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Life Insurance Corporation

How to take a loan against your LIC policy (Simple Guide)

How to take a loan against your LIC policy (Simple Guide)

Are you looking to take a loan against your LIC policy? This article will guide you on how you can do that in simple steps. There are a lot of times where you wish you could take a loan against your existing LIC policy, be it to pay for education expenses, unforeseen medical expenses, or anything else.

Some LIC policies offer their policyholders the flexibility to take a loan against their LIC policy, this could be a massive boon during challenging times for policyholders.

Further, it is also important to know if your LIC policy does offer you this benefit, in case the need arises.

This article will be touching base on the following important topics:

  • LIC policies that offer loans
  • The process to apply for a loan against LIC policy
  • Required documents
  • Eligibility for availing of a loan
  • Benefits of availing a loan against your LIC policy

LIC policies that offer loans against a policy

LIC offers quite a few policies that provide a loan facility. If you have one of the below-mentioned policies, you can avail for a loan by keeping your policy value as collateral. Let us find out which policies are eligible for this benefit:

Policy namePolicy type
LIC Jeevan UmangWhole life
LIC Jeevan PragatiEndowment
LIC Jeevan LabhEndowment
LIC New Endowment PlanEndowment
LIC Jeevan RakshakEndowment
LIC Jeevan LakshyaEndowment
LIC Aadhar StambhEndowment
LIC Single Premium Endowment PlanEndowment
LIC New Jeevan AnandEndowment
LIC Aadhar ShilaEndowment
LIC New Money Back Plan (20 years & 25 years)Money back
LIC New Bima BachatMoney back
LIC Bima ShreeMoney back
LIC Jeevan ShiromaniMoney back
LIC New Children’s Money Back PlanMoney back
LIC Jeevan TarunMoney back

You can avail of a loan against your policy if you have any of the above policies. That being said, loans are available after the policyholder has completed 1-3 premium paying years.

The process to apply for a loan against LIC policy

You can apply for a loan in 2 ways, offline and online. Let us lay down both loan application processes for you.

Online loan application

Step 1: Register or log in through LIC e-services portal

LIC account login
LIC e-services account

If you have not registered on LIC e-services, you can view our LIC registration and LIC login guide. They will show you how you can easily register and log in to your LIC e-services account.

Step 2: Check if your policy is eligible to receive a loan

Step 3: Check the interest rate of the loan

Step 4: Check the available loan amount

Step 5: Apply for the loan

Offline loan application

You can also visit your nearest LIC branch and apply for a loan. Upon visiting, you can request the office to hand over a loan application form. Kindly fill in the form and attach your KYC details. Once done, hand over the form to the officer. He will get back to you at your registered phone number.

Required documents

The following documents are required on your part if you wish to apply for a loan:

  • Original policy bond
  • Aadhar card
  • PAN card
  • Voters ID
  • Bank account statement
  • Driver’s license
  • Duly filled loan application form

Eligibility for availing of a loan

The following are the eligibility criteria for availing of a loan with LIC

  • The policyholder must be an Indian.
  • The policyholder must be over 18 years of age.
  • The policyholder must have a running LIC policy.
  • The policyholder must have paid policy premium for 1-3 years (certain policies provide a loan if the policyholder has paid the first year’s premium, certain policies require that the policyholder has paid at least 3 years premium)

Benefits of availing a loan against your LIC policy

No credit score: You will not require a credit score to avail a LIC loan. The loan value will simply depend on your policy surrender value. The higher the surrender value, the higher the loan you can avail of.

Comparatively low-interest rates: As LIC is a government organization and majorly exists for the welfare of Indians, the interest rates charged by LIC are comparatively lower compared to private and public sector banks. LIC usually charges a 9%-11% interest rate on their loans.

Fast and easy processing: The loan processing is generally done very quickly as LIC already has all the details that they need with them. Online and offline loan processing will be done swiftly.

Flexible loan repayment: You can repay your loans via flexible bite-sized EMIs.

Loan on 90% of surrender value: You can apply for a loan up to 90% of your policy’s surrender value.

Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.

