How can I contact the subsidiaries of LIC for any queries?

Category: Life Insurance Corporation

How much is an LIC Agent’s Commission? (LIC Commission Chart)

Post author By parastar
Post date May 5, 2023

How much is an LIC Agent’s Commission? (LIC Commission Chart)

So, are you wondering how much commission does an LIC agent get? Are you interested in getting into the insurance agency business, or are you just curious about how much commission LIC gives to its agents? Well, learn about LIC’s commission structure, its rate of commission, LIC commission details and the LIC agent commission chart (plan wise) through this information-packed article. We will talk about the following:

How much is an LIC agent’s commission?
How do LIC agents make a commission?
LIC agent Commission Chart

How much is an LIC agent’s commission?

The exact commission of an LIC agent depends on the type of policy they have sold, and the bonus they have earned. But you can get an idea of the structure of LIC commission payments and understand how much commission an LIC agent can earn.

Commission Type	Commission Percentage %
Fresh policy sold	20-25% (depending on the policy sold)
Bonus on first year policies sold	Up to 40% of policy premium
Recurring commission (2nd and 3rd year)	7.5% of policy premium
Recurring commission (4^th year onwards)	5% of policy premium

Now, let us understand the commission rates for different types of LIC policies:

Policy Type	Commission
Health Insurance	25%
Term Plan	25%
Endowment Plan	25%
Money Back Plan	20%
Child Plan	25%
Pension Plan	2%

To get a further idea about the commission rate, refer to the plan wise LIC Agent Commission Chart below. The chart specifically gives a detailed break-up of the commission rate based on the policy type and policy tenure.

How do LIC agents make a commission?

An LIC agent makes a commission in the following ways:

When they sell an LIC policy: This is the primary way an LIC agent earns a commission. An LIC agent gets a 20-25% commission on fresh LIC policies sold. This commission generally makes up the bulk of the LIC agent’s earnings.
When the policyholder renews a policy: An LIC agent also earns a recurring commission of 7.5% on the premium value whenever an existing LIC policyholder renews their LIC policy. The agent makes 7.5% on renewals for the 2nd and 3rd years. From the 4th year onwards, the agent makes a flat commission of 5% until the policy is in force.
Commission from bonus: LIC also provides its agents with a 40% bonus commission on the first year’s commission, provided the agent meets certain sales targets set by LIC.
Hereditary commission: If an LIC agent passes away, their commission will be paid to their next of kin or nominee. This feature provides a sense of security to the family of the LIC agent.
Free term insurance: LIC pays free term insurance to an agent under Schedule VI of the Agents Rules, 1972, if the agent passes away before the age of 60, subject to certain terms and conditions.
Retirement benefits: A gratuity of up to ₹ 2,00,000 is payable to an LIC agent as per Schedule VI of the Agents Rules, 1972.

As you can see, LIC has quite a few robust earning metrics for its agents, ensuring that they make a healthy income. If you are considering becoming an LIC agent, it could be a wise choice.

LIC Agent Commission Chart

LIC agent commissions are dependent on the type of policy sold and the tenure of the LIC policy sold. Different types of policies and different tenures attract different commission rates for LIC agents.

Get a detailed idea of LIC commissions by viewing the LIC agent commission chart below.

LIC commission chart — LIC Commission Chart

We hope this article shed some light on agent commission details, and agent commission structure.

Author Bio

This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

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Life Insurance Corporation

LIC AAO Syllabus -2023 (Everything you need to know)

Post author By parastar
Post date May 4, 2023

LIC AAO Syllabus -2023 (Everything you need to know)

Are you a student looking to find out what is the LIC AAO syllabus for 2023? Well, then you’re in the right place. Get detailed information about the LIC AAO syllabus, LIC AAO exam pattern, and more. Let’s begin!

We will talk about the following:

What is the LIC AAO Exam?
LIC AAO Syllabus -2023
LIC AAO Exam Pattern

What is the LIC AAO Exam?

