Life Insurance Corporation of India (LIC of India)

• Strong Global Presence: According to Brand Finance-2021, LIC is the 3rd strongest global brand. As of September 2022, the company had around 13.35 lakh agents and has sold 27.80 crore policies.

• Backing of the Central Government: All policy buyers want to invest their hard-earned money in a safe place. As per section 37 of the LIC Act, 1956, all the LIC policies are guaranteed by the Central Government. This gives LIC policy buyers a sense of security.

• Going Abroad: LIC operates in Bahrain, Kuwait, UAE (Dubai and Abu Dhabi),Sri Lanka, Nepal, Singapore and Oman. The company has their Foreign branches in Fiji, Mauritius and the United Kingdom.

• PAN India Network: For the policyholder’s convenience, LIC operates with 1381 satellite offices and 2048 computerized branch offices, 113 divisional offices and 8 zonal offices. With such a widespread network, LIC ensures to cater to all your insurance related queries. 

• A comprehensive range of products: The company offers a wide range of products in the life insurance market. The plans are quite affordable and offer high coverage at low premium rates. Apart from a vast range of insurance and investment products, LIC India caters to the diverse consumer needs by offering LIC savings plans, ULIPs, and endowment plans to pension plans.

• Introducing new innovations in the industry: In every quarter, LIC introduces new products which are specifically designed for the well-being of society. It is the first to introduce micro-insurance plans in India, helping those individuals who are living below the poverty line to get insurance at a low cost. 

• Use of Updated Technology: The company uses technology like LAN, WAN, IVRS, and EDMS, which helps customers to opt for paperless documentation. 

• High Claim Settlement Ratio: CSR is the number of claims that are paid to customers by the insurer to the total number of claims received by the insurer. The CSR of LIC is 98.62% for FY 2020-21, indicating fast settlement of claims. 

• Simple Policy Purchase: Whether you purchase a LIC policy online or offline, the process is simple. If you choose to buy a LIC policy online, you also get special discounts and other benefits.

• 24X7 Customer Support: LIC of India has unparalleled customer support. For helping their customers, the customer support of LIC is available 24X7.

• Tax Benefits of LIC Policy: With every LIC policy, you also get tax benefits under the following sections of the Income Tax Act:

  • Section 80C

  • Section 80CCC

  • Section 80D

  • Section 80DD

  • Section 10(10D)

1. Identify Needs & Choose Coverage Amount

   Choose the insurance coverage amount (sum assured) wisely by taking into account your current income, savings, number of dependents, future goals, etc. You should keep in mind the requirements of your family as well as your earnings and expenditure.

2. Choose a particular type of insurance policy

   Based on your future goals, pick a type of plan that can help you fulfill them. For instance, if your goal is retirement planning, look at LIC pension schemes for senior citizens. Alternatively, explore ULIPs if you want to grow your wealth.

   Broadly we can divide LIC products into five different categories (as mentioned above). These categories are:

   • LIC Unit-Linked Plans

   • Endowment Plans

   • Pension Plans

   • Whole Life Insurance Plans

   • Money-Back Plans

   • Term Insurance Plans

3. Compare Different Plans & Their Features

   Now that you have a type, shortlist plans from that category that fall on your budget. Look for additional features that can increase your savings. These may include guaranteed additions, profit participation, loan benefits, loyalty additions, premium waiver, etc.

4. Calculate the Premium & Maturity Amount Online

   There are LIC maturity and premium calculators available online. You can use this tool to get to know the premium that you have to pay on regular basis as well as the maturity amount that you will get. Getting to know about these two values will let you decide and choose a suitable LIC insurance policy.

Here is the range of services that customers and policyholders can access on LIC’s online platform.

• Compare plans

• Premium calculator and Benefit Illustration

• Online premium payment

• Review policy status

• Loan application

• Check claim status

• Check policy revival price

• Access to forms for various services

• Grievance registration

Here is the range of services that customers and policyholders can access on LIC’s online platform.

1. How to Register for LIC’s e-Services?

   Customers have to register on LIC’s online customer platform to be able to use the services mentioned above. Here are the steps to do so.

   • Visit the Customer Portal on LIC's website and click on New User.

   • Choose User ID and password. Click on Submit.

   • Login to your account and choose Basic Services to add your policy.

   • To access LIC’s premier online services, fill up the Registration form and print it.