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Life Insurance Corporation

What are the best LIC Child Plans? (Best Plans & Their Benefits)

What are the Best LIC Child Plans? (Best Plans & Their Benefits)

Making provisions for securing the child’s future is the responsibility of parents. Taking up the right investment plans that can help the child to fulfill his long-term financial need is extremely important in today’s world when the expenses are increasing rapidly.

To serve this need, the leading and the most trusted name in the insurance industry of India, LIC offers various policies.

In this article, you’ll get to know about the Best LIC child plans that can help you plan better for your child’s future.

Given below are some of the Best LIC child plans:

1. LIC Jeevan Tarun

This plan is a participatory non-linked limited premium payment plan. It offers the combined benefit of savings and insurance for children. LIC Jeevan Tarun Plan is made to meet the educational and other financial needs of growing children. This plan can be taken by a parent or grandparent for a child between the age of 0-12 years of age. The age of maturity for this plan is 25 years. The premium payment term can be 10 years, 5 years or below 5 years.

The tenure of this plan is dependent on the age of maturity of the child. For example, if Sahil’s father takes the plan when he is 9 years old, the tenure of his policy will be 25-9=16 years

2. Survival Benefit

This plan offers an annual survival benefit from the ages of 20 to 24. A fixed percentage of the sum assured will be paid on each policy anniversary coinciding with or immediately following the completion of 20 years of age. Hence it will be paid for the next four policy anniversaries. The policyholder can choose the percentage of the sum assured they would like to receive as the survival benefit.
The options are given below:

Options

Percentage of Sum Assured to be Paid as Survival Benefit

Option 1

Nil

Option 2

5% each year

Option 3

10% each year

Option 4

15% each year

Maturity Benefit

If the policyholder survives during and past the tenure of the policy, a fixed percentage of the Sum Assured will be paid on maturity. The age of maturity is 25 years old. The fixed percentages can be chosen from the options given below:

Options

Percentage of Sum Assured to be Paid as Maturity Benefit at Maturity Age

Option 1

100%

Option 2

75%

Option 3

50%

Option 4

25%

Death Benefit

In case the life assured passes away, the death benefit is offered as:

  • If the Life Assured dies before the commencement of risk, the full amount of the premium paid till date excluding the taxes, extra premium (and rider premium, if any) will be paid to the beneficiary without interest.
  • If the Life Assured dies after the commencement of risk, the death benefit offered will be the total “sum assured on death”. It will also have the vested reversionary bonus and final additional bonus that will be paid to the beneficiary.

The Sum Assured on death is higher of:

  • 125% of the Total Sum Assured
  • 7 times the Annualized Premium

The death benefit that is offered to the beneficiary should be 105% of the total premium that is paid till date.

Sample Premium Rates

Given below are the rates according to the options in Rupees if the Sum Assured is Rs.50,000.

Age (in Years)

Option 1

Option 2

Option 3

Option 4

0

4480

4580

4680

4780

4

5595

5750

5900

6055

8

7565

7800

8040

8275

12

11,270

11,665

12,060

12460

3. LIC New Children’s Money Back Plan

This plan is one of the best LIC Child plans. It is a traditional money-back plan that is designed to fulfill the needs and requirements of the child when he/she grows up. These financial needs could be anything from educational needs to marriage. Along with survival benefits, this plan also offers risk cover for the life of the child throughout the policy period.
This plan can be bought by the parent or grandparent of the child aged between 0 to 12 years of age. The term of this plan is ‘age of maturity (25 years) – age of starting the policy’. The premium payment term can be 7 years, 10 years or a term below 5 years.
There is also an option of choosing the LIC Premium Waiver Benefit Rider. This means that if the proposer passes away, the rest of the premiums will be waived off.

Survival Benefit

The Life Assured will receive 20% of the Basic Sum Assured on policy anniversaries that are either coinciding or are followed by the completion of 18, 20, and 22 years of age.

Maturity Benefit

If the Life Assured survives the policy period, then he/she will receive 40% of the Sum Assured on maturity as maturity benefit. This maturity benefit will also include the Final Additional Bonus and Vested Simple Reversionary Bonuses.

Death Benefit

On the death of the Life Assured, the death benefit offered is:

  • If the child dies before the commencement of risk, all premiums paid will be returned to the nominee. Taxes and rider premiums will be excluded.
  • If the child dies after the commencement of risk, the nominee will be given the Sum Assured on Death along with the Simple Reversionary Bonus and Final Additional Bonus.

