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LIC of India

Life Insurance Corporation of India (LIC of India) was incorporated in 1956, headquartered in Mumbai, India. It is the largest insurance company in India with an association of over 245 insurance companies and provident societies. and it has now completed 63 years, and today it stands proudly of the fact that it has been able to attain and become what was envisioned way back at the time of its establishment.

When this is said, it does not mean its achievements in terms of premium collection and growth but its steadfastness on the motto from the Bhagavad Geeta “Yogakshemam Vahamyaham” (meaning “I shall take care of my devotees!”). The company derives fulfillment from the fact that it has been able to secure the lives of the many crores of Indians till now in its entire journey.

LIC of India had 8 zonal offices, 113 divisional offices, over 2000 branches, 1,537,064 Individual Agents, 342 Corporate Agents, 109 Referral Agents, 114 Brokers, and 42 Banks. LIC has been rated as the No. 6 Most Trusted Service Brand of India by the Economic Times Brand Equity Survey 2012. From the year 2006, LIC of India has been regularly winning the ‘Readers Digest Award’. Also, as per the Brand Trust Report, for 4 continuous years, LIC of India has been reported to be the India’s most trusted brand in the BFSI category.

LIC India Mission and Objective

LIC of India was formed as an outcome of a national movement to safeguard the well-being of the citizens of our country, to equip its vast and diverse nation with at least basic life cover to enable its citizens to attain financial security for themselves as well as their family members in the face of crisis.

Just by paying a nominal monthly premium, citizens have been able to avail life cover so that in the event of their demise, their dependents continue to be adequately provided for.

It has been LIC’s objective to ensure that:

  • Life insurance products are made widely available all over India, especially in the rural and backward regions and for the socially and economically deprived segment.
  • It offers basic as well as enhanced and free life cover options to suit the differential requirements of the vast and diverse nation and maximize the mobility of the policyholder’s savings.
  • It places the utmost importance on safeguarding the interests of our policyholders.
  • Invest in a manner that safeguards the interests of the nation, society, and community and maximizes returns.
  • While investing policyholders money, LIC keeps in mind that the money belongs to our policyholders and we are the trustees of the same and invest in the best possible way.
  • Participation and involvement of our employees and agents so that they provide the best services to the people of the nation.

LIC India Product & Services

LIC has a whole range of insurance-based savings products to cater the needs of every type of insurance seekers. It has several plans under the insurance category and health plans. It also has plans for the common man, special plans, unit plans, pension plans, and micro insurance plans.

LIC has a broad and deep product spectrum to address the needs of the different people. The products have differential features to suit the various requirements and priorities.

At present, its popular life insurance products include Anmol Jeevan II and AmulyaJeevan II as well as its E-term plan. The company keeps its insurance products in tune with the need of time and keeps phasing out or withdrawing older product versions and introducing newer ones.

It offers individual as well as group insurance products. The group insurance products benefit a lot of people, either a company, society, or association. The employer or head of the group can avail group insurance for its members, where members can avail cover options at reduced costs.

LIC India Digitalized Services

LIC is a completely digitalized setup and holds digital data of more than 10 crore policies. The digitalized set up is based on modern-day technologies.

Computers, information technology, and the online drive is not new to the company as it started promoting online services way back since 1995 so that people can access all kinds of services like e-service registration, online payment, policy schedule, policy status, bonus status, loan status, claim status, revival quotation, premium paid certificate, premium due calendar, policy bond, claim history, complain registration, online forms, etc. through online.

Today people can buy LIC’s e-policies online; they need not personally visit the office; they can upload documents and pay premiums online.

LIC of India Plans 2019

  • Endowment Plans
  • Whole Life Plans
  • Money Back Plans
  • Term Assurance Plans
  • Pension Plans
  • Unit Plans
  • Health Plans

Endowment Plans

Endowment Plans

An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness.

LIC Jeevan Utkarsh

LIC’s Jeevan Utkarsh offers protection and savings in which the risk cover is 10 times of the single premium. The policyholder can select the Basic Sum Assured. The single premium paid is based selected Basic Sum Assured and Age at Entry of the policyholder.

