We welcome you as a policyholder and as
a prospective customer to our customer
service section. This section will guide
you through the various intricacies of
a life insurance contract and the facts
that you must know to make the best out
of your life insurance policy. Please
read our guidelines carefully.
The policy bond is the document that is
given to you after we accept your proposal
for insurance.
The risk coverage commences after acceptance
of your proposal and the conditions and
privileges of your policy are mentioned
in the policy bond.
This is an important document which would
be referred to for various servicing interactions
with you – Keep the policy bond
safe. It will be required at the time
of settlement of claims on the policy.
You will also require it if you are availing
a loan or want to assign the policy.
Inform your spouse/Parents/Children as
to where the policy is kept.
In case you are handing over the policy
bond to any person or office, please take
a written acknowledgement. Keep a Photostat
copy of the policy for your reference.
Your Policy Number
The policy number is consisting of nine
digits and can be found at the top left
hand corner of the schedule of your policy
bond.
This is a unique identification number
that distinguishes your policies from
other policies and will remain unchanged
throughout the lifetime of the policy.
Remember to quote the policy number every
time in your correspondence, as it helps
us to locate your records for reference.
Every policy is taken for different types
of needs; therefore the conditions for
your policy will vary according to the
Plan and Term of the policy.
The policy schedule contains on the first
page of your policy, like the ones mentioned
above as well as other information like
nominee, your address etc. It also shows
the date of commencement of your policy,
date of birth, date of maturity, due dates
and months in which the renewal premiums
are to be paid etc.
The second page onwards carries the various
policy conditions like risk coverage,
additional risks coverage if opted for,
standard benefits that are available for
all policies, accident benefit if opted
for, exclusion of risks if any and other
conditions that govern the contract of
insurance.
Apart from death benefits there are other
standard benefits and benefits opted by
the policyholder, which you might want
to familiarize yourself with (
to know more about various types of policy
conditions and their implications).
There may be instances when you would
like to make alterations in your policy
like change of premium payment mode, reduction
in premium paying term etc.
Your applications may be given in writing
to the branch that services your policy
for our further action.
There are different types of alterations
that are allowed on our life insurance
policies( to know more about alterations).
Kindly make a thorough search before concluding
that you have lost the policy bond. Look
for the same within your residence, among
your investment papers, at your office
and even with your agent to whom you might
have entrusted the document for some reason.
It could have been even pledged with LIC/any
other financial institution for availing
a loan by you. LIC retains the policy
bond when you go in for a loan against
the policy. Make sure that the document
you are searching is not one that has
already been assigned to LIC, or to another
financial institution.
If the policy bond is partially destroyed
due to natural causes like, fire, flood,
etc, the remaining portion may be returned
as evidence of loss of policy to LIC,
while applying for a duplicate policy.
In case you are sure that the policy bond
is untraceable due to unknown causes,
there is a simple procedure to comply
with while applying for the duplicate
policy at the branch that services your
policy ( to know about obtaining duplicate
policies).
Your address is very important for us.
Without your latest address we would not
be in a position to contact you for any
service offering. We would not like to
keep any benefit that is due to you pending
for want of this very important information.
Whenever you shift residences, please
inform the new address to us. Otherwise
any communication we send to you, like
premium notices, discharge vouchers for
maturity and survival benefits etc., will
get delayed in reaching you.
LIC provides for change of addresses,
inclusion of telephone numbers, mobile
numbers and email addresses in your contact
addresses information. Kindly inform your
servicing branch to incorporate the same
in your policy records.
Check your policy bond and see
if your date of birth is correctly given
therein.
This is one of the factors on which the
premiums you pay for your policy is arrived
at.
This would also form the basis of all
future policies you might avail from us.
In case your earlier policies do not have
your date of birth incorporated and you
do have a date of birth certificate issued
by the competent authority, you may send
an attested copy of the same to us, with
a request to admit your age ( to find out the certificates
of age that LIC accepts.)
Ensure that the nominees name is correctly
incorporated in the policy bond.
You may change the nomination in your
policy any time during the lifetime of
the policy
In case you have not included the name
of the nominee till now, please do not
delay; inform us your nomination immediately.
Kindly note that the change of nomination
has to be done in the branch that services
your policy.
The nominee is the person to whom the
insurance claim amounts would be payable,
in case anything unfortunate within the
purview of the policy conditions happens
to you.