The Sum Assured on Death is equal to the higher of:

  • The basic Sum Assured that is mentioned in the policy
  • 10 times the Annualized Premium

Sample Premium Rates

Given below are the rates in Rupees if the Sum Assured is Rs.1 lakh, Rs. 2 lakhs and Rs. 5 lakhs.

Age (in Years)

1 Lakhs

2 Lakhs

5 Lakhs

0

4415

8830

22,075

5

5700

11,400

28,500

10

8060

16,120

40,300

12

9390

18,780

46,950

The plans mentioned above are some of the ongoing and best LIC Child plans. Child plans are effective in managing and preparing for the financial liability that comes with a child. As all the expenses associated with a child are increasing, it is necessary to consider buying a child insurance plan suitable for you while planning your finances.

Are you looking for a new LIC policy or a policy renewal? Reach out to us and let us assist you.

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Life Insurance Corporation

How to get LIC policy status by SMS (Simple Guide)

How to get LIC policy status by SMS

Checking your LIC insurance policy status is important. Knowing the status of your policy is essential as you can confirm whether your LIC policy is registered within the LIC database or no.

As a LIC policyholder, you can check your policy status via SMS. This provides much-needed comfort to policyholders as they don’t need to visit LIC offices to do the same. Policyholders can simply know their policy status by sending a simple SMS.

Let us now understand the type of details you can get via LIC through SMS.

Check your LIC policy status

Type of Enquiry to be made

SMS Code

Number

Know your premium amount

ASKLIC <your policy number> PREMIUM

9222492224

Revival amount inquiry

ASKLIC <your policy number> REVIVAL

9222492224

Bonus amount

ASKLIC <your policy number> BONUS

9222492224

Loan amount

ASKLIC <your policy number> LOAN

9222492224

Nomination

ASKLIC <your policy number> NOM

9222492224

Check status of your LIC policy

ASKLIC <your policy number> STAT

9222492224

Existence certificate

ASKLIC <your policy number> ECDUE

9222492224

Check return status

ASKLIC <your policy number> CHQRET

9222492224

Annuity amount inquiry

ASKLIC <your policy number> AMOUNT

9222492224

Annuity release date

ASKLIC <your policy number> ANNPD

9222492224

Illustration: Let us assume Mr. Durgesh wants to find out his premium due. All he needs to do is send the following SMS from his registered phone number:

ASKLIC <his policy number> PREMIUM to 9222492224
Post this, LIC will send the premium details via SMS shortly. Other similar requests can be made by following the same procedure (as shown above).

Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.

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Life Insurance Corporation

LIC e-Services (Best Services for LIC Policyholders)

LIC e-Services (Best Services for LIC Policyholders)

LIC e-Services are online services offered to LIC policyholders via their LIC e-Services portal. LIC provides a vast array of helpful services to its customers through this portal. This article will aim to articulate the type of services offered to LIC policyholders and how to access them.


This content piece will discuss the following:

  • Features and benefits of LIC e-Services
  • Registration and login process
  • Services offered under LIC e-Services

Features and benefits of LIC e-Services

Following are the important features and benefits of the e-Service platform:

Ease of access: A policyholder can access the LIC e-Service platform by simply visiting the e-Services website and logging into their account. They can access the platform from desktop, mobile, and tablet devices.

Easy to track: A policyholder can track all his policies under one roof. All his LIC policies will be visible under the e-Services dashboard for easy access and editing.

Ease of location: An LIC policyholder can access the services from any location in the world. Distance and location is no barrier.

Grievance address: Complaints and grievances can be raised within the portal.

Free services: All the services provided by LIC within their portal are free of charge and for the convenience of its policyholders.

LIC e-Services dashboard
LIC e-Services dashboard

Above is a screenshot of a logged-in LIC e-services dashboard. Policyholders can navigate through all of the provided features and products on the left-hand side.

Registration and login process

LIC account login
LIC account login

The registration process is quite straightforward and simple.

A policyholder can easily register with the LIC and avail of their e-Services. Please check out our LIC new user registration article for a comprehensive and detailed guide on new user registrations.

