Who appoints the LIC auditors?

Category: 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

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

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.

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: 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

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

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?

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

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.

LIC vs Mutual Funds- Understanding the Difference

LIC Vaya Vandana Yojana- Features and benefits

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

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.

Crore INR

The size of LIC IPO

Crore

Policies issued in 2020 alone.

Lac Crores

Assets under management

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

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.

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

What is an insurance policy number?

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.

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

LIC vs Mutual Funds- Understanding the Difference

Features and Benefits of LIC Varishtha Pension Bima Yojana

LIC Jeevan Umang Plan- The Dual Benefit Policy

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

Life Insurance Corporation

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

Post author By parastar
Post date July 19, 2021

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.

Life Insurance Corporation of India (LIC)

LIC vs Mutual Funds- Understanding the Difference

Features and Benefits of LIC Varishtha Pension Bima Yojana

LIC Jeevan Umang Plan- The Dual Benefit Policy

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

Life Insurance Corporation

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

Post author By parastar
Post date July 15, 2021

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).

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

LIC Login and Registration Process (Simple Steps)

Tax Benefits on Life Insurance (Calculation & Break up)

importance of Life Insurance

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LIC e-Services (Best Services for LIC Policyholders)

Post author By parastar
Post date July 15, 2021

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.

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

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

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.

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