Entry Age6 years
Maximum Maturity Age47 years
Policy Term12 years
Minimum Sum AssuredRs. 75,000

LIC Jeevan Pragati

LIC Jeevan Pragati Plan is a non-linked, profit plan which offers a combination of protection and savings. This plan provides for an automatic increase in risk cover after every five years during the term of the policy. This plan provides loan facility to support during emergencies.

Entry Age12 years
Maximum Maturity Age65 years
Policy Term12-20 years
Minimum Sum AssuredRs. 1.5 lakhs

LIC Jeevan Labh

It is a premium paying, non-linked, with-profits endowment plan that provides a combination of protection and savings. This plan provides financial assistance to the family in case of miserable death of the life insured any time before maturity and if the person survived the maturity period, a lump sum amount is paid.

Entry Age8 years
Maximum Maturity Age75 years
Policy Term16 years, 21 years, 25 years
Minimum Sum AssuredRs. 2 lakhs

LIC Single Premium Endowment Plan

It is a participating non-linked savings + protection plan, in which the premium is paid in a lump sum at the beginning of the policy. This combination provides financial assistance towards death during the policy tenure by paying of lump sum at the end of the chosen policy term in the event of his/her survival. This plan provides loan facility to support during emergencies.

Entry Age90 days
Maximum Maturity Age75 years
Policy Term10-25 years
Minimum Sum AssuredRs. 50,000

LIC New Endowment Plan

It is a participating non-linked plan which provides an exclusive combination of protection and saving features. This plan offers financial assistance to the family in case of miserable death of the life insured any time before maturity and if the person survived the maturity period, a lump sum amount is paid. This plan provides loan facility to support during emergencies.

Entry Age7 years
Maximum Maturity Age70 years
Policy Term10-20 years
Minimum Sum AssuredRs. 1 lakh

LIC New Jeevan Anand Plan

It is a participating non-linked plan that serves an attractive mixture of protection and savings. This combination plan provides financial assistance to the family in case of miserable death of the life insured any time before maturity and if the person survived the maturity period, a lump sum amount is paid. This plan provides loan facility to support during emergencies.

Entry Age18 years
Maximum Maturity Age75 years
Policy Term15-35 years
Minimum Sum AssuredRs. 10,000

LIC Jeevan Rakshak Plan

It is a participating non-linked plan that provides a combination of protection and savings. This combination plan provides financial assistance to the family in case of miserable death of the life insured any time before maturity and if the person survived the maturity period, a lump sum amount is paid. This plan provides loan facility to support during emergencies.

Entry Age8 years
Maximum Maturity Age70 years
Policy Term10-20 years
Minimum Sum AssuredRs. 75,000

LIC Limited Premium Endowment Plan

It is a participating non-linked plan that serves an attractive mixture of protection and savings. This combination plan provides financial assistance to the family in case of miserable death of the life insured any time before maturity and if the person survived the maturity period, a lump sum amount is paid. This plan provides loan facility to support during emergencies.

Entry Age18 years
Maximum Maturity Age69 years
Policy Term12-21 years
Minimum Sum AssuredRs. 3 lakhs

LIC Jeevan Lakshya

It is a participating non-linked plan that provides a combination of protection and savings. This plan provides for Annual Income benefit that will help to fulfill the family requirements, primarily for the benefit of children, in case of miserable death of the life insured any time before maturity and if the person survived the maturity period, a lump sum amount is paid. This plan provides loan facility to support during emergencies.

Entry Age18 years
Maximum Maturity Age65 years
Policy Term13-25 years
Minimum Sum AssuredRs. 1 lakh

LIC’s Aadhaar Shila Plan

It offers a combination of protection and savings. This plan is exclusively designed for female lives having Aadhaar Card issued by UIDAI (Unique Identification Authority of India). This combination plan provides financial assistance to the family in case of miserable death of the life insured any time before maturity and if the person survived the maturity period, a lump sum amount is paid.

Entry Age22 years
Maximum Maturity Age75 years
Policy Term10-35 years
Minimum Sum AssuredRs. 50,000

LIC Aadhaar Stambh Plan

It offers a combination of protection and savings. This plan is exclusively designed for male lives having Aadhaar Card issued by UIDAI (Unique Identification Authority of India). This combination plan provides financial assistance to the family in case of miserable death of the life insured any time before maturity and if the person survived the maturity period, a lump sum amount is paid.

