizations in leveraging Information Technology for policy servicing and business operations. Unit Record Machines introduced in late 1950’s were phased out with Microprocessors based computers starting from 1964. Branch and Divisional Offices were also equipped with computers in 1980s for Back Office operations. In 1990s, Standard Computer Packages were developed and implemented for Ordinary and Salary Savings Scheme (SSS) Policies. We have been upgrading our systems with relevant and appropriate technologies over the years.

Front end operation:

LIC Website:

We have upgraded our Internet website, which is an information bank, to make it dynamic and interactive. We have displayed information about LIC, its products & offices and related details. The addresses/e-mail Ids of our Zonal Offices, Zonal Training Centers, Management Development Center, Overseas Branches, Divisional Offices and all Branch and Satellite offices are displayed with a view to speed up the communication process.

Payment of premium and policy status on internet:

(You have to register for these services) LIC has provided its policyholders a unique facility to pay premiums online absolutely free of charges and also view their policy details.

Click here for more on Internet Premium Payment

Info centers:

LIC of India has 74 Customer Zones (CZEEs) across the country at present for touch point services to customers. In some locations, these CZEEs function in shifts to facilitate services to policy holders during off-peak work hours.

Click here for Info Centre Contact Numbers

Phone helpline

LIC — Fri, 05 Jul 2024 17:42:27 +0530

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Phone Help Line

Contact LIC Call Center at +918887333777

Services are now available 24*7 in English, Hindi and 8 Regional Languages.

Customer Zones :

Exclusively for Customers. Personalized attention

Monday to Friday : 08.00 a.m. to 08.00 p.m.

The Customer Zones provide personalized services to our customers. You may contact the nearest customer zone for :

CUSTOMER ZONES

Services	Information	Assistance
Change of address	Premium points	Filling up of application forms
Premium paid Certificate	Bonus	Registration on LIC's Customer Portal
Life Certificate (Pension Policies)	Loan	Registration of Mobile number, E-mail ID, PIN code no.
Grievance Redressal	Revival	-
NEFT Registration and Validation	LIC plans and benefits	-
PAN Registration and Validation	-	-
Updation of Contact details	-	-
First Nomination, Change of Nomination	-	-

CUSTOMER ZONES

Click on the place. Get telephone nos. and address of Customer Zones

ABC	DEFGHI	JKL	MNOPQR	STUVW
Agra	Delhi	Jabalpur	Madurai	Salem
Ahmedabad	Delhi-II	Jaipur	Mangalore	Secunderabad
Amritsar	Dhanbad	Jalandhar	Mumbai-I	Siliguri
Bangalore	Dwarka	Jamshedpur	Mumbai-II	Surat
Bangalore-II	Dharwad	Jammu	Mumbai-III	Thane
Belgaum	Ernakulam	Jodhpur	Mumbai-IV	Thrissur
Bhagalpur	Gandhinagar	Kanpur	Muzaffarpur	Tirunelvelli
Bhubaneshwar	Goa	Karnal	Mysore	Trichy
Bhopal	Gulbarga	Kolkata	Nagpur	Trivendrum
Chandigarh	Guntur	Kolkata(S)	Nerul	Varanasi
Chennai	Kolkata-II	Noida	Nerul	Vellore
Chennai-II	Gwalior	Kottayam	Patna	Vijaywada
Coimbatore	Gurgaon	Kozhikode	Pune	Visakhapatnam
Cuttack	Hubli	Lucknow	Raipur	Warangal.
-	Hyderabad	Howrah	Ludhiana	Rajkot
-	Indore	-	-	-

Grievance Redressal Officers:

For any policy related grievance, please feel free to contact our Grievance Redressal Officers at Branch / Division / Zonal / Corporate Level.

SMS LICHELP :

SMS LICHELP to 8887333777

Details of Health Insurance TPA along with Toll Free Numbers:

(Content is in English) (44.1 KB)

Our Services

LIC — Fri, 05 Jul 2024 17:08:31 +0530

✔ Price: ₹0

Our Services

At LIC Life Plus, we offer a wide range of life insurance products designed to meet various financial goals and protection needs. Our services include:

1. Individual Life Insurance:

Comprehensive plans to secure the financial future of individuals and their families.