Once you have registered, you can log in to their portal and access their dashboard.

Services offered under LIC e-Services

LIC e-Services Basic Services
LIC e-Services Basic Services

The above image depicts the list of services offered under the LIC e-Service dashboard.

Policy status: You can check the status of your policy under the dashboard. Just click on the ‘Policy Status’ button under the ‘Basic Services’ tab. (check image above)

Policy bonus status: Policyholders can also check the bonus status of their respective policies through the platform. The updated bonus amount will be reflected on the site.

Nomination: Policyholder can also check their respective nominations and even apply for editions if required.

Claim status: It is important to keep an eye on your claims status once you have applied for a claim. You can find out which stage your claim is at on the portal.

Premium payment: Policyholders can pay their premiums online through the portal. No need to physically visit a branch. All premium payments can be made online.

Premium receipt: You can also download the updated premium receipt from the website.

Grievances and complaints: You can also raise complaints and grievances through the portal in case you feel the need.

Loan payment: Loan repayments can also be made through the portal.

Are you looking for a new LIC insurance policy or a policy renewal? Reach out to us and let us assist you.

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Life Insurance Corporation

LIC Senior Citizen Schemes (Top 5 Schemes)

LIC Senior Citizen Schemes (Top 5 Schemes)

 

Our elders are our jewels, we need to do everything possible to ensure a smooth post-retirement for our elders. The Government of India in tandem with LIC has initiated a variety of senior citizen schemes that the elderly can avail of and make their life easier.
We will have a detailed look at some of the primary LIC senior citizen schemes below.

  • Pradhan Mantri Vaya Vandana Yojna
  • LIC Varishtha Pension Bima Yojna
  • LIC New Jeevan Shanti
  • LIC Jeevan Akshay 7
  • LIC New Jeevan Nidhi

Pradhan Mantri Vaya Vandana Yojana (Plan No. 856 )

The Pradhan Mantri Vaya Vandana Yojana is a pension scheme subsidized by the Government of India and managed by the LIC. Under the terms of this scheme, a senior citizen can pay a single one-time premium to the LIC and avail of a continuous monthly pension at a rate of 7.4% P.A.

Features of Pradhan Mantri Vaya Vandana Yojana

Only seniors over the age of 60 can avail of this scheme

  • Maximum investment of 15 lakhs per senior citizen
  • Maximum term of 10 years
  • Pension can be availed monthly, quarterly, half-yearly, and yearly (ROI will be 7.4% for monthly, 7.45% for quarterly, 7.55% for half-yearly, and 7.66% for yearly)
  • Policy can be prematurely surrendered after paying a 2% penalty on the purchase price
  • A person can also avail of a loan on this policy at 75% of policy value
  • The policy comes with a 15 day free-look period

LIC New Jeevan Shanti (Plan No.858)

This is another single premium annuity plan provided by the LIC. The person has to pay a single premium throughout the policy tenure to enjoy its benefits. The plan comes in 2 variants:

  • Option 1: Deferred annuity for Single life
  • Option 2: Deferred annuity for Joint life

Let us understand both options clearly.

Option 1: Deferred annuity for Single life

  • In this plan, the policyholder will not be paid a maturity amount on survival.
  • The nominee will be paid the lump sum amount in the event of the policyholder’s demise
  • The Annuitant will continue to receive his annuity as long as he lives

Option 2: Deferred annuity for Joint life

  • Here too there will be no maturity amount payable upon the survival of the annuitant
  • The nominee will be paid the death benefit upon the demise of the last joint annuitant
  • Both joint annuitants shall continue to receive their annuity as long as they live

Features of LIC New Jeevan Shanti

  • Nominee will receive the purchase price along with the additional death benefit payable on the annuitant’s demise
  • Minimum purchase price of this plan is Rs.1.5 Lakhs. There is no upper limit.
  • Minimum age requirement for participation is 30 years.
  • Annuity can be paid to the annuitants via monthly, quarterly, half-yearly, or yearly annuity.
  • Annuitant can avail a loan on this plan.
  • Free-look period of 15 days.