Entry Age8 years
Maximum Maturity Age70 years
Policy Term10-20 years
Minimum Sum AssuredRs. 75,000

Whole Life Plans

Whole Life Plans

Whole life insurance or assurance also known as "straight life" or "ordinary life," is a life insurance plan that guarantees to be in force for the entire lifetime of the policyholder, only if all the premiums will be paid till the maturity date.

LIC Jeevan Umang Plan:

It provides a combination of income and protection to the policyholder and his/her family. This combination plan provides annual survival benefits from the end of the premium paying term till maturity financial assistance to the family in case of miserable death of the life insured at the time of policy tenure.

Entry Age90days-55 years
Maximum Maturity Age100 years
Policy Term100-age at entry
Minimum Sum AssuredRs. 2 lakhs

Money Back Plans

Money Back Plans

A money back policy is a standard life insurance cover that benefits policyholder with the sum assured on maturity. The insurance company offers survival benefits in appropriate limit along with the sum assured and a bonus from on the basis of its performance.

LIC Bima Diamond Plan:

Bima Diamond Life Insurance Plan is a non-linked plan that provides the benefit of savings and protection, financial assistance to the family in case of miserable death of the life insured.

Entry Age14 years
Maximum Maturity Age66 years for a 16-year policy term, 65 years for 20 and 24-year policy terms
Policy Term16 years, 20 years, 24 years
Minimum Sum AssuredRs. 1 lakh

LIC Jeevan Shiromani Plan

It provides a combination of protection as well as savings. This plan is developed for High Net-Worth Individuals especially. This combination plan provides financial assistance to the family in case of miserable death of the life insured at the time of policy tenure.

Entry Age18 years
Maximum Maturity Age65 years
Policy Term14 years, 16 years, 18 years, 20 years
Minimum Sum AssuredRs. 1 lakh

LIC New Money Back Plan-20 Years

It is a participating non-linked plan that provides an exclusive combination of protection against death during the whole policy tenure and also benefits by paying survival benefits in defined intervals.

Entry Age13-50 years
Maximum Maturity Age70 years
Policy Term20 years
Minimum Sum AssuredRs. 1 lakh

LIC New Money Back Plan-25 Years

It is a participating non-linked plan that provides an exclusive combination of protection against death during the whole policy tenure and also benefits by paying survival benefits in defined intervals. This special combination offers financial assistance to the family of the policyholder in case of miserable death of the life insured any time before maturity and if the person survived the maturity period, a lump sum amount is paid.

Entry Age13-45 years
Maximum Maturity Age70 years
Policy Term25 years
Minimum Sum AssuredRs. 1 lakh

LIC New Bima Bachat

It is a participating non-linked savings and protection plan, in which the premium is paid in a lump sum at the beginning of the policy. It is a money-back plan that offers financial support against death along with survival benefits at defined intervals at the time the policy tenure.

Entry Age15-65 years
Maximum Maturity Age75 years
Policy Term9 years, 12 years, 15 years
Minimum Sum AssuredRs. 20,000

LIC New Children’s Money Back Plan

It is a participating non-linked money back plan. This plan is developed cater to the educational, marriage and other needs of growing children with the provision of survival benefits.

Entry Age0 years (at birth)
Maximum Maturity Age25 years
Policy Term25 years minus (age at entry)e.g. if entry age is 5 years, then policy term is (25-7)=18 years
Minimum Sum AssuredRs. 1 lakh

LIC Jeevan Tarun

It is a participating non-linked plan having low premium, that provides an exclusive combination of protection and saving features especially for children. This plan is developed cater to the educational and other needs of growing children with the provision of annual survival benefits for the age group of 20 to 24 years and maturity benefit for 25 years of age.

