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Life Insurance Corporation

Life Insurance Corporation Act 1956 (Simply Explained)

Life Insurance Corporation Act 1956 (Simply Explained)

Life Insurance Corporation of India (LIC) was established after The Government of India passed the Life Insurance Corporation Act in 1956 in The Indian Parliament. The LIC Act 1956 elucidates the functions, management structure, auditing and accounting mechanisms of Life Insurance Corporation of India.

Going through the whole act is beyond the scope of this article. This article will be discussing the top 10 most important aspects of The LIC Act 1956.

Top 9 most important aspects of The LIC Act 1956 are the following:

  1. Functions of LIC
  2. Management structure of LIC
  3. Powers of LIC
  4. Guaranteed policies
  5. Tribunals
  6. Reporting to the Parliament
  7. Auditing
  8. Rule-making power of LIC
  9. Powers of regulation

Functions of LIC

Chapter 3 of The LIC Act states the functions of LIC. Let us go through the top 5 functions of LIC as mentioned in The LIC Act.

  1. Conducting life insurance business in and outside India efficiently and with a vision of growth.
  2. Investing the funds collected as premium appropriately and securely.
  3. Disbursing loans to policyholders against their LIC policy.
  4. LIC even has powers to disburse loans against property or other kinds of assets.
  5. LIC has the ability to conduct its business through subsidiaries in India as well as abroad.

Management structure of LIC

  • Executive committee: The executive committee is constituted by 5 members, and the duties of the committee are specified by LIC.
  • Investment committee: The investment committee will advise LIC on the most apt investments keeping in mind the benefit of LIC and its policyholders.
  • Managing Directors: The Managing Directors shall work as the captain of the ship, steering LIC towards growth and prosperity.
  • Central Government of India: LIC will have to adhere to governance related decisions by the Central Government of India.
  • Zonal managers: Zonal managers will manage their specific zones and their responsibilities will not extend the said zones or jurisdiction.
  • General staff: General staff consists of officers, peons, general administration, and so on.

Powers of LIC

The powers of LIC are derived from the LIC Act 1956, passed in The Indian Parliament. Let us look at some of the most important powers of LIC.

  • LIC has the power to buy, sell, and lease properties in India.
  • LIC has the power to alter or modify the contents of its life insurance policies.
  • LIC has the power to conduct life insurance business in India and abroad.

Guaranteed policies

All LIC policies are guaranteed by The Central Government of India. Not only the sum assured, but any accumulated bonus is also assured by the Government.

Tribunals

LIC related disputes can be handled in tribunals. These tribunals have the power equivalent of a civil court. One of the members of the tribunal must include a practicing or past High Court Judge. These tribunals will act as courts, including accepting evidence, making judgements, summoning people, and issuing commissions.

Reporting to the Parliament

LIC must furnish important reports like audit reports, general reports, and growth reports to The Parliament of India from time to time.

Auditing

The books of LIC are audited from time to time, and auditors are mandated to furnish the auditing reports to The Government of India.

Rule-making power

The Central Government has the power to make or alter rules that ensure the smooth functioning of LIC. New rules can be laid down, and older rules can be altered by notification in the official gazette.

Powers of regulation

Over reaching regulatory powers can be exercised by LIC when it comes to recruitment, selection of agents, investments, formation of committees, and more.

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Frequently asked questions

  • When was the LIC Act passed?

    The LIC Act was passed in 1956 by the Parliament of India.

  • How often does LIC have to report to The Central Government?

    LIC must disburse its annual report to the Central Government.

  • Who appoints the LIC auditors?

    Previously, The Government of India used to appoint the auditors, but now, post its IPO, the company shareholders have the power to appoint auditors.

  • Categories
    Life Insurance Corporation

    What is the Difference between LIC and GIC? (5 Key Differences)

    difference

    What is the Difference between LIC and GIC? (5 Key Differences)

    Life Insurance Corporation (LIC) is the largest insurance company in India, having assets under management of over ₹39 lakh crore as of 2021. Along with having the most assets under management, LIC also boasts of the most policyholders under a single company. It has over 290 million policyholders as of 2019. This number is so large that its larger than most countries of the world.

    GIC on the other hand is a reinsurance company. In fact, GIC stands for General Insurance Company of India (GIC). GIC is one of the largest listed PSU general insurance companies in India, having a total income of over ₹12 thousand crores of 2022.