2.Group Insurance:

Customized solutions for organizations to provide life insurance benefits to their employees.

3.Pension Plans:

Tailored plans to ensure a comfortable and secure retirement.

4. Investment Plans:

Options to help policyholders grow their wealth while enjoying life coverage.

5.Child Education Planning:

Secure your child's future education with our specially designed plans.

6.Child Marriage Provision:

Plan ahead for your child's marriage expenses with our dedicated policies.

7.Child Career Startup Planning:

Provide a financial foundation for your child's career aspirations.

8.Family Income Protection:

Ensure continuous financial support for your family. In the event of the breadwinner's absence, our plan guarantees that the family's income needs are met, securing their financial stability.

9.Creating Non-Attachable Family Trust:

Establish a family trust that remains protected and non-attachable, ensuring your family's financial security is safeguarded against any unforeseen legal claims.

10.Employers Benefit Plans:

Employers can postpone taxes and provide their company with the advantage of creating superannuation for their directors, ensuring long-term financial benefits and stability.

Update Your Contact details

LIC — Sat, 29 Jun 2024 21:53:46 +0530

✔ Price: ₹0

Awareness about Spurious Calls (Content is in English) (13 KB)

Awareness about Spurious Calls

LIC — Sat, 29 Jun 2024 21:39:36 +0530

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Awareness about Spurious Calls (Content is in English) (13 KB)

Operations

LIC — Sat, 29 Jun 2024 21:26:22 +0530

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Operations :-

We operate all over India

Objectives Of LIC

LIC — Sat, 29 Jun 2024 21:22:05 +0530

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Objectives Of LIC

Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost.
Maximize mobilization of people's savings by making insurance-linked savings adequately attractive.
Bear in mind, in the investment of funds, the primary obligation to its policyholders, whose money it holds in trust, without losing sight of the interest of the community as a whole; the funds to be deployed to the best advantage of the investors as well as the community as a whole, keeping in view national priorities and obligations of attractive return.
Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders.
Act as trustees of the insured public in their individual and collective capacities.
Meet the various life insurance needs of the community that would arise in the changing social and economic environment.
Involve all people working in the Corporation to the best of their capability in furthering the interests of the insured public by providing efficient service with courtesy.
Promote amongst all agents and employees of the Corporation a sense of participation, pride and job satisfaction through discharge of their duties with dedication towards achievement of Corporate Objective.

Premium Payment

LIC — Sat, 29 Jun 2024 21:19:50 +0530

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FATCA/CRS

LIC — Sat, 29 Jun 2024 21:19:03 +0530

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Contact Information

LIC — Sat, 29 Jun 2024 21:18:55 +0530

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Contact Information

Shri Sanjay Bajaj

Head-Investor Relation

Email address:investorrelations@licindia.com

Tel. Nos.: 022-66599401/9442/9405

Shri Mithilesh Kumar Singh

Data Protection Officer

LIC of India Central Office, Mumbai - 400021

Email address: co_dpdp@licindia.com

Tel. Nos.: 022 - 66598673

History

LIC — Sat, 29 Jun 2024 21:18:25 +0530

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History

Brief history of insurance :-

Some of the important milestones in the life insurance business in India are :-

1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning.

1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business.

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.

Some of the important milestones in the general insurance business in India are:-

1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business.

1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices.

1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.

1972: The General Insurance Business (Nationalisation) Act, 1972 nationalised the general insurance business in India with effect from 1st January 1973.

Mission/Vision

LIC — Sat, 29 Jun 2024 21:13:16 +0530

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Welcome to LIC Life Plus

At LIC Life Plus, we believe in providing exceptional life insurance services that cater to the diverse needs of our valued policyholders and agents. As a direct division of the Life Insurance Corporation of India (LIC), our mission is to offer enhanced, professional, and customer-centric services through a dedicated network of highly qualified Senior Business Associates (SBAs).