The policy is usually taken by you to
benefit your family – nominate the
persons who’ll have the welfare
of your family in your absence; the usual
preferences being spouse and children.
You may nominate even minors like your
children, in which case you have to name
another person who’ll have the welfare
of the minor children, as an appointee(
to know more about nomination).
In case you are raising a loan against
your policy from LIC or any other financial
institution, your policy would have to
be assigned to LIC or the financial institution.
When you assign the policy the title of
the policy is shifted from your name to
that of the institution.
The policy would be reassigned to you
on the repayment of the loan.
A fresh nomination should be done after
reassignment of the policy.
Assignment of policies can be done even
when a loan is not required or for some
special purposes (To learn more about
assignment ).
Remember to pay your premium in time,
even if our notices do not reach you.
There may be a postal delay.
LIC usually sends premium notices one
month in advance to the due month of the
premium.
The months in which premiums are due are
given on the first page of the Policy
bond.
In case you have not paid the premium
within the due date there is still time
for you to make the payments without payment
of interest on the premium. This period
is called the grace period. (With the
exception of some plans)
The grace period for policies where the
premium payment mode is monthly is 15
days from the due date.
The grace period for policies where the
premium payment mode is quarterly, half-yearly
or yearly is one month but not less than30
days.
- By cash, local cheque (subject to
realization of cheque), Demand Draft
at Branch Office.
- The DD and cheques or Money Order
may be sent by post.
- You can pay your premiums at any of
our Branches as 99% of our Branches
are networked.
- Many Banks do accept standing instructions
to remit the premiums. So by providing
a standing instruction to your Bank
to debit your account for the premium
amount and send it vide a banker’s
cheque to LIC, on the due dates and
months mentioned on your policy bond.
- Through Internet : Payment of premiums
can be made through Internet through
Service Providers viz.HDFC Bank, ICICI
Bank, Times of Money, Bill Junction,
UTI Bank, Bank of Punjab, Citibank,
Corporation Bank, Federal Bank and BillDesk.
- Premium payment can also be made through
ATMs of Corporation Bank and UTI Bank.
- Premium payment can also be made through
Electronic Clearing Service (ECS) which
has been launched at Mumbai, Hyderabad,
Chennai, Kolkata, New Delhi, Kanpur,
Bangalore, Vijaywada, Patna, Jaipur,
Chandigarh, Trivandrum, Ahmedabad, Pune, Goa, Nagpur,
Secunderabad & Visakhapatnam. A policyholder
having an account in any Bank which
is a Member of the local Clearing House
can opt for ECS debit to pay premiums.
The policyholders wishing to use this
system would have to fill up a Mandate
Form available at our Branches/DO and
get it certified by the Bank. The certified
Mandate Forms are to be submitted to
our BO/DO.
- Policy can be anywhere in India:
Citibank Kiosks at Industrial Assurance
Building, Churchgate, New India Building,
Santacruz, Jeevan Shikha Building, Borivili
are dedicated for collection of premiums
through cheques.
Status of your policy indicates if your
policy is in force or has lapsed due to
non-payment of premium. It also provides
other important information with respect
to your policy, for your reference.
The status of your policy is available
at the branch that services your policies.
It is also available through our Interactive
Voice Response Systems in select cities
( to find out if your city is covered).
In cities connected by our computerized
networks the status will be available
in any of the branches.
Now the policy status of policies being
serviced in the cities connected by network
are also available through Internet ( to register for these services).
In select cities online touch screen kiosks
are also provided where you can view your
policy status.
If your policy has lapsed due to non-payment
of premiums within the due date, the terms
and conditions of the policy contract
are rendered void, till you revive your
policy.
A lapsed policy has to be revived by payment
of the accumulated premiums with interest
as well as giving the health requirements
as required . (
for knowing more about the revival procedure
and the different types of revival allowed)
Always keep your policy in force to ensure
that your family gets their financial
protection assured by your policy.
However certain concessions dependent
on the term for which you have paid the
premiums are available with the exception
of some plans for claims concession.(
to know the concessions for delayed premium
payment and for claims during the lapsed
period).
Availing Loans
On Policies
Many of our plans are of endowment
type and you would be allowed to raise
a loan against your policy should you
require funds.
You repay the loan with interest or continue
paying the interest and allow the loan
to be deducted at the time of the claim
payments.
Further loans on policies are also allowed
after deduction of earlier out standings
( to find out more about loans
on policies).
