How to Check LIC Policy Benefits Online and Offline?

The Life Insurance Corporation of India (LIC) has been serving its customers, reliable services for nearly 65 years. LIC has been covering lives and is trusted by over 250 million Indian citizens. The insurance company has been highly credible and has the ability to provide an equal range of services to all its customers. The company offers a diverse range of insurance, which includes life insurance, term assurance, health plan, child plans, endowment plans, money back plans, ULIPs and retirement plans.

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Every Indian citizen wants a trustworthy company who promises financial coverage of the family during unfortunate circumstances.

Before buying a plan, every individual wants to check and plan the premiums of a certain policy accordingly. Now, when it comes to choosing a plan it can get complicated as the insurance provider offers several plans with various additional benefits.

What are LIC Policy Benefits?

Every LIC policy comes with certain benefits, which apply to only that plan. There are also mutual benefits that are common in a group of plans. LIC policies are designed specifically as per the convenience of the policyholders. However, it is important to have an inclusive insight into the policy details and the advantages an individual gets on subscribing to the policy.

The two most common benefits which most life insurance plans have are:

  • Maturity Benefits, and
  • Death Benefits

If an individual takes an example of two renowned LIC policies, such as LIC Jeevan Nidhi and LIC Jeevan Shanti then the former gives a benefit to the nominee of sum assured along with bonus payment on the death of the policyholder if it happens before the annuity payments. Whereas, on the other hand in LIC Jeevan Shanti 110% of the purchase price will be paid.

Now, the policy-seekers need to determine which plan will be suitable for them and if the plan's premium will be affordable or not.

How to Determine the Right LIC Policy according to its Benefits?

Investing in the right policy can be tricky as well as tires with various options to choose from and no insight into the policy benefits and details. Therefore, before purchasing a policy and looking into the policy benefits an individual must consider specific aspects, which will further help the individual in choosing the right kind of policy. Those aspects are:

  • What are the financial goals of the policy-seeker? What kind of financial coverage is the individual looking for?
  • How much is the individual willing to invest in the plan? What is the policy seeker's financial domain?
  • Does the sum assure to meet the requirements of the policy-seeker?
  • What are the benefits, which the desired policy offers? Do the assured benefits cater to the needs of desired benefits?
  • Are there any additional benefits from which the policy-seeker can utilize their money?
  • Do the benefits offer any fluidity to the policy-seeker? 

These questions help the policy-seekers to get an overview of the demands and the expectations they have regarding a policy. Accordingly, the individuals can choose and purchase the policy by making LIC premium payments.

Methods of Checking LIC Policy Benefits

Overview of a policy is not enough in purchasing and investing in a certain type of plan. Getting an inclusive idea about the plan and the benefits that the plan offers. There are various methods of checking the policy details and policy benefits of the desired plan. Mainly there are two ways of checking the LIC policy benefits – the online method, which is more reliable, and user-friendly, and the offline method,which shows the policy details in hand.

  1. Online Method

    Step 1: Visit the official website of the Life Insurance Corporation of India (LIC). (https://licindia.in/)

    Step 2: Then choose the “Products” option, which is present at the top menu of the home page.

    Step 3: This section will now open a drop-down menu that will have different types of insurance such as Insurance Plans, Pension Plans, ULIPs, Micro Insurance Plans, Withdrawn Plans, and Health Plans.

    Step 4: Then an individual must choose the type of plan, which they desire.

    Step 5: After selecting the type of plan, the page will automatically open to the insurances available under the selected type of plan.

    Step 6: Click on the desired policy plan.

    Step 7: Select “Sales Brochure”

    Step 8: The brochure will have policy benefits explained in detail.

    Step 9: An individual can verify the policy benefits from the policy document.

    Step 10: The "Policy Document" can be downloaded from the same page as the sales brochure.

  2. Offline Method

    LIC Customer Zones are spread all over India. If an individual is willing to do the whole process offline from checking policy details, getting an idea of the policy benefits to purchasing the policy then they can walk into their nearest LIC Customer Zone and can get the assistance of an insurance advisor.