Our Mission

Our mission is to revolutionize the life insurance industry by delivering superior services and fostering trust and reliability among our clients. We aim to provide comprehensive life insurance solutions that ensure the financial security and well-being of our policyholders and their families.

Our Team

The backbone of LIC Life Plus is our team of Senior Business Associates. These SBAs are not only top performers in their respective branches, divisions, and zones but also among the best in the entire country. Handpicked for their excellence and efficiency, our SBAs are committed to maintaining a cost ratio below 3%, ensuring the highest standards of service for our clients.

NRI Centre

LIC — Sat, 29 Jun 2024 21:03:39 +0530

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NRI Centre

Non-Resident Indian / Foreign National Of IndIian Origin/Oci:

A. NON-RESIDENT INDIAN

A non-resident Indian is a citizen of India temporarily residing in the country of his/her present residence and holding a valid passport issued by the Government of India.
NRI should not be a green card holder. He/She should not have applied for or planning to apply in the near future for acquiring citizenship of his /her present country of residence or any other country.
It is clarified that People of Indian Origin having foreign nationality and residing in foreign countries FNIOs/ Green card holders are not considered as NRIs for the purpose of allowing insurance.
Policies are issued in Indian Rupees only. Our Branches and Joint Venture Companies ( refer to option ; ‘Associates’ on main page for details ) issue policies in their local currencies. e.g. Our U.K. Branch issues policies in Sterling Pound currency.
NRIs are allowed insurance on their visit to India where all formalities are completed during their stay in India. In such cases they would be treated at par with Indian Lives for the purpose of allowing insurance.
NRIs may also obtain insurance cover from their present country of residence where all formalities are completed in their present country of residence and this process is called ‘Mail Order Business’.
Minimum Sum Assured allowed would be Rs. 10 lakhs and maximum would depend on conditions of insurability. However, under mail order business, maximum sum assured would be limited to Rs. Three Crore only.
Proof of income in the form of income tax returns, copy of employment contract where emoluments are mentioned, Certificate from Chartered Accountant, Personal Financial Questionnaire (PFQ) etc. would be required if the sum assured is high or if the proposal is submitted through Mail Order Business.
All types of plans are allowed subject to the conditions that.
Critical Illness Benefit is not granted.
Term Rider Benefit would be restricted to certain limit of Sum assured.
Sum Assured would be restricted in respect of term insurance plans.
NRIs may obtain insurance cover under our Non-Medical ((Preferred and Special) scheme subject to certain restrictions, some of which are listed below:
Applicable if insurance is obtained during visit to India or through Mail Order Business when LIC Agents visit the country of residence of NRI for completing the necessary formalities.
If the proposer has not visited India and the Agent has also not visited the country of residence of NRI, an additional facility to complete the proposal on the basis of Video Medical is also available subject to certain terms and conditions.
Maximum age at entry would be 50 years.
Plans with high risk cover and term rider benefits would not be allowed.
The proposer should be employed in Government or reputed commercial firm or should be a professional such as Chartered Accountant, Doctor, Teacher, Lawyer, Accountant, Engineer, etc.
This scheme is applicable to those NRIs who are residing in Group V countries only. (See Annexure-IV for group details).

Rules regarding insurance under medical scheme through ‘Mail Order Business’ are given in Annexure-I.

The rules regarding granting insurance cover to NRIs during their visit to India would be similar to those applicable to Indian Lives. Help of a local agent/ development officer / branch office of LIC may be obtained. Addresses of our Offices can be obtained from the option:‘locator’.
The main papers required to obtain insurance cover would be
Prescribed proposal form depending on the type of policy selected.
NRI Questionnaire. (Annexure-II)
Medical Report (not applicable if the proposal is under non-medical scheme)
Special Medical Reports, if called for.
Attested copy of Passport.
Proof of age and income.
Initial Deposit equivalent to Installment Premium under the proposed plan of insurance.
A reference may please be made to Annexure-IV for details such as Residence Extra and other restrictive conditions.