The LIC AAO exam is an exam conducted by the Life Insurance Corporation (LIC) of India with the objective of selecting suitable candidates for the job of Assistant Administrative Officer with the LIC of India.

The LIC AAO exam is held every year, for roughly 500+ positions of assistant administrative officers. It is a national level exam. For 2023, LIC has notified a vacancy for 300 positions.

LIC AAO Syllabus -2023

Let us now discuss about the syllabus of the LIC AAO Exam. The syllabus is divided in prelims syllabus and main exam syllabus. We will talk about both.

Prelims Syllabus
Main Syllabus
Descriptive Test Syllabus

LIC AAO Prelims Syllabus

The Prelims syllabus is divided into 3 categories: Reasoning, English Language, and Quantitative Aptitude.

LIC AAO Reasoning Syllabus

Sr. No	Topic
1	Order and Ranking
2	Logical Reasoning
3	Puzzles
4	Alphabet and Number Series
5	Syllogism
6	Coding-Decoding
7	Alpha-Numeric-Symbol Series
8	Machine Input-Output
9	Logical Reasoning
10	Seating Arrangements
11	Direction Test
12	Statement, Arguments, and Conclusion
13	Blood Relations
14	Inequalities
15	Puzzles

LIC AAO English Language Syllabus

Sr. No	Topic
1	Word Usage
2	Reading Comprehension
3	Direct and Indirect Speech
4	Error Corrections
5	Cloze Tests
6	Antonyms and Synonyms
7	Fillers
8	Idioms and Phrases
9	Spotting Errors
10	Subject-Verb Agreement
11	Vocabulary based questions
12	Passage Completion
13	Phrase/Connector
14	Cloze Tests
15	Parts of Speech
16	Sentence Improvement
17	Para-jumbles
18	Singular-Plural

LIC AAO Quantitative Aptitude Syllabus

Sr. No	Topic
1	Quadratic Equations
2	HCF and LCM
3	Mensuration
4	Average
5	Ratio and Proportion
6	Number Series
7	Profit and Loss
8	Approximation
9	Mixtures & Alligations
10	Partnership
11	Data Interpretation
12	Surds and Indices
13	Permutation and Combination
14	Cistern and Pipe
15	Speed, Distance and Time
16	Simple and Compound Interest
17	Probability
18	Boats and Streams
19	Problem on Ages
20	Data Sufficiency
21	Percentage
22	Simplification
23	Work and Time

LIC AAO Main Exam Syllabus

The Main exam syllabus is divided into 3 categories: Data Analysis and Interpretation, Insurance and Financial Market Awareness, and GK and Current Affairs.

Sr. No	Data Analysis and Interpretation
1	Data Handling
2	Data Implementation
3	Data Derivation
4	bar graphs
5	Elementary mathematics
6	pie charts
7	Arithmetic Chapters

Insurance and Financial Market Awareness

Sr. No	Topic
1	history of banking
2	Current Banking news
3	financial institutes, terminologies & derivations
4	various laws and policies
5	Basics of Insurance industry
6	Insurance terminologies
7	Latest policies
8	Major policies of insurance industry
9	Insurance Development

General Knowledge and Current Affairs

Sr. No	Topic
1	Indian Constitution
2	Inventions and Discoveries
3	Geography of India and the World
4	Sports News
5	Important Days
6	People in the News
7	Current Affairs (special emphasis on Insurance news related news)
8	National and International Events
9	National and International Organizations
10	Awards and Honours
11	Government Schemes
12	Indian Economy
13	Books and Authors
14	History of India
15	Environment Topics
16	New Legislations
17	Government Policies
18	Science and Technology
19	Committee, Commissions and Reports

Descriptive Test Syllabus

The descriptive test exam syllabus is divided into 4 categories: Essay, Travel Insurance, and Financial Security and its Elements, and Preference. Under the descriptive test, candidates must write insightful, well documented, and valuable essays on the following topics:

Descriptive essay demonstrating good Letter writing skills
Importance of Travel Insurance:
Financial Security and its Elements
Preference – What is your preference? (Insurance or mutual funds)

LIC AAO Exam Pattern

Understanding the LIC AAO exam pattern is key to a student’s success. Below mentioned is the exam pattern for both the prelims exam as well as the main exam.