Entry Age90days-12 years
Maximum Maturity Age25 years
Policy Term25 years minus (age at entry) e.g. if entry age is 5 years, then policy term is (25-7)=18 years
Minimum Sum AssuredRs. 75,000

Term Assurance Plans

Term Assurance Plans

Term Insurance is a life insurance plan that provides financial coverage to the beneficiary of the insured person for a defined period of time. In the event of the death of term insurance policyholder during the policy term, the beneficiary can claim death benefits from the insurance company.

LIC Anmol Jeevan-II

It is a protection plan that offers financial protection to the family of the policyholder in the event of his/her misearable death.

Entry Age18-55 years
Maximum Maturity Age65 years
Policy Term5-25 years
Minimum Sum AssuredRs. 6 lakhs

LIC Amulya Jeevan-II

It is a protection plan that offers financial protection to the family of the policyholder in the event of his/her misearable death.

Entry Age18-60 years
Maximum Maturity Age70 years
Policy Term5-35 years
Minimum Sum AssuredRs. 25 lakhs

LIC e-Term

This plan offers an instant pension service for senior citizens of 60 years of age and above. A lump sum amount is to be paid for the purchasing the plan.. The plan provides pension payments of the specified amount for a policy tenure of 10 years, along with the return of buying price at the end of 10 years.

Entry Age18-60 years
Maximum Maturity Age75 years
Policy Term10-35 years
Minimum Sum AssuredRs. 25 lakhs

Pension Plans

Pension Plans

There is addition of a sum of money at the time of an employee's employment years that account is called a Pension Fund (PF) account, from which money can be withdrawn for financial support once the person is retired in the form of monthly payments.

Pradhan Mantri Vaya Vandana Yojana

This plan can be bought by paying a lump sum amount. The policyholder or the person who will be receiving the pesion has an option to select either the amount of pension or the purchase price.

Eligibility Conditions and Other Restrictions:

  • Minimum Entry Age: 60 years (completed)
  • Maximum Entry Age: No limit
  • Policy Term: 10 years
  • Minimum Pension: Rs. 1,000/- per month
    1. Rs. 3,000/- per quarter
    2. Rs.6,000/- per half-year
    3. Rs.12,000/- per year
  • Maximum Pension: Rs. 10,000/-per month
    1. Rs. 30,000/-per quarter
    2. Rs. 60,000/- per half-year
    3. Rs. 1,20,000/- per year

LIC New Jeevan Nidhi

It is traditional with-profits pension plan along with a aggregation of protection and saving features. This plan offers death cover during the grace period and offers annuity (fixed sum paid every year) on surviving from the date of initiation.

Eligibility Conditions and Other Restrictions:

  • Minimum Entry Age: 20 years (nearest birthday)
  • Maximum Entry Age: 60 years (nearest birthday)
  • Policy Term: 5-35 years
  • Minimum Basic Sum Assured: Rs.1,00,000 under regular premium; Rs.1,50,000 under single premium policies
  • Maximum Basic Sum Assured: No limit (The sum assured shall be in multiples of Rs. 5,000)

LIC Jeevan Akshay-VI

It is an instant Annuity plan, that can be bought with a payment of a lump sum amount. The plan offers for annuity payments of a specified amount every year to the retired employee. Different options are there to choose the type and mode of payment.

  • Minimum Entry Age: 30 years
  • Maximum Entry Age: 65 years
  • Policy Term: 5-35 years
  • Minimum Purchase Cost of Annuity: Rs. 1 lakh
  • Maximum Purchase Cost Of Annuity: No limit
  • Payment Modes: Monthly, Quarterly, Half-Yearly, Yearly

Unit Plans

Unit Plans

Unit plans are investment plans to secure the savings for future needs of an individual. These plans help you see your savings yield rich benefits and help you save tax even if you don't have a consistent income.

LIC New Endowment Plus

LIC New Endowment Plus is a unit linked non-participating endowment assurance plan which offers investment cum insurance cover during the term of the policy. This plan is developed to provide a perfect combination of protection and long-term savings and also offers greater flexibility for a healthy and independent life.

Benefits

Death Benefit: Death benefit, defined as sum of "Sum Assured on Death" during the policy term is paid only if all the outstanding premiums are clear. Vested Simple Reversionary Bonuses and Final Additional bonus are also applicable under the same. It is the amount 125% higher of the Basic Sum Assured or 10 times of the annualised premium. This benefit is not less than 105% of overall premiums paid till death.