    The insurance advisor will help the policy-seeker in every possible way. The advisor will provide the individual with a brochure as well as policy documents, which are available online and will suggest plans according to the individual's requirements and demands. The advantage of checking the policy benefits offline is that the customer will get the assistance of expertise in choosing the right kind of policy. An individual can also connect to the LIC Call Center at 022 6827 6827

How to Re-check the Benefits of a Purchased LIC Policy?

Policy benefits are available under the section of policy details after purchasing the plan. There are two methods of checking the policy details after purchasing the policy and they are as follows:

  1. Through Online Account

    1. For Registered Users:

      Step1: Visit the customer portal. (https://licindia.in/Home-(1)/Customer-Portal)

      Step 2: Click on “Registered User”

      Step 3: Fill in the given credentials like user id, password, and date of birth.

      Step 4: Click “Proceed”

      Step 5: Search for “Self” or “Policies”

      Step 6: Customers must choose the policy they want to check the benefits of.

      Step 7: Choose “Policy Details”

      Step 8: Then this section will show the policy details including the policy benefits.

    2. For New Users:

      Step 1: Visit the LIC’s customer portal. (https://licindia.in/Home-(1)/Customer-Portal)

      Step 2: Click on “New User”

      Step 3: Fill in the required credentials like name, policy number, gender, pan id, date of birth, premium payments, registered mail id, and phone no., etc.

      Step 4: Click Proceed.

      Step 5: Create a password.

      Step 6: Click “Submit”

      Step 7: Then go to “Policy Details”

      Step 8: Policy benefits will be available under this section.

  2. Offline Method

    LIC offers an offline mode to ensure that the customers do not miss essential updates even if they do not want to login into the online account. If an individual wants to persist in the offline method throughout the insurance process and wants to check their purchased policy benefits offline then there are four methods to do that. The methods are:

    • Through Calling Customer Care: Policyholders get access to instant updates about their insurances or LIC premium payments via LIC IRVS services. An individual can easily get the policy details and the benefits it offers by simply entering the policy number. Helpline numbers are listed below:
      • MTNL and BSNL Users: 1251
      • Other users: City code followed by 1251
    • Through Customer Care (Zone Wise): Policyholders can also contact the regional offices in case of any policy details. The regional offices are divided among eight zones throughout the whole Indian Territory. The customers can get the service numbers of the regional offices and contact them via calling services.
    • Through SMS Services: An individual can know the policy details via SMS services. All they need to do is send an SMS from the registered mobile no. by typing “ASKLIC” followed by the policy number to 56767877 or 9222492224 to get the policy details. It will automatically show the policy details, which will include the policy benefits. If an individual further wants to know, the bonus and additional benefits then they may refer to the code: “ASKLIC BONUS” for getting an inclusive idea.
    • Through Branch Office or Calling an agent: These are the traditional methods in getting an insight about the policy details. Customers can walk into any nearest LIC branch office and can get their policy details and benefits re-checked. An individual can also reach an agent via calling services and can get to know about their policy benefits. This process carries many drawbacks. The two most concerning are time-consuming and reliability. Policyholders can either choose the quick SMS services in offline mode or online process that acts as the most reliable and timesaving method.

Common Benefits of LIC Policy

Every policy-seeker wants to maximize their money and get an inclusive idea about the benefits before making LIC premium payments and committing to the policy. There are some common benefits that every LIC policy offers and they are:

  • Death Benefits
  • Tax Benefits
  • Investment Return 
  • Loan benefits
  • Rider Benefits (Additional)
  • Maturity Benefits (Dependable)
  • Survival Benefits (Dependable)

In a Nutshell

An individual can monitor their policies regularly to keep track of their benefits and LIC premium payments. LIC has acknowledged their customers' convenience and introduced a streamline of online services, which aids in checking the policy benefits quickly and efficiently in the hectic schedule of modern existence. LIC also has improved its offline services so that the customers who prefer offline processes can also check their policy benefits readily through offline services.

Customers need to prepare their policy number beforehand to check their policy benefits either through the online method or offline. The above-mentioned procedure will help check the policy benefits before purchasing the policy and making the LIC premium payments and will also aid in re-checking the benefits of an already purchased plan.

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