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Frequently Asked Questions about LIC


     A life insurance policy is a long term relationship. During this long period you will have number of interactions with LIC. A life insurance contract has several features which need explanation. While the Policy bond given to you covers the contractual issues, you need a guide, written in simple language, that highlights some important facts about your LIC Policy. This page is meant for that and we would request you to read it carefully.

 
1. Policy Bond and its safety:
     The policy bond is the most important document during the life of a policy. This is a document which will be called for in connection with various servicing events including the settlement of claims. The first thing you should do after receiving the bond is to keeep the same in a safe place and please do not forget to inform you near and dear ones about where this bond has been kept.
 
2. Policy Schedule:
     The policy schedule contains specific information about your policy. Please read this once just to check whether there is any mistake anywhere and in case there are mistakes please inform the branch office immediately. The contact address/telephone number of the branch office is printed in the policy bond.
 
3. Policy Number:
     Please look at the schedule again. There is a 9 digit number called Policy number. This is a unique number that identifies the policy. In any correspondence related to servicing of the policy you have to quote this number. So we advise you to note down this number. While paying premium through cheque, Policy number must be quoted on the back of the cheque.
 
4. Payment of Premium:
     If it is a Single premium policy, please ignore this.
     The premium payment is the most important and most frequent event in the life time of a Policy and you must not forget to pay premium in time. Failure to pay premium in time results into lapsation of policy which means, the life cover will not be available to you
     There are concessions on this under certain conditions. However, generally, the life risk is not covered during lapsation period. Also, delay in payment of premium invites late fee.
     Please note from the schedule, the date of commencement of the policy, due date and mode of payment of premium. Mode of payment means the freqeuncy i.e., yearly, half-yearly, quarterly, monthly etc.
      You are a responsible person and surely you will not forget to pay your premiums in time. However, just to help you remember this most important information we shall be sending a premium notice. Please note that you need not wait for the notice as it is not mandatory to produce the premium notice in the counter. This is just a remainder. Also, there may be, at times postal delay because of which you may not get the notice in time. You need not be worried about that. Please remember that the notice will be sent just as an additional help to you. Primarily, it will be your responsibility to remember to pay premium in time.
4A. For Salary Saving Scheme Policyholders:
     Please check from time to time that your employer is regularly remitting the premium deducted from your salary to LIC. Any lapse or delay in remittance will be against your interest, as this may result in loss of Insurance cover. One should not miss the Insurance cover even for a bried period. Please check your salary slip regularly to ensure that the LIC premium has been deducted.
     If you services are transferrd, please find out from your new office, the location of hte LIC office where your LIC Premium will be sent. Please inform the old LIC office that now onwards your premium will be remitted to New LIC Office. This is important.
     Your permanent address/email id helps us a lot to contact you, even if your sevices are frequently transferred.
 
5. How and where to pay the premium:
     We all know that different individuals have different choices. Some love to come to LIC Branch Office and some others would not like to stand in a queue. Keeping this in mind, we have tried to provide facilites for all types of customers.
     If you are one of those who would feel comfortable to pay across the counter, let us inform you that you can do so in any branch office or a satellite branch office of LIC.
     The premium payment can be made in cash, local cheque or Demand Draft. One can send Demand Draft/Cheque/Money Order also.
     If you are one of those who would not like to stand in a queue, the best way to pay premium is through ECS. You have to get one ECS mandate form from and LIC Branch Office, fill it up and get the same countersigned by your banker before submitting it back to the LIC Branch Office. The advantage of ECS is that you do not have to remember the due date, as premium will be automatically debited from your bank account. However, at present ECS facility is provided in certain cities of the country and if you do not happen to be in one of those cities, Internet appears to be the best option for you. You can visit our website www.licindia.in, register yourself with your policy number and start paying premium online. You will get an instant electronic receipt which is safe and secure and valid as a receipt for all purposes. However, this is possible only if you have a net banking account in one of the banks which are shown in the website.
 
6. Your address:
     Next important thing to remember is that your address is the most important information about you. Our policy is to send the claim cheque on or before the due date of maturity. Often, despite our best efforts we fail to send a claim cheque before the maturity date just because the policyholder has forgotten to inform the change of address. Please remember to inform LIC Branch Office about the change of address whenever that happens. Please check up whether your address has been correctly printed in the policy schedule.
 