B. Overseas Citizen of India(OCI) / People of Indian Origin having Foreign Nationality and residing in Foreign Countries(FNIOs/ Green Card holders/ OCI)

Mail order business will be allowed only to those registered as Overseas Citizen of India and have valid OCI Card
Policy will be issued in Indian Currency
Report by designated LIC agents is compulsory.
Claim would be paid in India in Indian Currency only.
Please refer to Annexure-IV for details such as residence extra and other restrictive conditions and Plans allowed, Maximum sum assured etc.
Other rules are same as NRIs.

C. Foreign Account Tax Compliance Act (FATCA) & Common Reporting Standards (CRS)

Post listing LIC is a Reporting Financial Institution under section 285BA of the Income tax Act, 1961 (‘the Act’) and is required to identify accountholders after carrying out the due diligence process as per Rules 114F to 114H of the Income-tax Rules, 1962 (‘the Rules’) published vide Notification No. S.O. 2155(E) dated 7 August 2015 read with Guidance Note dated 30 November 2016 on these Rules. It has therefore become mandatory to capture the Tax Residency status of policyholders. Accordingly, all our policyholders are requested to inform their Tax Residency Status by filing the Self Certification Form. Kindly logon to our customer Portal and complete the Self certification form.
Click here for download the forms

ANNEXURES:

Rules regarding mail order business - Annexure - I (21 KB)
NRI Questionnaire - Annexure - II (26 KB)
Life insurance Memorandum - Annexure - III (21 KB)
Revised Residence groups - Annexure - IV (46 KB)

EXEMPTION OF GST ON PAYMENT OF RENEWAL PREMIUM FOR ELIGIBLE NRI POLICYHOLDERS

Claims Settlement Requirements

LIC — Sat, 29 Jun 2024 20:58:06 +0530

✔ Price: ₹0

Claims Settlement Requirements

Claims settlement procedure:

The settlement of claims is a very important aspect of service to the policyholders. Hence, the Corporation has laid great emphasis on expeditious settlement of Maturity as well as Death Claims.
The procedure for settlement of maturity and death claims is detailed below :

Maturity Claims:

In case of Endowment type of Policies, amount is payable at the end of the policy period. The Branch Office which services the policy sends out a letter informing the date on which the policy monies are payable to the policyholder at least two months before the due date of payment. The policyholder is requested to return the Discharge Form duly completed along with the Policy Document, NEFT Mandate Form (Bank A/c Particulars with supporting proof), KYC requirements etc. . On receipt of these documents payment is processed in advance so that maturity amount gets credited to the policyholder’s bank A/C on the due date.
Some Plans like Money Back Policies provide for periodical payments to the policyholders provided premium due under the policies are paid up to the anniversary due for Survival Benefit. In these cases where amount payable is up to Rs.500,000/-,payments are released without calling for the Discharge Receipt or Policy Document. Survival Benefit under Jeevan Anand policies up to Sum assured Rs. 200000/- is also released without calling for policy bond or discharge form. However, in case of higher amounts these two requirements are insisted upon.

Death Claims:

The death claim amount is payable in case of policies where premiums are paid up-to-date or where the death occurs within the days of grace. On receipt of intimation of death of the Life Assured the Branch Office calls for the following requirements:

Claim form A – Claimant’s Statement giving details of the deceased and the claimant.

Certified extract from Death Register

Documentary proof of age, if age is not admitted

Evidence of title to the deceased’s estate if the policy is not nominated, assigned or issued under M.W.P. Act.
Original Policy Document

The following additional forms are called for if death occurs within three years from the date of risk or from date of revival/reinstatement.

Claim Form B – Medical Attendant’s Certificate to be completed by the Medical Attendant of the deceased during his/her last illness

Claim Form B1 – if the life assured received treatment in a hospital

Claim form B2 – to be completed by the Medical Attendant who treated the deceased life assured prior to his last illness.

Claim Form C – Certificate of Identity and burial or cremation to be completed and signed by a person of known character and responsibility

Claim form E – Certificate by Employer if the assured was employed person.