   • Sign this form; then scan it along with the PAN card or passport.

   • Upload the scanned images and click on Submit Request.

   • Once the details are verified by a Customer Zone Official, you will receive an acknowledgment by email or SMS.

2. What Are the LIC of India Mobile Apps?

   LIC India has several mobile applications to make insurance purchases convenient and less time-consuming. Find below the list of LIC applications that offers access to all its products, features, and services.

   • My LIC - This is the LIC app store that provides links to its other applications. Users can download whichever app they need through My LIC.

   • LIC Customer - This app offers detailed information about LIC's products and services. From the online premium payment, checking the policy status, etc. to benefit illustration and plan brochures, you will find everything on this mobile application.

   • LIC PayDirect - This application allows policyholders to repay loan amounts and to pay renewal premiums and the interest on the loan. You can use this app to make payments even without registering for LIC’s online portal.

   • LIC Quick Quotes - This LIC app allows users to calculate premiums before actually purchasing a plan. This helps them understand how affordable a plan is. They can also see the death and maturity amount applicable under a plan. This information can be used for better financial planning.

3. How to Buy LIC Policy Online?

   Here is a step-by-step guide on how to purchase a LIC policy through its online portals.

   • Visit the website of LIC.

   • Under Buy Online Policies, go to the Click Here option.

   • Choose the policy you want from the list.

   • Go to Click to Buy Online.

   • You will be asked to provide COVID-19-related information.

   • Click on Proceed to fill in your Contact Details

   • You will be offered an Access ID. Insert the OTP that you will receive on your phone.

   • Fill in policy-related details such as policy term, sum assured premium payment criteria, etc.

   • Click on Calculate Premium.

   • If everything is in order, proceed to the premium payment.

   • You will receive a confirmation in your mail or SMS once the transaction is successful.

4. How to Find The LIC Policy Number?

   • To find the LIC policy number, all you have to do is visit the LIC customer portal on LIC’s website.

   • Click on the ‘Registered User’ option.

   • Login to your account using the user ID and password that you had set when you registered for its services.

   • This will display the policy numbers of all your active LIC policies that were enrolled by you on the portal.

5. How to Check LIC Policy Status Online?

   You can check the LIC policy status online through its website or mobile application.

   • If you are a new user, you will have to register for its e-services.

   • You can then proceed to add your policies to your account.

   • Once the registration is successful, you can log in to view the status of your LIC policy.

   • If you are an already registered user, simply log in to your account for the same.

6. How to Check LIC Policy Status Without Registration?

   You can use LIC’s SMS service to check LIC policy status without registration. All you have to do is -

   SMS ASKLIC<policy number>STAT to 56767877 from your registered phone number. Other types of queries for which you can use the SMS service are:

   • Revival Sum - ASKLIC(Policy Number)REVIVAL

   • Bonus Additions - ASKLIC(Policy Number)BONUS

   • Installment premium - ASKLIC(Policy Number)PREMIUM

   • Status of Added Nominations - ASKLIC(Policy Number)NOM

   • Loan Sum Available - ASKLIC(Policy Number)LOAN

   Another option is to reach out to LIC through its integrated voice response system (IVRS) at 022 6827 6827. Policyholders can also request to have this information faxed to them should they need it.

7. How to Pay LIC Premium Online?

   LIC premium payment online can be done either through the mobile app LIC PayDirect or simply through its official website. The mobile application allows you to pay premiums without having to register to its e-services portal.

   Here are step-by-step guides on how to pay LIC premiums online through both mediums.

   Through LIC Website

   • Register to LIC’s customer portal and enroll in your policies.

   • Login to your account using the user ID and password.

   • Click on Pay Premium Online.

   • You will see the list of policies for which premiums are due. Proceed to select one.

   • You will see different options to make the payment such as net banking, UPI, debit, and credit cards. Use a suitable one for you.

   • You will be directed to the payment gateway for the option chosen.

   • Following a successful transaction, you will receive confirmation through an e-receipt.

   Through LIC PayDirect

   • Install the application on your phone.

   • Click on Proceed.

   • Under the Pay Direct option, select Advance Premium Payment.

   • Click on Done.

   • Fill out the form with information on the policy number, installment premium amount without tax, your DOB, and contact details.

   • Click on Submit.

   • Enter the premium particulars in the next step.

   • Proceed to make the payment using a suitable gateway from the options presented.