The premiums are exclusive of service tax, extra premium and rider premiums will also be provided, if exists.

Maturity Benefit: Basic Sum Assured + Vested Simple Reversionary Bonuses and Final Additional bonus can also be availed in lump sum amount on surviving the policy term only if all the outstanding premiums are clear.

Participation in Profits: The policy will participate in profits of LIC and also liable to get Simple Reversionary Bonuses mentioned by the LIC of India only if the policy is in force.

Final (additional) bonus will also be applicable during any claim of maturity or death only if the policy was active for a minimal period of time.

Health Plans

Health Plans

Health insurance plans and online mediclaim policies provides financial support during health emergencies to bear the medical care costs.

LIC Jeevan Arogya

It is a non-participating non-linked plan that offers health insurance against certain mentioned health problems and provides you with financial support during medical emergencies and protects you and your family live independently.

Benefits

  • Valuable financial protection in case of hospitalisation, surgery, etc.
  • Increasing Health cover every year
  • Lump sum benefit irrespective of actual medical costs
  • No claim benefit
  • Flexible benefit limit to choose from
  • Flexible premium payment options.

LIC Cancer Cover

It is a traditional premium payment health insurance plan that offers financial assistance if the policyholder is diagnosed with any of the mentioned Early or Major Stage Cancer during the policy term.

Benefits

Early Stage Cancer

Benefits will be availed on early diagnosis of any one of the defined Early Stage Cancers:

  1. Lump sum benefit: 25% of the Sum Insured can be availed.
  2. Premium Waiver Benefit: On diagonosis of cancer from the very first date, premiums for the next 3 policy years or the policy term whichever is less, will be waived from the policy.

Major Stage Cancer

Benefits will be availed on early diagnosis of any one of the defined Major Stage Cancers:

  1. Lump Sum: 100% of the Sum Insured excluding any previously paid claims in respect of Early Stage Cancer will be applicable.
  2. Income Benefit: In addition to above lump sum benefit, Income Benefit of 1% of the Sum Insured will be paid every policy month after the payment of Lump Sum, for a secure period of next 10 years regardless of the survival of the policyholder and even if this period of 10 years exceeds the policy term. In the event of death of the policyholder during avail of Income Benefit, the remaining payoffs, will be paid to the nominee(s).
  3. Premium Waiver Benefit: From the next policy year all the future premiums will be abandoned. And the policy will be free from all amenabilities except the extent of Income Benefit.

LIC Login Process

LIC’s online website offers services whenever required just in a single click. With the online services available, one don’t have to visit the branch office. You will be free of long queues to get your work done.

Apart from basic services, LIC offers additional benefits and discounts. But to get avail such discounts and online services first you have to register yourself under LIC’s online portal. The registration process is the most easy way to access the online services.

Additionally, you will be provided with several additional benefits and updates about the company and policies. Online registration is vital if you want to have avail online services like:

  • Claim status
  • Online payment
  • Assignment and nominee status
  • Policy status
  • Revival quotations
  • Proposal and policy images
  • Benefit illustration
  • Complaint registration
  • Loan status
  • Policy conditions and other features

New User LIC Login Registration

The step-by-step process to login and register as a fresh user to check the policy status online are as follows:

  1. Login to the LIC official website (www.licindia.in) and select the 'Customer Portal' tab under 'Online Services'.
  2. On the official page of LIC 'e-services' page, click on the 'New User' button.
  3. Submit your policy details that includes policy number, premium amount, date of birth, etc. for the succesful completion of the registration process. After this, click on the 'Proceed' button.
  4. Create a new 'Username' and 'Password' for completion of LIC online registration process.
  5. Now, you can login with the new username and password. Click on the 'Submit' button.
  6. Register your policy and get the required details from the tab 'Enroll Policies' that is available on the left-hand side of the screen.
  7. Select the 'View Enrolled Policies' option. Verify the 'Captcha' to check the status of registered policies.

Payment of LIC Premium

Payment of Life Insurance Corporation (LIC) premium online or offline is easy.