Certified copies of the First Information Report, the Post-mortem report and Police Investigation Report if death was due to accident or unnatural cause. These additional forms are required to satisfy ourselves on the genuineness of the claim, i.e., no material information that would have affected our acceptance of proposal has been withheld by the deceased at the time of proposal. Further, these forms also help us at the time of investigation by the officials of the Corporation.

Double Accident Benefit Claims:

Disability Benefit Claims:

Claims Review Committees:

Insurance Ombudsman:

The Grievance Redressal Machinery has been further expanded with the appointment of Insurance Ombudsman at different centers by the Government of India. At present there are 12 centres operating all over the country.
Following type of complaints fall within the purview of the Ombdusman
any partial or total repudiation of claims by an insurer;
any dispute in regard to premiums paid if payable in terms of the policy;
any dispute on the legal construction of the policies in so far as such disputes relate to claims;
delay in settlement of claims;
non-issue of any insurance document to customers after receipt of premium.
Policyholder can approach the Insurance Ombudsman for the redressal of their complaints free of cost.

Help us to serve you better

LIC — Sat, 29 Jun 2024 20:54:24 +0530

✔ Price: ₹0

Help us to serve you better :-

Admission of age:

age is the main basis for calculation of premium under life insurance policies. the following are accepted standard age proofs as evidence of age:

school certificate
certified extract from municipal or other records made at the time of birth.
certificate of baptism or certified extract from family bible, if it contains age or date of birth.
certificate extract from service register, in case of government employees and employees of quasi-government, institutions and certificates from commercial institutions and industrial undertakings provided conclusive evidence of age was produced at the time of recruitment of the employee.
identity cards issued by the defence departments to defence personnel.
identity cards (provided date of birth is mentioned therein) issued by government, quasi-government, reputed commercial and industrial undertakings to their employees.
marriage certificates issued by roman catholic churches in the case of roman catholics.
domicile certificates in which the date of birth stated was proved on the basis of the school or birth certificate.
passport.
horoscope maintained by a hindu family in a bahi or family horoscope provided manager (nb) is satisfied with its reliability and originality.

Payment of premium:

by cash, local cheque (subject to realization of cheque), demand draft at branch office. the dd and cheques or money order may be sent by post. premiums can be paid at any of our branches as all our branches are connected through network.

Alternate channels of premium payment:

premiums can be paid through various alternate channels for in force policies which are not under salary savings scheme (sss). the various alternate channels for collection of premium are as under :

Offline

nachbill pay

Online

lic website
net banking
debit card
credit card
upi

Authorized bank

axis bank
city union bank
idbi bank

Franchisees

ap online
mp online
suvidha
infoservice
csc
paytm
instapay

Merchant

premium point
life-plus(sba)
retired lic employee
collection points
lic associates
chief organizers

Days of grace:

policyholder should pay the premiums on due date. however, a grace period of one month but not less than 30 days will be allowed for payment of yearly/half-yearly/quarterly premiums and 15 days for monthly premiums. when the days of grace expire on a sunday or a public holiday, the premium may be paid on the following working day to keep the policy in force. if the premium is not paid before the expiry of the days of grace, the policy lapses. for all term /ulip plans, please refer policy conditions.

Revival of lapsed policy:

if the policy has lapsed, it can be revived during the life time of the life assured but before the date of maturity subject to certain conditions. for plans issued after 01.01.2014, the policy can be revived within two years from the date of fup and before date of maturity. request for revival may be made to the branch office servicing the policy. kyc requirements will be required to be submitted.

Change of address and transfer of policy records:

the policyholder should immediately intimate the change of his/her address to the servicing unit. the correct address facilitates better service and quicker settlement of claims. the request letter with proof of residence shall be submitted. policy records can also be transferred from one branch office to another branch for servicing, as requested by the policyholder, provided the policy is in force.

Loss of policy document:

the policy document is an evidence of the contract between the insurer and the insured. hence the policyholder should preserve the policy bond till the contracted amount under it is settled. loss of the policy document should be immediately intimated to the branch office where it is serviced.