LIC Jeevan Akshay 7 (Plan No. 857)

LIC’s Jeevan Akshay 7 is another single premium immediate annuity plan. This plan provides 10 different annuity options that an annuitant can choose from. This provides more flexibility than some of the above plans. Let us understand all of the annuity options below:

  • Option A: Annuity is paid to the annuitant immediately for life.
  • Option B: Annuity is paid for a period of 5 years guaranteed, and life thereafter.
  • Option C: Annuity is paid for a period of 10 years guaranteed, and life thereafter.
  • Option D: Annuity is paid for a period of 15 years guaranteed, and life thereafter.
  • Option E: Annuity is paid for a period of 20 years guaranteed, and life thereafter.
  • Option F: Annuity is paid immediately and the purchase price is returned to the nominee at the annuitant’s death.
  • Option G: Immediate annuity payment (increasing at 3% simple interest)
  • Option H: Immediate annuity with half the annuity payable paid to the spouse in case of annuitant’s death.
  • Option I: Immediate annuity with the entire annuity payable paid to the spouse in case of annuitant’s death.
  • Option J: Immediate annuity with the entire annuity payable paid to the spouse in case of annuitant’s death. The purchase price will be returned to the nominee on the demise of the last annuitant.

LIC New Jeevan Nidhi

The New Jeevan Nidhi Plan is LIC’s deferred annuity plan. Unlike the above plans, this plan is not a compulsory single premium plan and the annuitant has the option of making regular premium payments. The advantage of this is that the annuitant can participate in this plan with a relatively low amount, he does not need to make a large upfront payment in the way of a single premium.

Features of LIC New Jeevan Nidhi

Premium can be paid once or through the policy tenure

  • Individuals above the age of 20 are eligible for participation in this scheme
  • Availability of premium discounts (2% discount if paid annually. 1% discount if paid half-yearly)
  • Death benefit will be paid to the nominee in case the annuitant passes away
  • Guaranteed additions for the first 5 years
  • Bonus’s from the 6th year onwards
  • Annuitant can avail an additional Accidental Death and Disability Benefit Rider

Are you looking for a new LIC insurance policy or a policy renewal? Reach out to us and let us assist you.

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Life Insurance Corporation

LIC Kanyadan Policy (Benefits, Premium, Eligibility & more)

LIC Kanyadan Policy (Benefits, Premium, Eligibility & more)

LIC Kanyadan policy is specially designed with keeping your daughter in mind. The policy provides a lump sum amount during your daughter’s wedding along with additional insurance coverage if something happens to the daughter’s guardian (policyholder).
Let us discuss this policy in detail and answer any queries that you may have. This article will cover the following points:

  • Eligibility
  • How does LIC Kanyadan Policy work?
  • Benefits
  • Documents required

Eligibility for LIC Kanyadan Policy

  • This policy can only be bought by the daughter’s guardian
  • The daughter needs to be at least 1 year old at the time of policy purchase
  • The age of the guardian needs to be between 18-50
  • Policy tenure is between 13-25 years
  • Minimum sum assured is 1 lac and maximum sum assured is unlimited (based on premium paid)

How does LIC Kanyadan Policy work?

This policy can be availed by the guardian of a daughter. The guardian will have to pay a premium to LIC, and in exchange for the premium, LIC will provide a lump sum amount at maturity. You can use this amount during your daughter’s wedding. Further, if the daughter’s guardian passes away during the policy term, LIC will provide an additional amount to the daughter along with the maturity amount at policy maturity. You can understand this policy much better with an example.

LIC Kanyadan Policy Examples

Example 1

Let us say that Mr. Rishi has taken a Kanyadan Policy for his 5-year-old daughter. He selected a policy term of 15 years. Mr. Rishi will now be eligible to receive the maturity amount when his daughter is 20 years old. He can use this amount towards his daughter’s marriage or even other affairs like further education, etc.

Example 2

Let us say that Mr.Rajesh has taken a Kanyadan Policy for his 2-year-old daughter. He selected a policy term of 25 years. Let us assume that Mr. Rajesh met with an unfortunate accident and passed away when his daughter was 10 years old. His daughter would immediately get a Rs 10 Lakh death benefit. Along with this the daughter would also Rs.50000 every year till the policy matures, plus the daughter will also be eligible for the entire maturity amount on policy maturity. Further, all future premiums will be waived off.