    GIC head office
    GIC Head Office in Mumbai

    The most fundamental difference between LIC and GIC lie in the spectrum of business they undertake. LIC deals with life insurance while GIC majorly deals with reinsurance.

    Let us understand the top 5 key differences between LIC and GIC below:

    Difference between LIC and GIC

     

    LIC

    GIC

    Type of business

    LIC majorly deals with life and term insurance. They also offer:

    GIC majorly deals with reinsurance. Reinsurance basically means providing insurance to other insurance companies. GIC is the only Indian reinsurance company. GIC has clientele in the following industries:

    • Airlines
    • Healthcare
    • Reality
    • Agriculture
    • Marine
    • Energy

    Full form

    Full form of LIC is Life Insurance Corporation of India. LIC was formed on 1st September 1956.

    Full form of GIC is General Insurance Corporation of India. GIC was formed on 22nd November 1972.

    Objectives

    LIC objectives include:

    • Increasing the penetration of life insurance in India
    • Providing a framework for Indians to indulge in savings and investments
    • Act as a trustee to policyholders

    GIC objectives include:

    • Increase their footprint in the reinsurance sector
    • Increase profitability of the corporation in a sustainable manner
    • Increase shareholder value

    Investments

    LIC of India has AUM of over ₹39 lakh crore as of 2021

    GIC has AUM of over US$15 billion as of 2020

    Ownership

    96.5% of LIC is owned by The Government of India

    85.78% of GIC is owned by The Government of India

    Lakh Crores
    AUM of LIC
    $ Billion
    Assets under management of GIC
    % ownership
    of LIC Is with Government of India

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    Frequently asked questions

  • What is the full form of LIC?

    LIC stands for Life Insurance Corporation of India.

  • What is the full form of GIC?

    GIC stands for General Insurance Corporation of India.

  • When is the major difference between LIC and GIC?

    The major difference between LIC and GIC is the fact that LIC is a life insurance company whereas GIC is a reinsurance company.

  • When was LIC formed?

    LIC was formed on 1st September, 1956.

  • When was GIC formed?

    GIC was formed on 22nd November, 1972.

  • Categories
    Life Insurance Corporation

    How to revive your lapsed LIC policy? (online and offline method)

    policy

    How to revive your lapsed LIC policy? (online and offline method)

    It is extremely important for a policyholder to make timely premium payments towards his or her insurance policy. If the due premium is not paid, the policy stands to be lapsed, and the coverage and protection extended by the insurance policy stands to be terminated.

    Generally, insurance companies provide a 15-day grace period from the due date for policyholders to make premium payments. If the policyholder pays his premium within the grace period, the policy will not be terminated, but if the policyholder fails to make a payment even within the grace period, the insurance policy will be terminated.

    There are rare instances where you may have missed paying your LIC policy premium even during the grace period. This will lead to your LIC policy getting lapsed. The question is, can you revive your lapsed LIC policy? The answer is “Yes,” your lapsed LIC policy can be revived.

    We will talk about the various ways on how your policy can be revived. Stay tuned.

    Your lapsed LIC policy can be revived via an online as well as an offline method. Let us discuss both cases below.

    Online method

    Let us go through the steps that need to be followed in order to revive your LIC policy online:

    Step 1: Visit the LIC website

    Once you visit the official LIC website, click on “Login to Customer Portal”

    LIC website
    LIC website

    Step 2: Click on “New User”

    LIC new user
    Click on LIC “new user”

    Click on “New User”. Once you click on “New User,” you will be redirected to a page that will ask you to fill in your details.

    Step 3: Fill in your details

    LIC account creation page
    LIC account creation page

    Here you will need to fill in the following important details such as:

    • Policy number
    • Date of birth
    • Country code
    • Mobile number
    • Email ID
    • Gender

    Once filled, click on “Proceed”

    Step 4: Login to your new LIC account

    Once you click on “Proceed”, you will be redirected to a page that will prompt you to enter your desired user ID and password. Select your desired user ID and password and login to your new LIC account.

    Step 5: Revive your old policy

    • You will now need to navigate to the “Revival Quotation” section by clicking on “My Apps” through your LIC e-services portal.
    • Once you reach the “Revival Quotation” section, click on it.
    • Once clicked, LIC will show you a list of all of your lapsed policies.
    • Click on the policy you wish to revive and make the premium payment.

    Your lapsed LIC policy will be revived post premium payment.