Loans:

loans are granted on policies as per conditions and privileges printed on the back of the policy bond. it is mentioned in the policy whether a particular policy is with or without loan facility. the rate of interest charged on policy loan is declared by the corporation every year and they are plan specific. interest on loan is payable half yearly.

Nomination:

nomination is a right conferred on the holder of a policy of life assurance on his own life to appoint a person/s to receive policy moneys in the event of the policy becoming a claim by the assured's death. the nominee does not get any other benefit except to receive the policy moneys on the death of the life assured. a nomination may be changed or cancelled by the life assured whenever he likes without the consent of the nominee. ensure nomination exists in the policy for easy settlement of claims.

Assignment:

assignment means transfer of rights, title and interest. when an assignment is executed, all rights, title and interest in respect of the property assigned are immediately transferred to the assignee/s and the assignee/s becomes the owner/s of the policy subject to any lawful condition made in the assignment. assignment can be either conditional or absolute. on assignment (other than to lic), nomination automatically stands cancelled. now for the policies under which assignment is effected after 26/12/2014, after reassigned, the nomination which was present before the assignment of the policy, will get reinstated automatically. for assignments effected prior to 26/12/2014, fresh nomination will have to be executed.

Survival benefit claims:

in case of plans which provide for periodical payments provided premium due under the policies are paid up to the anniversary due for survival benefit, claim intimation is sent to the policyholder / assignee well in advance by the branch office servicing the policy to submit the requirements such as original policy bond for endorsement, discharge form, neft mandate form with bank account details of the policyholder. on receipt of the requirements from the policyholders / assignee, survival benefit claim is paid directly into the bank account of the policyholder / assignee through the process of neft on the due date of the claim. for survival benefit payment up to ?. 2,00,000/- under policies which are not assigned and the premium position is up-to-date, only neft mandate form duly completed is required from the policyholder, original policy bond and discharge form is not insisted in such cases.

Maturity claims:

in case of policies where maturity claim is payable, claim intimation is sent to the policyholder / assignee well in advance by the branch office servicing the policy to submit the requirements such as original policy bond, discharge form, neft mandate form with bank account details of the policyholder. on receipt of the requirements from the policyholders / assignee, maturity claim is paid directly into the bank account of the policyholder / assignee through the process of neft on the due date of the claim.

Death claims:

if the life assured under a policy dies during the term of the policy, the nominee / assignee should immediately intimate in writing to the branch office servicing the policy mentioning the policy number, name of the policyholder, date of death and cause of death along with original death certificate issued by the appropriate authority. on receipt of the intimation letter, necessary claim forms are issued to the nominee / assignee along with instructions regarding the procedure to be followed thereof. timely settlement of death claim is the thrust area of the corporation.

Claims dispute redressal committee:

the corporation settles a large number of death claims every year and adopts fair practices in the matter of settlement of claims. it is not the policy of the corporation to repudiate a genuine claim. furthering this cause, lic pioneered the initiative of introducing an internal review mechanism in the year 1979 to give an opportunity to the claimants to appeal for review, whenever a claim is repudiated. the claims dispute redressal committee is functioning at the corporate level and all eight zonal offices. the central office claims dispute redressal committee [co cdrc] is functional at central office, mumbai and the zonal office claims dispute redressal committee [zo cdrc] is functioning in all zonal offices located at delhi, kanpur, bhopal, kolkata, chennai, hyderabad, mumbai and patna. the committee consists of senior officials at the zonal / central office and a retired district/ high court judge. whenever a claim is repudiated, the claimant is explicitly informed of the grounds of repudiation and provided with the address of the zonal office claims dispute redressal committee (zo-cdrc) to prefer his/her appeal. if the decision to repudiate the claim is upheld by the said committee, then depending on the net claim amount, the claimant is either provided with the address of the insurance ombudsman or with the address of the central office -claims dispute redressal committee (co cdrc). again, if the decision to repudiate the claim is upheld by the co-cdrc, the claimant is provided with the address of the insurance ombudsman to whom the claimant may prefer an appeal. the internal mechanism for review of repudiated claims adopted by lic has ensured transparency and confidence in our operations and has resulted in greater satisfaction amongst the claimants and policyholders.