Benefits of LIC Kanyadan Policy

  • Provides a lump sum amount on maturity that you can use towards your daughter’s marriage.
  • Last 3 years premium will be waived off. (For example, if you have taken a 15-year policy, you will only need to pay a premium for 12 years)
  • If the guardian passes away, all future policy premiums will be waived off.
  • If the guardian passes away, the daughter will be eligible to immediately get Rs.5 Lakhs in case of normal death and Rs.10 Lakhs in case of accidental death. Further, the daughter will also get an additional Rs.50000/year till policy maturity.
  • Further, the daughter will get the entire maturity benefit as well along with the death benefits.
  • NRI’s can avail of this policy
  • Policyholder can also avail of a disability rider
  • The policyholder can also avail a loan against the policy (after paying premium continuously for 3 years or more)
  • Taxes are exempt under this policy
  • Policyholder is provided with a 15 day free look period

Documents Required

Following documents are required while enrolling in this policy:

  • Daughter’s birth certificate
  • Identification and address proof
  • Income Certificate
  • Passport size photos

Further documents can be requested by the LIC officer.

Are you looking for a new LIC insurance policy or a policy renewal? Reach out to us and let us assist you.

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Life Insurance Corporation

Pay LIC Premium Online (Complete and simple guide)

Pay LIC Premium Online (Complete and simple guide)

Are you tired of paying your LIC premium offline? Tiered of the long-ques, hassles, and traffic? Did you know you can also pay your LIC premium online? Be it through credit cards, debit cards, PayTM, net banking, and even LIC’s online portal.

We will be walking you through each of these payment options in detail so you can choose the most convenient way to pay your LIC premium online. This article will discuss the following:

  • How to pay LIC premium online
  • How to get a receipt of LIC premium online

How to Pay LIC Premium Online

At the outset, let us talk about some of the modes of LIC online premium payment. Payments can be made in the following modes:

  • LIC portal (using credit/debit cards)
  • LIC App

Make LIC Premium Payment through LIC portal (using credit/debit cards)

Pay Direct (without login)

Step 1: Go on the LIC website

pay direct without login
pay direct without login

You can go on the LIC premium payment page by clicking here or by visiting https://licindia.in/Home/Pay-Premium-Online

 

Step 2: Click on ’Pay Direct (Without Login)’

Click on pay direct without login
Click on pay direct without login

 

Step 3: Select ‘Renewal Premium/Revival from the drop-down box’

pay direct without login page
pay direct without login page


Step 4: Click on ‘Proceed’

premium payment page
premium payment page

 

Step 5: Enter your details

Customer validation page
Customer validation page

You will need to enter your policy number, date of birth, phone number, email ID, and premium payable. Once you enter these details you would need to check the ‘I agree’ box and press ‘submit’


Step 6: Select your policy

Select the policy you wish to pay the premium for and click on ‘Pay Premium online’.

 

Step 7: Make Payment

This is where you will need to fill in your payment details. Enter your credit card/debit card details and initiate the payment. Put in the bank OTP and conclude the payment.

 

Pay Through Customer Portal (login required)

Step 1: Go on the LIC website

LIC premium payment portal
LIC premium payment portal

You can go on the LIC premium payment page.


Step 2: Click on “Through Customer Portal”

pay direct through customer portal
pay direct through customer portal

 

Step 3: Enter your login credentials

pay through LIC account
pay through LIC account

You will need to enter your user ID/Email/Mobile Number along with your password and your date of birth. Press “Sign In”.

 

Step 4: Click on “Online Payments”

click on online payments
click on online payments

 

Step 5: Select your policy

Select your LIC policy
Select your LIC policy

Select your policy and verify your policy details. Once you’ve done this, click on “Check & Pay”

Step 6: Make Payment

Enter your payment details and make your payment through the payment gateway.


Pay Premium through LIC App

Step 1: Download the LIC PayDirect App

download the lic paydirect app
download the lic paydirect app


Go to your Phone’s Google Pay Store and download the LIC PayDirect App.

 

Step 2: Open the App and click on “Proceed”

LIC PayDirect App
Click on proceed in the LIC PayDirect App



Step 3: Select “Renewal Premium” from drop-down menu and click on “Proceed”

Select Renewal Premium from drop down menu
Select Renewal Premium from drop down menu

 

Step 4: Enter your policy details

Enter your policy details like your name, policy number, email ID, phone number.