7. Nomination:
     We all know that ultimate purpose of buying a life insurance Policy and it is extremely important that your policy should have a nominee. We are sad to see at time unfortunately delay in death claim settlement just because the nomination was not made. As a responsible person you will surely nominate someone, preferably a near and dear one from your family, if not already done. Please check up whether your nominee's name is appearing correctly in the policy schedule. Nomination can be done/changed at any point of time. However, if you assign your Policy[say to a bank, to get loan], the nomination gets automatically cancelled. On re-assignment ownership of the Policy comes back to you, but the old nomination does not automatically get revived. You have to, in such cases, nominate afresh.
 
8. Insurance on minor lives:
     If the life assured is a minor, important thing to remember is that nomination should be effected on attaining majority(18 yrs). Secondly, we offer a benefit called accident benefit at the nominal cost of 1 Rupee per 1000 Sum Assured upto certain limits. This benefit is not available during minority. On attaining majority this can be opted for.
 
9. Enquiries:
     Enquiries can be specific to your policy or of a general nature. The branch office which issued the policy is the best place to make enquiry. However, information of general nature is available in any LIC office.
 
10. Grievances:
     We shall be trying our best to keep you satisfied but if unfortunately at any point of time you are unhappy about our services you must let us know. The best place again is the branch office which services the policy. You can contact them through telephone or write to them or even visit them. However, you can also use the internet by visiting www.licindia.in where we have a facility to register your complaints. Wherever you are, if the complaint is registered through internet, the same will be reaching the branch office immediately
 
11. Easy self-help: Cusomer’s Portal:
     If you are net-savvy, you can avail the facility of self-service on a number of things, for example:
You can pay premium.
You can change your address on-line.
You can get status report of policy including Bonus accrual.
You can get Revival quotation if the policy is lapsed.
You can get loan quotation.
You can get surrender quotation.
You can use the on-line Insurance advisor and premium calculator.
All you have to do is: www.licindia.in
 
12. Contact:
     We shall be happy to note your telephone number and email id as they supplement your postal address, if you have no reservation about sharing the same with us. We would request you to inform the same to ther servicing branch office so that they can take a note of it.
 
13. Loan:
     Most of the LIC plans provide for loan facility. The process is simple. No surety or bond is involved.
 
14. Survival benefits:
     Please check your Policy Schedule to see whether periodic claim payments are due to you. If so, please note down the due dates. In case you have not received the payment by the due date get in touch with the Branch office.
 
15. Annuity Policies:
     Read this section only if it is an Annuity Policy
How to ensure that the first Annuity cheque reaches you in time:[If this is an immediate annuity policy, skip this item]
9 months before the vesting[maturity] date we shall send you a letter asking for your option on the type of Annuity [explained below] and mode of payment [i.e., frequency: YLY, HLY, QLY, MLY]. You should choose your options and send back the letter promptly.
Annuity will not start if we do not receive this letter of option back.

Option AAnnuity stops on death
Option B/C/D/EAnnuity continues till the end of guaranteed period [5/10/15/20 years respectively] or till death, which is later. If death takes place during the guaranteed period, nominee gets annuity till the end of this period.
Option FAnnuity for Life with respect of Purchase Price on Death. Here, because of the return option, annuity installment will be relatively less.
Option G Annuity for Life increasing 3% every year.
Option HAnnuity for Life where, on death, spouse get 50% Annuity for life.
Option IAnnuity for Life where, on death, spouse get 100% Annuity for life.


     Existence Certificate:Please note that once a year you have to fill this up, duly certified, and send the same to the LIC Office [address will be intimated to you]. This is a common practice worldwide. The form is available at any LIC branch office. Annuity stops, if existence certificate is not received.
 
16. Appendix:
List of organizations where you can pay LIC premium.
** for up-to-date information, visit www.licindia.in, or call up any LIC branch office or Info center [dial 1251, if your city has one].
1 AXIS BANK
2 APONLINE [In Andhra Pradesh]
3 MPONLINE [In Madhya Pradesh]
4 Suvidhaa Infoserve
5 TIC Business Solutions.

List of Cities having Info Centers:
1) Mumbai
2) Kolkata
3) Delhi
4) Chennai
5) Ahmedabad
6) Hyderabad
7) Bangalore
8) Pune
9) Chandigarh
10) Jaipur
11) Indore
12) Guwahati
13) Ernakulam
14) Jamshedpur
15) Lucknow
16) Goa

 

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