Insurance ombudsman:

the institution of insurance ombudsman was created by government of india (notification dated 11.11.1998) with the purpose of quick disposal of grievances of the insured customer and to mitigate their problems involved in redressal of their grievances. the insurance ombudsman is appointed by the governing body of insurance council (gbic) and are empowered to entertain complaints on the following aspects:

any partial or total repudiation of claims by an insurer
delay in settlement of claims
any disputes in regards to premium paid or payable in terms of the policy
any disputes on the legal construction of the policies in so far as such disputes relate to claims
non-issuance of any insurance document to customers after receipt of premium

Know About Your Life Insurance

LIC — Sat, 29 Jun 2024 20:45:43 +0530

✔ Price: ₹0

Help us to serve you better

Admission of age:

age is the main basis for calculation of premium under life insurance policies. the following are accepted standard age proofs as evidence of age:

school certificate
certified extract from municipal or other records made at the time of birth.
certificate of baptism or certified extract from family bible, if it contains age or date of birth.
certificate extract from service register, in case of government employees and employees of quasi-government, institutions and certificates from commercial institutions and industrial undertakings provided conclusive evidence of age was produced at the time of recruitment of the employee.
identity cards issued by the defence departments to defence personnel.
identity cards (provided date of birth is mentioned therein) issued by government, quasi-government, reputed commercial and industrial undertakings to their employees.
marriage certificates issued by roman catholic churches in the case of roman catholics.
domicile certificates in which the date of birth stated was proved on the basis of the school or birth certificate.
passport.
horoscope maintained by a hindu family in a bahi or family horoscope provided manager (nb) is satisfied with its reliability and originality.

Payment of premium:

Alternate channels of premium payment:

premiums can be paid through various alternate channels for in force policies which are not under salary savings scheme (sss). the various alternate channels for collection of premium are as under :

Offline

nachbill pay

Online

lic website
net banking
debit card
credit card
upi

Authorized bank

axis bank
city union bank
idbi bank

Franchisees

ap online
mp online
suvidha
infoservice
csc
paytm
instapay

Merchant

premium point
life-plus(sba)
retired lic employee
collection points
lic associates
chief organizers

Days of grace:

Revival of lapsed policy:

Change of address and transfer of policy records:

Loss of policy document:

Loans:

Nomination:

Assignment:

Survival benefit claims:

Maturity claims:

Death claims:

Claims dispute redressal committee:

Insurance ombudsman:

any partial or total repudiation of claims by an insurer
delay in settlement of claims
any disputes in regards to premium paid or payable in terms of the policy
any disputes on the legal construction of the policies in so far as such disputes relate to claims
non-issuance of any insurance document to customers after receipt of premium

LIC's NEW ENDOWMENT PLUS

LIC — Wed, 26 Jun 2024 10:45:44 +0530

✔ Price: ₹0

Features of Withdrawal Plans:

Periodic Payouts: Money back plans provide periodic payouts during the policy term.
Maturity Benefits: Endowment and other plans offer lump sum maturity benefits at the end of the policy term.
Life Cover: All plans provide life cover, ensuring financial security for the policyholder's family in case of death.
Bonuses: Many plans offer bonuses that can enhance the maturity or death benefits.

LIC's Index Plus

LIC — Wed, 26 Jun 2024 10:42:20 +0530

✔ Price: ₹0

Features of Withdrawal Plans:

Periodic Payouts: Money back plans provide periodic payouts during the policy term.
Maturity Benefits: Endowment and other plans offer lump sum maturity benefits at the end of the policy term.
Life Cover: All plans provide life cover, ensuring financial security for the policyholder's family in case of death.
Bonuses: Many plans offer bonuses that can enhance the maturity or death benefits.