LIC AAO Prelims Exam Pattern

Subjects	No of Questions	Total Marks	Exam Duration
Quantitative Aptitude	35	35	20 minutes
Reasoning	35	35	20 minutes
English Language	30	30*	20 minutes
Total	100	70	60 minutes

LIC AAO Main Exam Pattern

Subjects	No of Questions	Total Marks	Exam Duration
Professional knowledge	30	90	40 minutes
Reasoning	30	90	40 minutes
General Knowledge & Current Affairs	30	60	20 minutes
Insurance and Financial Market Awareness	30	60	20 minutes
Total	120	300	120 minutes
Legal Drafting / Letter Writing	2	25*	30 minutes

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Life Insurance Corporation

Which are the Subsidiaries of LIC of India?

Post author By parastar
Post date April 19, 2023

Which are the Subsidiaries of LIC of India?

When it comes to Life Insurance Industry in India, the Life Insurance Corporation of India (LIC) is the most popular household name. The institution has cemented its name in the Indian Insurance sector from its very inception in the year 1956. However, you may not be aware that the Life Insurance Corporation of India (LIC) has many subsidiaries that operate in various areas of the insurance sector across the world.

In this article, we will talk about the following subsidiaries of Life Insurance Corporation of India (LIC), the company’s objective, and shareholding patterns.

LIC Housing Finance Limited
LIC Pension Fund Limited
LIC International Limited
LIC Cards Services Limited
IDBI Bank Limited
LIC Mutual Fund Limited
LIC Lanka Limited
LIC Singapore Limited

What are the subsidiaries of LIC?

Below given are some notable subsidiaries of the Life Insurance Corporation of India (LIC):

1.) LIC Housing Finance Limited

LIC Housing Finance Limited was incorporated on the 19th of June, 1989, and it is amongst the most trusted housing finance institution in India. The company’s main goal is to provide long-term funding to individuals for the construction, purchase, and renovation of houses, flats, and other residential properties.

Along with providing home loans, LIC Housing Finance Limited also provides business loans to professionals for purchasing or constructing nursing homes, clinics, office spaces, diagnostic centers, and buying equipment.
LIC Housing Finance Limited has served more than 25 Lakh families in India and has disbursed loans of more than Rs 3.35 lakh crore since inception. As of 2019, the company has 450+ centers, 9 regional offices, 20+ back offices, and 10,000+ intermediaries across the country.

As of March 2023, below given is the shareholding pattern of LIC Housing Finance Limited:

Shareholders	Holding %
Promoter	45.24%
Non- Promoter	41.84%
Institutions	12.92%

2.) LIC Pension Fund Limited

LIC Pension Fund Limited was the first company to receive a business license to begin its operations in India under the Pension Fund Regulatory and Development Authority (PFRDA), the regulatory body for the governance and regulation of pensions in India.
LIC Pension Fund has been appointed as one of the Pension Fund Managers (PFMs) to manage funds under the National Pension Scheme (NPS) by the Pension Fund Regulatory and Development Authority (PFRDA.)

The company offers various types of pension-related schemes for government employees. LIC Pension Fund manages the funds of its depositors and invests them into a diversified portfolio of investments like bonds, equities, fixed-income instruments, etc. The main objective of the company is to provide efficient pension services and long-term financial security to retired individuals.

Shareholding Pattern of LIC Pension Fund Limited:

Shareholders	Holding %
Life Insurance Corporation of India (LIC)	100%

3.) LIC International Limited

LIC International Limited is a subsidiary of the Life Insurance Corporation (LIC) of India, which is owned by the Government of India. The company was established on the 20th of July, 1989 in Bahrain with the main objective of providing life insurance coverage to Indians residing in the Gulf countries. LIC International operates and provides its services in four Gulf countries namely Bahrain, Kuwait, Oman, and UAE. Along with offering life insurance plans, the company also provides multiple wealth management plans, pension plans, health plans, and so on to its customers.