Offline Payment LIC of India Premium

Following are the ways by which you can pay the premium for LIC policy offline at the cash counter:

  • The premium of LIC policy can be paid offline at the cash counter at any nearest LIC branch office.
  • The premium can also be paid in cash, cheque, or demand draft.

Online Payment LIC of India Premium

To provide top-notch services to its large customer base, LIC of India has now started LIC 'e-services'. The e-service portal lets your online payment of LIC premiums and also avail other services.

Go to the official website: www.licindia.in/Home/Pay-Premium-Online.

The premium can be paid directly without logging in or can be paid through the LIC of India customer login, i.e. 'e-services' portal.

To pay directly without login in LIC of India

  • Select renewal premium/revival
  • Click on proceed
  • Enter your policy number, date of birth, mobile number, premium amount, and email ID.
  • The policyholder can then proceed with making the payment.
  • The payment can be made via net banking, Debit Card (VISA, Master, and Rupay), Credit Card (VISA, Master and Amex), BHIM or UPI.
  • On making the payment, a receipt would be mailed to your e-mail ID.

To pay through customer portal of LIC of India

You will be directed to ebiz.licindia.in/D2CPM/#Login

  • Select role
  • Enter your LIC policy login i.e., valid user ID/mobile, or email ID
  • Password
  • And the date of birth
  • Proceed ahead to make the payment.

To make the payment through the customer portal, you will have to create a LIC login by registering for the e-services.

LIC Login Process in Case of Forgotten Password

  1. Visit the LIC's official website (www.licindia.in) and select the 'Customer Portal' tab under 'Online Services'.
  2. On the LIC's 'e-services' page, select the 'Registered User' button.
  3. On the login form, select the 'Forgot User ID/Password?' link.
  4. With the 'Password' option selected, enter your 'User ID' and 'Date of Birth'.
  5. Fill out correct Captcha and then click on the 'Submit', button to proceed.

LIC Login Process in Case of Forgotten User ID

  1. Visit the LIC's official website (www.licindia.in) and select the 'Customer Portal' tab under 'Online Services'.
  2. On clicking 'Customer Portal', you will land on the LIC's 'e-services' page, choose the 'Registered User' button.
  3. On the login form, click on the 'Forgot User ID/Password?' link.
  4. Select the 'User ID' option, enter your 'Policy Number', 'Premium' and 'Date of Birth'.
  5. Fill the correct Captcha and then click on the 'Submit' button to proceed.

How to Register for LIC E-Services?

Online registration for 'e-services' is a simple process. Those who are the first time users might find it difficult but with the following steps it would become easier for you:

  1. Go to the authorized website of Life Insurance Corporation of India i.e. www.licindia.in.
  2. Look for the 'LIC 'e-services' option and press the button.
  3. This will direct you to a new page displaying two options to choose: 1) 'Registered User' and 2) 'New User'.
    For registration, you have to select the second option. Select the 'New User' tab.
  4. It will take you to another page that would ask for your personal details. This forwards to another page asking your personal details. You can find entry fields on this page. Here you have to submit the policy number, premium installments, birth date details and the e-mail if you want to register here. After filling in the details click on the 'Proceed' button to continue.
  5. The second page will allow you to create your own 'Username' and 'Password' for the LIC website. Your registration concludes here once you login with your username and password on the website.
  6. On the first page of the website, you will get all the necessary options related to your account. You can proceed further after registering each of your policies and investments made with LIC. Don’t forget that with the same, you can easily see the status of your policies and can make payments accordingly.
  7. After registering all details related to policies, now you can make premium payment online easily. If your policies are not enrolled at the website you have to pay premiums as a non-registered user.

LIC Claim Settlement

In the event of any crisis, LIC provides full support to its policyholders or their beneficiaries. It has a well-defined claim settlement process whereby claims can be raised and settled without any hassles.

It tries to settle maximum claims within the stipulated time frame and its claim settlement ratio for the year 2016-17 was 98.14 as per data of IRDA annual report, which was the highest in the insurance sector. In the past years also LICs claim settlement ratio has been similar, and it has been continuously assessed as being the top insurance company by financial experts.