   Points to Note While Making LIC Premium Payment Online

   • To use the net banking facility, you need to have a registered bank account with LIC’s listed bank affiliations.

   • Provide the correct details and valid contact number along with your email address.

   • The payment receipt will always be mailed to the email address provided.

   • It should be done by the policyholder only and should not involve a third party.

   • If the amount has been debited from your account but the screen displays an error, do not attempt to make a payment again. You should receive a confirmation receipt in your mail within 3 working days. You can also report such an incident to bo_eps1@licindia[dot]com.

   • The online portal accepts only domestic bank-issued cards. Any international cards will not be accepted.

8. How to Check LIC Maturity Amount?

   If you want to keep a check on the LIC maturity amount after purchase, all you have to do is create an account on the LIC customer portal. This will give you access to all its online services.

   • Once you are registered, log in to your account using the newly created User ID and password.

   • Go to Policy Status. This will display all the enrolled policies under your account.

   • Click on the policy for which you want to check the LIC maturity amount.

   • This will display all the information related to the policy including the maturity amount.

   If you haven’t bought an insurance policy yet, checking the maturity amount can help you plan your finances better. You can do this using the LIC maturity calculator which offers a detailed illustration of the benefits you will be entitled to. Here is a guide on how to do so.

   • Visit the LIC website or its application LIC Quick Quotes.

   • Scroll down to the tab of LIC Premium Calculator.

   • This will take you to an external page for LIC e-services.

   • Enter your details such as age, gender, DOB, and contact details.

   • Click on Next.

   • You can choose Quick Quotes or Compare Quotes.

   • Select the policy for which you want to calculate the maturity benefit amount.

   • Fill the form with desired policy-related details such as the sum that you want to assure, the policy term, premium payment term, and premium paying frequency.

   • The next page will offer you premium quotes.

   • You will also see the option for benefit illustration with it.

   A key advantage of the LIC maturity calculator is that it takes into account the unique needs of each user. This helps customers make the best insurance decision for themselves.

9. LIC Customer Service

   LIC customer care service includes a range of networks (both online and offline) to facilitate a wider reach. You can contact the LIC call center to use its customer services for information on the following:

   • Claim settlement

   • Updating contact details

   • Unclaimed amounts of policyholders

   • Policy guidelines and benefits

   • Policy purchase and premiums

   • Tax benefit

   • Bonus information

   • NRI Insurance

   • Change of address

   • Life certificate for pension policies

   • Application forms

   • Registration to LIC Customer Portal

1. Maturity Claims

   • The branch office that serves the policy will send a letter that will inform the date on which the policy money is payable to the policyholder two months before the payment due date.

   • The policyholder is then requested to return a discharge form that is duly completed with the document of the policy.

   • With the receipt of the two documents, a post-dated cheque is sent by post in the name of the policyholder before the due date.

   • With plans like a money-back plan, LIC will provide periodical payments to the policyholders only if the due premium within the policy is paid up to the due anniversary for the survival benefit.

   In such cases, wherein the sum payable is less than Rs. 60,000, cheques are most likely released without calling for a policy document in the discharge receipt. In case the amount is high, then these two requirements will be insisted upon.

2. Death Claims

   Whenever the intimation of the life assured’s demise is received, the branch office calls for the listed below requirements:

   • The Claim Form A- It is essentially the statement of the claimant, which gives the information of the claimant and the life assured.

   • Certified extract from the death register.

   • In case the age is not admitted then evidence to substantiate the same.

   • Proof of title to the deceased's estate in case the policy isn't assigned, nominated or issued within the MWP act.

   • The original papers of the policy document.

   • Documents such as the copy of the FIR, and report of the post-mortem are mostly insisted upon in case of death by accident.

   Other forms may be requested if the demise occurs less than three years from the date of reinstatement/revival.

   • Claim Form B: A certificate of the medical attendant that is completed by the deceased’s medical attendant during the last illness.

   • Claim Form B1: In case the treatment in the hospital was received by the life assured.

   • Claim Form B2: This should be duly completed by the deceased life assured's a medical attendant who treated him/her before their last illness.

   • Claim Form C: A certificate of identity and cremation or burial that is completed and signed by the person who is a known character or responsible.

   • Claim Form E: The employment certificate if the life assured was an employed individual.

   • The copies of the post-mortem report, first information report, and the investigation report of police in case the demise was due to an unnatural cause or an accident.