    Offline method

    Your lapsed policy can even be revived offline as well. Let us discuss about the steps needed to review your LIC policy via the offline method.

    Step 1: Visit your nearest LIC branch

    Locate your nearest LIC branch here, and visit them personally with the policy documents and your original identification.

    Step 2: Furnish them with the copy of the lapsed policy

    Once in the LIC office, kindly ask the officer to direct you to the policy revival section. Now you will need to furnish your policy document and photo ID to the officer.

    Step 3: Fill-up the revival form

    Ask for the policy revival form, and fill it up accurately.

    Step 4: Make payment and revive policy

    Once the form is filled and appropriate documents are furnished to the officer, you will be required to make the premium payment which was due along with any penalty amount.

    Step 5: Your policy is revived

    Post payment, your lapsed policy will be revived.

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    Frequently asked questions

  • Can I revive my lapsed LIC policy online?

    Yes, LIC offers the option of reviving your lapsed LIC policy online through the official LIC portal.

  • Will I have to pay a penalty to revive my LIC policy?

    Yes, the policyholder will have to pay all the missed premiums along with a penalty amount levied by LIC.

  • What is the penalty amount while reviving my lapsed LIC policy?

    The penalty amount is 8-9% on unpaid premiums.

  • Till when can I revive my lapsed LIC policy?

    Your lapsed LIC policy can be revived between 6 months to 5 years from the date of lapse of policy. Different policies have different time period. Kindly check with an LIC officer to verify the time period. 

  • Categories
    Life Insurance Corporation

    How to pay your LIC premium through debit or credit card? (Easy Guide)

    payment

    How to pay your LIC premium through debit or credit card? (Easy Guide)

    Gone are they days where you would need to physically visit an LIC office and hand them over a check to make your premium payment.

    LIC of India has successfully digitized itself, and now offer policyholders a host of high-tech services, which also include the ability for policyholders to make premium payments online through their debit/credit card.

    Let’s find out how you can easily make your premium payment via debit or credit card.

    There are 2 ways to make the premium payment; with login, and without login. We will elucidate both the methods below.

    Make payment with login

    Step 1: Visit the LIC online premium payment page

    LIC online payment page
    LIC online payment page

    Visit the LIC online payment page by clicking here, and click on the “Pay Premium Through e-Services” button. Once you have clicked on that button, you will be redirected to the next page.

    Step 2: Click on the “Registered User” button

    Pay premium through e-services lic
    Click on “Registered User”

    You must now click on the “Registered User” button if you have your login credentials and password ready. Click on “New User” if you do not have an LIC e-Services account and want to create a new account.

    Step 3: Enter your credentials and click on “Sign In”

    LIC e-services login page
    LIC e-services login page

    Once you are at this page, you need to enter your User ID/Email ID/Mobile along with your password and date of birth. Click on “Sign In” and login to your LIC e-Services account.

    Step 4: Make the premium payment through Debit/Credit card

    Once logged in, navigate to “Basic Services” and then click on “Pay Online”, then proceed to make the payment through your preferred debit or credit card.

    Make payment without login

    Step 1: Visit the LIC online premium payment page

    LIC online payment page
    LIC online payment page

    If you do not have an LIC e-services account, you can also make your premium payment directly without logging-in. Click on “Pay Direct”

    Step 2: Select the “Renewal Premium” option from the drop down

    LIC pay direct

    Once on this page, click on the “Renewal Premium” drop down menu and click on “Proceed”. You can also make an advance premium payment using this tool.

    Step 3: Enter your policy details

    lic customer validation page

    This is where you enter your policy details, such as:

    • Policy number
    • Date of birth
    • Phone number
    • Premium amount
    • Email ID

    Once entered, select “I Agree,” and click on “Submit”

    Step 4: Make payment

    Next, you will be redirected to the payment gateway page, where you can make your premium payment through your debit or credit card.

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    Frequently asked questions

  • How can I pay my LIC premium online?

    You can pay your LIC premium online via 2 ways:

    • By logging-in to your LIC e-Services account
    • Premium payment without login

     

  • Can you pay your LIC premium by debit/credit card?

    Yes, LIC of India now offers the facility to make premium payments through debit/credit cards.

    Visit the LIC online payment page to initiate a payment.

  • Can I pay advance premium for my LIC policy?

    Yes, LIC offers the option of making advance policy premiums.

  • Do I need to register with LIC to make an online premium payment?