 

Step 5: Select your policy

This is where you need to select the policy you wish to pay the premium of. Once you’ve selected the policy, move ahead.

 

Step 6: Make Payment

You will need to enter your payment details within the payment gateway and click on submit. Ensure that all details are correct before progressing. You will get an OTP from your bank to verify the transaction. Verify the transaction and complete the payment.

 

How to download LIC premium receipt online

Step 1: Login to your LIC customer portal

LIC account login
LIC account login

Enter your login credentials like user ID/Email/Phone number, password, and date of birth and click on ‘sign in’.

 

Step 2: Click on ‘individual policy details’

individual policy details
Click on individual policy details

 

Step 3: Click on ‘All Policies’

LIC all policies
Click on all policies

 

Step 4: Click on ‘Online Payment Receipts’

online payment receipts
Click on online payment receipts

 

Step 5: Select period

Select period for generating receipts
Select period for generating receipts

 

Step 6: Download LIC policy receipt

download LIC receipt
download LIC receipt

 

Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.

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Life Insurance Corporation

LIC Merchant Portal (login process, forgot password, change email ID)

LIC Merchant Portal (login process, forgot password & change email ID process)

 

LIC merchants are individuals who are assigned by LIC to collect premiums from policyholders. It is the merchant’s task to collect insurance premiums and update records on the company’s end. They act as a vital cog in the company’s premium collection wing.
This article will show you how to log in to the LIC merchant portal in simple and easy-to-understand steps (with screenshots). Let us begin

How to login to the LIC merchant portal

Step 1: Visit the official LIC website and click on ‘Merchant Portal’

 
LIC homepage
LIC homepage

 

Step 2: Click on ‘Login’

LIC merchant portal
LIC merchant portal

 

Step 3: Enter your login credentials and press on ‘submit’

lic merchant portal login page

 

Change your LIC merchant portal password

There are times want to change your merchant portal’s password. Let us understand how you can change your password in simple steps.

 

Step 1: Go the the LIC merchant portal login page and click on ‘Change Password’

lic merchant portal login page chage password

 

Step 2: Change your password and the click on ‘Reset’

LIC merchant portal change password page

 

Kindly enter your user ID, current password, new password, confirm your new password and click on the ‘Reset button’. Your password will be changed to your new password.

 

Forgot your LIC merchant password

There are at times that you may forget your password. What happens then? No need to worry, you can easily regain access to your password by following these steps:

 

Step 1: Go the the LIC

merchant login portal and click on ‘Forgot Password’

LIC merchant portal forgot password

 

Step 2: Enter your user ID and email ID and click on ‘Mail new password’

LIC merchant portal forgot password page

 

Change or update your email ID

Let us now understand how you can update your email ID in simple steps.

 

Step 1: Visit the LIC merchant login page and click on ‘Update email ID to get OTP’

lic merchant portal login page update email id

 

Step 2: Fill in the details with your updated email ID

LIC merchant portal update email ID page

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Life Insurance Corporation

LIC Login and Registration Process (Simple Steps)

LIC Login and registration process (Simple Steps)

Do you want to know how to log into your Life Insurance Corporation (LIC) account? That’s great, logging into your LIC account after registration has a lot of benefits for policyholders as LIC has digitized a lot of their services. A policyholder need not go to a LIC branch for details, he may simply log into his LIC account and view their respective details.
Let us now understand how the login and registration process works with the help of simple and easy-to-understand steps.

LIC registration

For an existing customer to avail of LIC’s online services, he needs to first register on the LIC portal. Understand the registration process below:

Step 1: Visit the official LIC website and click on ‘Customer Portal’ under the ‘Online Services’ sidebar

LIC homepage
LIC homepage

Step 2: Click on the ‘New User’ button

LIC e-services page
LIC e-services page

Step 3: Enter your details

LIC e-services registration page
LIC e-services registration page

Here, you will need to enter your important details like policy number, date of birth, name, email ID, etc. Once entered, kindly click on the ‘Proceed’ button.

