LIC Launched “Know your Policy” Feature for Better Policy Management

The "Know Your Policy" feature offered by the Life Insurance Corporation of India helps the policyholder stay informed about the status and details of their LIC policy. The company offers an online platform that empowers policyholders by providing easy access to crucial information. In this article, we will explore the benefits of the LIC Know Your Policy feature and how it enhances the overall policyholder experience. 

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What is LIC's “Know Your Policy” Feature?

With the "Know Your Policy" feature, policyholders can effortlessly access and manage their LIC Insurance policy details online. From checking policy status to reviewing premium payment history, this feature empowers policyholders to stay informed and control their insurance coverage. This article will explore the benefits of LIC's "Know Your Policy" feature and how it simplifies policy management for the policyholder.

Benefits of the "Know Your Policy" Feature

LIC’s Know Your Policy offers several benefits to the policyholder. Some of the benefits are mentioned below:

  • Instant Policy Information: With the "Know Your Policy" feature, policyholders can easily access detailed information about their LIC policies. Whether you want to check the status of your policy, view premium payment details, or track maturity dates, this feature provides a user-friendly platform that makes finding relevant information easy.

  • Convenient Policy Updates: Keeping track of policy updates and changes can be challenging. However, the "Know Your Policy" feature ensures that policyholders are always informed about any modifications to their policies. Whether it's a change in the premium amount, updated coverage benefits, or alterations to policy terms and conditions, policyholders can promptly access the most recent information through the online platform.

  • Premium Payment Management: Timely premium payments are essential to maintain the continuity of your policy and ensure its benefits remain intact. The "Know Your Policy" feature lets policyholders monitor their premium payment history, including due dates and amounts paid. Additionally, it offers payment reminders through various channels, such as email or SMS notifications, to help policyholders avoid missing payment deadlines.

  • Policy Document Access: Searching for physical policy documents can be time-consuming. The "Know Your Policy" feature eliminates this hassle by providing policyholders with the ability to access and download important policy documents such as policy bonds, premium receipts, and maturity benefit statements. 

  • Claims Assistance: In the unfortunate event of a claim, having easy access to policy details becomes crucial. The "Know Your Policy" feature provides policyholders with the necessary information to initiate the claims process smoothly. By reviewing premium payment history, nominee details, and policy terms, policyholders can ensure that their claims are processed efficiently, minimizing potential delays or discrepancies.

  • Flexibility: The "Know Your Policy" feature goes beyond providing information; it offers policyholders various additional services for effective policy management. From updating contact information to changing the premium payment mode, adding riders, calculating surrender values, or tracking loan status, this feature gives policyholders the flexibility and control to manage their policies according to their evolving needs.

How To Use LIC “Know Your Policy” Feature?

To use the LIC Know Your Policy feature, follow these simple steps:

  • Go to the official website of the Life Insurance Corporation of India (LIC).

  • Navigate to the "Customer Portal" on the LIC homepage.

  • If you are a first-time user, you will need to register on the portal by providing your policy details, date of birth, and other necessary information. If you are already registered, simply log in using your username and password.

  • Once you have logged in successfully, navigate to the "Know Your Policy" section, and enter Policy Details such as policy number, date of birth, and any other requested details. 

  • View Policy Information by clicking on the "Submit" or "View" button. The portal will display the relevant information related to your policy, including policy status, premium payment history, maturity date, bonus amounts, and other policy-related details.

  • Apart from accessing policy information, the Know Your Policy feature may offer additional services such as updating contact details, changing premium payment modes, calculating surrender value, tracking loan status, and more.

  • If required, you can download or print important policy documents such as policy documents, premium receipts, and maturity benefit statements directly from the portal.

Wrapping It Up

With LIC's "Know Your Policy" feature, policyholders no longer need to wait at branch offices or make endless phone calls to customer service. This user-friendly online platform offers a convenient and accessible way to obtain accurate information about your LIC policy. From checking policy details to managing premium payments, accessing policy documents, and initiating claims, the "Know Your Policy" feature simplifies the policyholder's experience. 

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:-
++Returns are 10 years returns of Nifty 100 Index benchmark

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