Most financial institutions too allow
loans against LIC policies based on the
value LIC quotes on request from you.
This is the value which is the amount
payable to you should you decide to discontinue
the policy and encash the same from LIC.
Surrender value is payable only after
three full years premiums are paid to
LIC. More over if it is a participating
policy the Bonus get attached to it as
per prevalent rules.
Surrender of policy is not recommended
since the surrender value would always
be proportionately low.
Should you decide to go in for another
insurance at this stage further insurance
would be available to you at a much higher
premium because your age would have advanced
since taking out the earlier policy.
Therefore retention of earlier policies
and continuation of all policies without
allowing them to lapse is the best strategy
for continuing life insurance protection.
When your Survival Benefits (For Money
back policies) or maturity benefits are
due, we send intimations to you in advance.
However, if the survival benefit amount
is less than or equal to Rs.60,000/- the
same will be sent to you directly without
policy or discharge forms with a few exceptions.
If such intimations have not come to you
before the due date kindly inform us so
that we may take necessary action ( to know about the claims procedure)
If you have taken your policy under salary
Saving Scheme please read the following
suggestions :
- For each Salary Savings Scheme Policy
your employer deducts the premium from
your salary and sends a consolidated
cheque for all the policies of the employees
to a designated Branch of LIC, where
all the policy files are maintained.
- You can find out which Branch of LIC
your policy file will be serviced either
from your Agent or from the pay roll
department of your employer.
- You will need to know which branch
of LIC services your policy because
you will require their help in getting
your Maturity/Survival Benefits, for
any alterations like change of address
and for availing loans etc.
- In case you are in a transferable
job please inform the designated Branch
of LIC about your new place of posting.
After you join your new place of posting
please ask your employer the LIC Branch
where the premiums are being remitted
by your office there and inform the
LIC Branch which was servicing you earlier
so that your policy files can be transferred.
- This way your records will be
at correct place and will receive the
services from us like maturity, in time.
In case you are leaving your employer
for a new job or joining another firm,
you have the facility to either continue
the policy under the Salary Savings
Scheme of your new firm or to convert
the payment mode into quarterly, half
yearly or yearly mode.
- Always ensure the continuity of premium
payments to avoid frequent revivals
of policy. This may become a cumbersome
process for a person who is in a transferable
job.
- Please do not send any installments
directly to us. Your premium must come
through your employer only. We do not
have systems to adjust single installments
received from our policy holders. Otherwise
please convert the mode into quarterly,
halfyearly, or yearly and pay directly.
This way you also get a discount on
the premium payable.
- Leave a permanent local address with
us so that we can reach you wherever
you are even after many years.
The information contained herein is only
to guide you and does not purport to be
binding on either party. The contractual
implications of your policy will be subject
to the terms and conditions of your proposal
and the policy document issued to you.
They may be also subject to the rules
and regulations of the corporation notified
from time to time which may be subject
to revision and change. The contract will
also be subject to the prevailing laws
of the country.
To ensure that you get the best out of
your policy please read our guidelines
carefully.
- Keep the policy bond safe. It will
be required at the time of maturity
or Survival Benefit. You will also require
it if you are availing a loan or want
to assign ypur policy.
- Inform your spouse/Parents/Children
as to where the policy is kept.
- When you shift residences, please
inform the new address to us. Otherwise
any communication we send to you, like
premium notices, discharge vouchers,
etc., will get delayed in reaching you.
- Ensure that the nominees name is correctly
incorporated in the policy bond.
- Remember to pay your premium in time,
even if our notices do not reach you.
There may be a postal delay. The months
in which premium are due are given in
the Policy bond.
- You may pay the premium by Cheque,
DD or Money Order. Remember to quote
the policy number everytime in your
correspondence. The policy number is
consisting of nine digits and can be
found at the top left hand corner of
the policy bond.
- Check your policy bond and see if
your date of birth is correctly given
therein.
- In case you are handing over the policy
bond to any person or office, including
the LIC office please take a written
acknowledgement.
- When your Survival Benefits (For Money
back policies) or maturity benefits
are due, we send intimations to your
three months in advance. If such intimations
have not come to your even within one
month of the due date kindly inform
us so that we may take necessary action.
- When in doubt call your agent or the
Branch from where you took the policy.
Our Branches are our Operating Units.
Hence, for any servicing matter, contact
the Servicing Branch of your policy. However,
for obtaining general information, you
can contact any of the Branches of LIC.
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