As of today, the company has reported an asset base of more than US $ 2 Billion and a Life Fund of over US $1.8 Billion. LIC International is one of the largest insurance companies in GCC with a market share of 45% in premium income.

Shareholding Pattern of LIC International Limited:

Shareholders	Holding %
Life Insurance Corporation of India (LIC)	98.90%
The International Agencies Company Limited	1.10%

4.) LIC Cards Services Limited

LIC Cards Services Limited is a fully-owned subsidiary of the Life Insurance Corporation of India (LIC). The company was established on the 11th of November, 2008 to provide credit card services to its employees, policyholders, and its club member agents. The company is headquartered in Delhi and has tied up with leading banks like Union Bank of India, Axis Bank, and IDBI for the issuance of credit cards to its customers.

As of 31 March 2021, LIC Cards Services Limited has reported a revenue of Rs. 11.85 Crore and also reported a gross profit of Rs 5.29 Crore.

As per the annual reports of FY 2021- 2022, the shareholding pattern is given below:

Policyholders	Holding %
Life Insurance Corporation of India (LIC)	100%

5.) IDBI Bank Limited

IDBI was established in 1964 under the ownership of the Government of India and the Life Insurance Corporation of India. The entity was established as a development financial institution to provide financial services and assistance to the industrial sector of the country.

Later in the year 2005, it was converted into a banking institution that is popularly recognized today as IDBI Bank Limited.

IDBI Bank Limited offers a plethora of financial services like NRI banking, personal banking, Agri banking, and more to its customers. It also provides various loan products like housing loans, education loans, cooperate loans, and so on.

The bank has 1500+ branches and more than 35000 ATMs around the country. As of the annual reports of Q2 FY 2023, IDBI Bank Limited has reported a net profit of Rs. 826 Crores and an operating profit of Rs. 2,208 Crores.

Shareholding Pattern of IDBI Bank Limited:

Shareholders	Holding %
Government of India	45.48%
Life Insurance Corporation of India (LIC)	49.24%
Foreign Institutions	0.06%
Mutual Funds	0.01%
Others	5.06%

6.) LIC Mutual Fund Limited

LIC Mutual Fund formerly known as LIC Nomura Mutual Fund is a 100% owned subsidy of the Life Insurance Corporation of India. The company was incorporated on the 20th of April 1989 and is headquartered in Mumbai. and has a PAN India presence with 2000+ branches.

LIC Mutual Fund is a professional asset management institution offering a wide range of mutual fund schemes like savings funds, debt funds, hybrid funds, equity funds, etc to its investors.
The company has reported a revenue of Rs. 56.79 Crore during the FY 2021-2021 and has managed over Rs. 15002.38 Crore worth of assets.

Shareholding Pattern of LIC Mutual Fund Limited:

Shareholders	Holding %
Life Insurance Corporation of India	100%

7.) LIC Lanka Limited

LIC Lanka Limited is a joint venture between Life Insurance Corporation of India and the Barleet Group, a Sri Lankan financial conglomerate having expertise in stock broking, fund lending, etc.
The company offers a plethora of insurance products and plans like money-back plans, endowment plans, life insurance covers, health plans, and so on.

LIC Lanka Limited is known to offer high life insurance coverage to residents of Sri Lanka at an affordable premium.

8.) LIC Nepal Limited

LIC Nepal is a joint venture between the Life Insurance Corporation of India and Vishal Group, a leading business group based in Nepal. The company was established in 2001 and is headquartered in Kathmandu. LIC Nepal offers a plethora of insurance products including savings plans, retirement plans, endowment plans, and so on.

Share Holding Pattern of LIC Nepal:

Shareholder	Holding
Life Insurance Corporation of India	55%
Vishal Group	25%
Others	20%

9.) LIC Singapore Limited

Life Insurance Corporation Singapore Limited was established in Singapore on the 30th of April 2012. It is a wholly owned subsidy of LIC of India. The main objective of LIC Singapore is to expand its operations and explore opportunities in South Asian markets. The company offers non-participating, single premium plans, two-pay endowment plans, and term insurance plans.