The company generally settles almost all legitimate claims except those that fall under our exclusions list, and these include suicide by policyholder within one year of availing policy and situations including acts of self-injury, criminal and unlawful acts, undertaking abnormal risks and other such unusual activities.

How to Revive Lapsed Insurance Policy

1. Ordinary Revival: Beneath this, the policyholder can revive his/her lapsed coverage without any problem. All he/she need to do is pay all the unpaid premium with interest. Furthermore, be geared up in a case, where the coverage enterprise requested for an assertion of right health together with a few medical checkups.

2. Special Revival: Below this scheme of revival the date graduation of the insured individual may be shifted and he/she will be able to pay a single premium as in step with the age at revival time. A person can take advantage of the unique revival scheme while he/she isn't able to pay the premium in a lump sum. Below this scheme too, insurance corporation can ask for a health report. If someone wants to revive his/her coverage beneath the unique revival scheme, then there are few situations such as

  • You ought to use a unique revival scheme for the complete tenure of the policy.
  • The policyholder can also move for special revival in the preliminary 3 years before the coverage lapse.
  • The policyholder must now gather any give up cost under the policy. That’s why the choice of special revival can be achieved within the initial 3 years of the policy.

3. Installment Revival: There are numerous schemes for the ease of patron and installment revival is one of them. In a case in which the policyholder is not able to pay the due premium in a lump-sum, then beneath the revival scheme he can use the installment choice. If you are going for installment option, then there are few ways via which you may preserve, In case of yearly premium, a policyholder needs to pay 1/2 of the every year charge. In the half of-yearly method, the policyholder must pay one half of the every year premium.

4. Within the quarterly premium section, the policyholder has to make 2 quarterly bills. Below the monthly mode, the policyholder will pay normal 6 months premium underneath the month-to-month mode. The policyholder could make the rest of the price in equal installments within the preliminary years alongside the normal top rate.

5. Survival Benefits Cum-Revival Scheme: A policyholder can effortlessly use this scheme to restore the money back policy. If this advantage due date comes previous than the in line for renewal date, then the policyholder can pay without difficulty availing the survival benefit. A person has to pay the more amount in case the quantity for revival is extra than the survival advantage and vice-versa.

6. Loan Cum Revival Scheme: A policyholder can also pass for mortgage cum revival scheme. Under the same, the policyholder can utilize this as an advantage by taking the coverage loan at the date of revival of the coverage that acquires a surrender value. The policyholder may require to pay an additional amount in case there may be any scarcity inside the revival amount. If the mortgage amount is more than the revival quantity than the more amount might be paid to the policyholder.

How to check the policy status of LIC?

On successful registration, the customer can access the LIC of India status and start using other services.

This process can be completed by doing the following:

Visit the LIC of India website

To check LIC of India policy status without registration, you can simply send an SMS to '56767877'.

Types of Enquiry SMS code:

  • For installment premium: ASKLIC PREMIUM
  • For revival amount: ASKLIC REVIVAL
  • To know bonus additions: ASKLIC BONUS
  • To know the amount of loan available: ASKLIC LOAN
  • For nomination details: ASKLIC NOM

Procedure to check LIC of India Policy Status by Calling Customer Care.

LIC of India provides 24*7 customer care service that enables you to obtain your LIC policy status by just making a quick call.

Helpline number for MTNL and BSNL users 12151.

For calls from all other landline and mobile numbers; DIAL city code followed by 12151.

FAQs

Yes, LIC of India does have an app-My LIC, available for Android and iOS users.

No, the LIC of India premium paid for your life insurance policy is not taxable as per section 80C of the Income Tax Act, 1961.

Yes, LIC bonus is exempted under section 10(10D) of the Income Tax Act, 1961.

Yes, you can pay the premium for your LIC of India policy before the due date. However, only premium due in the same financial year can be paid in advance and 3 months advance payment can be made for premium falling in the next financial year.

The grace period of Life Insurance Corporation premium payment is different depending on the premium paying mode. A grace period of 30 days is given for payment made on a quarterly, half-yearly or yearly basis. For payment made on a monthly basis, a grace period of 15 days is given.

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Last updated on 12-11-2019