    No, it is not necessary

  • Categories
    Life Insurance Corporation

    Who is the current Chairman of LIC of India?

    chairman

    Who is the current Chairman of LIC of India?

    The current Chairman of LIC of India is Mr. Mangalam Ramasubramanian Kumar. Mr. M.R Kumar was appointed as The Chairman of LIC in 2019. He also previously held positions such a regional manager, and even Executive Director of LIC.

    Mr. M.R Kumar was instrumental in The LIC IPO which hit the Indian Stock Market in 2022.

    Mr. M.R Kumar currently holds positions in LIC, LIC Housing Finance, ACC, LIC Pension Fund, and LIC Cards Services Ltd.

    Some of the key milestones of LIC of India

    Let us now look at some of the most important key milestones that The LIC realized in recent memory.

    • In 2022, LIC of India entered the Indian Stock Market with the biggest IPO in India’s history, at Rs 21,000 crore.
    • As of 2022, LIC operates from within over 2000 branches Pan-India.
    • Over 2 crore new policies were sold by LIC in 2020 alone.
    • LIC of Indian is the largest asset management company in India, with assets under control worth over Rs 40 lac crores.
    Crore INR
    The size of LIC IPO
    Crore
    Policies issued in 2020 alone.
    Lac Crores
    Assets under management

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    Frequently asked questions

  • Who is the current Chairman of LIC?

    Mr. M.R Kumar

  • When did Mr. M.R Kumar become The Chairman of LIC?

    2019

  • Which is the largest life insurance company in India

    LIC of India

  • LIC Headquarters

    Categories
    Life Insurance Corporation

    How to get a duplicate LIC policy copy? (In 4 simple steps)

    duplicate copy

    How to get a duplicate LIC policy copy? (In 4 simple steps)

    There are times when we might misplace or lose important insurance documents. It is important to stay calm and search for these documents with a clear head. However, if the document is still not found there are ways to attain a duplicate copy.

    An original policy bond will be needed at many junctures, including when you want to claim the sum assured.

    Let us talk about what you can do in case you misplace your original LIC policy bond, and how you can get a duplicate policy bond.

    Steps to get a duplicate LIC policy copy

    Step 1: Newspaper publication of advertisement

    First, you will need to publish an advertisement in a well-circulated newspaper of your choice. Once you have published this advert, you will have to wait for a month and submit a cutting of the advert to your nearest LIC office.

    example of LIC policy lost newspaper ad
    Example of an LIC policy lost newspaper Ad.

    Step 2: Make and submit an indemnity bond

    Next, you will have to submit an indemnity bond to LIC. Ensure that you have a word with the designated LIC officer about the contents within the indemnity bond, the kind of stamp paper required, the number of witnesses required, etc. If possible, show a rough draft to the officer first, once he clears this draft, then you can proceed with making the actual indemnity bond.

    example of a 100 rs stamp paper
    An example of a 100 Rs stamp paper.

    Step 3: Elucidate why and how the policy bond was lost

    Once the indemnity bond is filled, you will be given a form (form 3756) that is required to be filled by the policyholder. The form will ask you for the following important details:

    • Name of original policyholder.
    • Why/how the original policy bond was lost?
    • Where was the policy bond lost?

    Step 4: Fill-in the paperwork

    Fill in all the details within form 3756 clearly and concisely, and ensure that there is no falsification within the form. Once the form is filled, you will be required to attach the following documents:

    • Insurance premium receipts
    • ID along with residential proof
    • Payment receipt (for issuance of duplicate bond)

    Once all of these details and documents are furnished to LIC, they will verify the documents, do a background check, and then proceed with the issuance of a duplicate policy bond to the policyholder.

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    Frequently asked questions about duplicate LIC policy

  • what can I do if my LIC policy bond is lost?
    • Submit a newspaper ad in a regional newspaper stating your policy is lost.
    • Submit indemnity bond to LIC
    • Fill-up Form 3756
    • Attach important documents like newspaper clipping, copy of premium receipts, ID and address proof.
    • Submit the above to LIC office.
  • Is it necessary to have original policy bond to claim sum assured?

    Yes, the original policy bond is required in order to make claims.

  • Where can I contact LIC?

    022 6827 6827 / 022-27725968 / 022-27723592

  • Categories
    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.

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    Categories
    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. Know more about insurance riders.

    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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    Categories
    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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    Categories
    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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