Share Holding Pattern of LIC Singapore Limited:

Shareholders	Holding
Life Insurance Corporation of India	100%

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LIC vs Mutual Funds- Understanding the Difference

Insurance Regulatory And Development Authority (IRDA)

Frequently asked questions

Yes, LIC of India has international presence in Sri Lanka, Singapore, Nepal, and beyond.

LIC Cards Services is a subsidiary of Life Insurance Corporation of India that offers credit card services to its employees, policyholders, and associated agents.

You contact a subsidiary company of LIC through the information given on their official websites.

Life Insurance Corporation

Life Insurance Corporation Act 1956 (Simply Explained)

Post author By parastar
Post date September 9, 2022

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:

Functions of LIC
Management structure of LIC
Powers of LIC
Guaranteed policies
Tribunals
Reporting to the Parliament
Auditing
Rule-making power of LIC
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.

Conducting life insurance business in and outside India efficiently and with a vision of growth.
Investing the funds collected as premium appropriately and securely.
Disbursing loans to policyholders against their LIC policy.
LIC even has powers to disburse loans against property or other kinds of assets.
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.

LIC vs Mutual Funds- Understanding the Difference

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Frequently asked questions

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

LIC must disburse its annual report to the Central Government.

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

Life Insurance Corporation

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

Post author By parastar
Post date August 28, 2022

Here's your answer:

The most pertinent difference between LIC and GIC is that LIC is a life insurance company, whereas GIC is a reinsurance company. The scope of operations of both companies are different.

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.

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: Pension products ULIP Health insurance Micro insurance	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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Post Office Life Insurance vs LIC (Understand the key differences)

Difference between Health Insurance and Mediclaim

Difference between Life Insurance and General Insurance

Frequently asked questions

LIC stands for Life Insurance Corporation of India.

GIC stands for General Insurance Corporation of India.

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

LIC was formed on 1st September, 1956.

GIC was formed on 22nd November, 1972.

Life Insurance Corporation

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

Post author By parastar
Post date August 26, 2022

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”

Step 2: Click on “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

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.

What is an insurance policy number?

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Frequently asked questions

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

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

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

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.

Life Insurance Corporation

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

Post author By parastar
Post date August 21, 2022

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

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”

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

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

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

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

You can pay your LIC premium online via 2 ways:

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

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.

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

No, it is not necessary

Life Insurance Corporation

Who is the current Chairman of LIC of India?

Post author By parastar
Post date August 20, 2022

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.

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Crore INR

The size of LIC IPO

Crore

Policies issued in 2020 alone.

Lac Crores

Assets under management

Frequently asked questions

Mr. M.R Kumar

2019

LIC of India

How are insurance premiums calculated?

Meaning of insurance premium

LIC Headquarters

Life Insurance Corporation

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

Post author By parastar
Post date August 19, 2022

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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Advantages of Life Insurance (Top 5 Benefits)

Frequently asked questions about duplicate LIC policy

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.

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

022 6827 6827 / 022-27725968 / 022-27723592

Life Insurance Corporation

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

Post author By parastar
Post date July 22, 2021

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 name	Policy type
LIC Jeevan Umang	Whole life
LIC Jeevan Pragati	Endowment
LIC Jeevan Labh	Endowment
LIC New Endowment Plan	Endowment
LIC Jeevan Rakshak	Endowment
LIC Jeevan Lakshya	Endowment
LIC Aadhar Stambh	Endowment
LIC Single Premium Endowment Plan	Endowment
LIC New Jeevan Anand	Endowment
LIC Aadhar Shila	Endowment
LIC New Money Back Plan (20 years & 25 years)	Money back
LIC New Bima Bachat	Money back
LIC Bima Shree	Money back
LIC Jeevan Shiromani	Money back
LIC New Children’s Money Back Plan	Money back
LIC Jeevan Tarun	Money 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

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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