LIC's New Pension Plus

LIC — Wed, 26 Jun 2024 10:39:33 +0530

✔ Price: ₹0

Features of Withdrawal Plans:

Periodic Payouts: Money back plans provide periodic payouts during the policy term.
Maturity Benefits: Endowment and other plans offer lump sum maturity benefits at the end of the policy term.
Life Cover: All plans provide life cover, ensuring financial security for the policyholder's family in case of death.
Bonuses: Many plans offer bonuses that can enhance the maturity or death benefits.

LIC's SIIP Plan

LIC — Wed, 26 Jun 2024 10:36:34 +0530

✔ Price: ₹0

Features of Withdrawal Plans:

Periodic Payouts: Money back plans provide periodic payouts during the policy term.
Maturity Benefits: Endowment and other plans offer lump sum maturity benefits at the end of the policy term.
Life Cover: All plans provide life cover, ensuring financial security for the policyholder's family in case of death.
Bonuses: Many plans offer bonuses that can enhance the maturity or death benefits.

LIC's Nivesh Plus

LIC — Wed, 26 Jun 2024 10:33:50 +0530

✔ Price: ₹0

Features of Withdrawal Plans:

Periodic Payouts: Money back plans provide periodic payouts during the policy term.
Maturity Benefits: Endowment and other plans offer lump sum maturity benefits at the end of the policy term.
Life Cover: All plans provide life cover, ensuring financial security for the policyholder's family in case of death.
Bonuses: Many plans offer bonuses that can enhance the maturity or death benefits.

LIC’s New Jeevan Shanti

LIC — Wed, 26 Jun 2024 10:20:50 +0530

✔ Price: ₹0

Features of Withdrawal Plans:

Periodic Payouts: Money back plans provide periodic payouts during the policy term.
Maturity Benefits: Endowment and other plans offer lump sum maturity benefits at the end of the policy term.
Life Cover: All plans provide life cover, ensuring financial security for the policyholder's family in case of death.
Bonuses: Many plans offer bonuses that can enhance the maturity or death benefits.

LIC’s Jeevan Akshay

LIC — Wed, 26 Jun 2024 10:18:51 +0530

✔ Price: ₹0

Features of Withdrawal Plans:

Periodic Payouts: Money back plans provide periodic payouts during the policy term.
Maturity Benefits: Endowment and other plans offer lump sum maturity benefits at the end of the policy term.
Life Cover: All plans provide life cover, ensuring financial security for the policyholder's family in case of death.
Bonuses: Many plans offer bonuses that can enhance the maturity or death benefits.

LIC’s Dhan Vriddhi Plan

LIC — Wed, 26 Jun 2024 10:14:09 +0530

✔ Price: ₹0

Features of Withdrawal Plans:

Periodic Payouts: Money back plans provide periodic payouts during the policy term.
Maturity Benefits: Endowment and other plans offer lump sum maturity benefits at the end of the policy term.
Life Cover: All plans provide life cover, ensuring financial security for the policyholder's family in case of death.
Bonuses: Many plans offer bonuses that can enhance the maturity or death benefits.

New Jeevan Shanti

LIC — Tue, 25 Jun 2024 20:35:53 +0530

✔ Price: ₹0

Choose between Level Sum Assured and Increasing Sum Assured

Please select the type of sum assured option:

Level Sum Assured

Increasing Sum Assured

Flexible Premium Options

You can choose from the following premium payment options:

Single Premium
Regular Premium
Limited Premium

Policy Term and Benefits

The policy term is flexible, ranging from 10 to 40 years. You have the option to receive benefits in instalments.

Benefits include:

Sum Assured payable on death
Option to receive benefits in instalments instead of lump sum

Plan Details

LIC’s NEW TECH-TERM plan is a Non-Linked, Non-Participating, Pure Risk Premium Plan which provides financial protection to the insured's family in case of his/her unfortunate death during the policy term. This plan is available through both online and offline channels.

Documents Required

Please keep the following documents ready for upload before proceeding

Income/Investment Proof

(only PDF format, max file size is 500KB)