 

Step 4: Create username and password
You will now be requested to create a username and password, kindly create that. Ensure that you remember both the details as you would need them to log into your LIC account.

LIC login

Step 1: Go to the official LIC website and click on ‘Customer Portal’

LIC homepage
LIC homepage

Step 2: Click on the ‘Registered User’ button

LIC registered user
LIC registered user

Step 3: Enter your login credentials

LICe-services login page
LICe-services login page

Step 4: Access the LIC dashboard

LIC e-services dashboard

After login, you can now access the LIC dashboard. You can now access all of the LIC e-services of LIC like making online premium payments, service requests, grievance handling, profile management, premier services, and more.

Benefits of having a LIC account

The benefits of having a LIC e-services account are numerous. Let us understand some of the most important benefits that can make a policyholder’s life simpler.

Make payments online: You can make online premium payments through the LIC portal. This is especially useful during these trying times of the COVID-19 pandemic.

Renew your policy: You can now renew your LIC policy online. No need to visit a branch. Just renew it through the LIC dashboard.

Convenient: The e-services were initiated to increase customer convenience.

Complaint redressal: You can raise complaints using your LIC dashboard and solve your issue.

Check policy status: You can check the status of your LIC policy through their dashboard.

Claim history: Do you want to check your claim history? The portal will provide you with the same.

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Categories
Life Insurance Corporation

LIC Jeevan Akshay 7 (An Annuity Policy that Secures Your Future)

LIC Jeevan Akshay 7- A Policy to Secure Your Future

Annuity plans are one of the most preferred retirement plans. LIC Jeevan Akshay 7 is one of them. It can be purchased by paying a lump-sum amount. It offers an annuity payout right after the premium payment, ensuring a financially secured retired life. It also offers a stated amount during the lifetime of the annuitant. It also makes several options of the mode and type of payment available to the insured.

LIC Jeevan Akshay 7 has various features. Let’s move ahead and know about them.

Features of the LIC Jeevan Akshay 7 policy

Here are a few features of the plan:

  • Jeevan Akshay is an immediate annuity plan where the pension starts immediately after the premium payment from the chosen date.
  • You can choose to cover only for a single life (life of the policyholder) but also for joint lives (policyholder and spouse).
  • No medical check-ups are needed for this policy.
  • Higher annuity rates are offered for online purchases.
  • Annuity rates are higher for the purchase price of Rs. 2,50,000 and above.

Benefits of the LIC Jeevan Akshay 7

The policy offers benefits to the policyholder and also to the other beneficiaries as mentioned in the contract. Here are the most important ones:

Death Benefit

The benefit is availed by the beneficiary based on the clause chosen by the policyholder or the assured.

Income Tax Benefit

Under section 80CCC of the Income Tax act, 1961 tax benefits can be availed by the policyholder on the premium paid.

 

Eligibility Criteria for the policy

  • The minimum entry age for the policy is 30 years.
  • The maximum entry age allowed is 65 years.

Expected returns

Suppose if the policy is purchased for Rs 10 Lakhs, here’s the return that one can expect:

Annuity Option

Amount

Immediate Annuity for life

 63,950

 

Immediate Annuity with guaranteed

period of 5 years and life thereafter

 

63,850

 

Immediate Annuity with guaranteed

period of 10 years and life thereafter

 

63,650

Immediate Annuity with guaranteed

period of 15 years and life thereafter

 

63,350

 

Immediate Annuity with guaranteed

period of 20 years and life thereafter

62,750

 

Immediate Annuity for life with

return of Purchase Price

 

53,150

Immediate Annuity for life

increasing at a simple rate of 3% p.a.

 

47,150

Joint Life Immediate Annuity for

life with a provision for 50% of the annuity

to the Secondary Annuitant on the death of the primary Annuitant

 

60,550

Joint Life Immediate Annuity for

life with a provision for 100% of the annuity

payable as long as one of the Annuitant

survives

 

57,550

Joint Life Immediate Annuity for

life with a provision for 100% of the annuity

payable as long as one of the Annuitant

survives and return of Purchase Price on

death of the last survivor

 

52,750


LIC Jeevan Akshay 7 not just offers a regular income but can also relieve you from worrying about your better half in your absence along with benefitting your family if you choose the right options.

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