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What is the process of policy issuance?
Policy bond is issued through registered post to the communication address.
How do you organise Medical Checkup?
LIC will organise medical tests through its authorised partners. In turn authorised partners will call you directly and fix an appointment to the nearest available lab as per your convenience.
What income should I put in the income field?
Your total gross income for the year like Salary income, Business income, Interest income, Consultancy income, Commission income, Rental income etc
What are the forms and documents to be signed or filled at the time of applying for an insurance policy?
For Online policy: Policy is done on the basis of your Aadhar zip file
For Offline policy: Filling up of proposal form along with hard copies of Passport size photo, Pan Card copy, Aadhar card copy
What is the Login ID of My Account portal?
After completion of the policy, you can create your own account portal thru LIC website.
How do I reset my password for My Account login?
Option is provided in account login to reset your password.
How do I check the Branch Address and Timings?
You can check online for all India branch addresses along with timings.
How do I check my Fund Value of my policy? (only for Unit-linked policies)
Fund value is updated every single day on LIC website
How do I update my Contact number and Email ID?
Link is provided in LIC website to update your latest Contact number & Email id.
Is income proof mandatory for life insurance?
Upto to Rs.1 lakh annualised premium income proof not required. More than Rs.1 lakh annualised premium, Income tax returns for last 3 years is required.
How can I know my PAN is linked to LIC policy?
You can check your policy status by logging in your account.
How can I register a PAN in the LIC portal?
Link is provided in the LIC website to register your PAN details.
How to avail duplicate Policy documents?
Duplicate policy bond can be availed by submitting your ID proof along with a request application and Rs.200 Stamp paper with prescribed matter
How do I change my address?
You can change address thru your login account (or) can send a request mail to the servicing branch along with any address proof
What is Partial Withdrawal?
Partial withdrawal is allowed only for Unit linked policies
How can I get a duplicate physical copy of my policy document?
Duplicate policy bond can be availed by submitting your ID proof along with a request application and Rs.200 Stamp paper with prescribed matter
How to download the Certificate of Insurance?
You can download thru your login account
What is Top - Up premium? Can I make a top-up payment?
Top-up premium means paying additional premium other than regular premium. Top-up can be done only for Unit linked policies.
Can the beneficiary of the policy be changed in case of the unfortunate death of an existing beneficiary?
Yes, Beneficiary can be changed any number of times.
Can I change the Nominee of the policy?
Yes, Nominee can be changed any number of times.
How can I avail a loan against my policy?
Yes, Loan can be availed after 2 years of policy completion.
What are the documents required to avail a loan against my policy?
Original policy bond, Bank details and ID proof required.
What will be the Loan Repayment Schedule?
Loan can be repaid as per your convenience. If not paid till the end, then Loan amount along with interest will be deducted in your maturity amount.
What is the maximum loan I can avail for against my LIC policy?
Upto 90% of Surrender value will be provided as loan..
What is Nomination and how do I nominate?
Nomination means the person authorized to receive money, in case of death of the policy holder. Nomination is done at the inception of the policy.
How do I pay my policy premiums?
You can choose to pay either in any of the LIC branches or thru Online (thru LIC website)/ Google pay/ Phonepe/ Paytm.
How do I get a copy of my premium receipt?
You will get a copy of premium receipt in your email.
Can I change the premium payment frequency?
You can change the premium payment frequency by visiting the LIC branch (or) can send a mail to your LIC servicing branch.
What is a tax/premium paid certificate?
Tax/ premium paid certificate is the total Premiums paid for the particular financial year. This certificate is useful to claim tax benefit u/s 80C.
Can I request for a Change in Name?
Yes, Name change can be done. You need to submit Original policy bond along with ID proof, Paper cutting for name change and notarized stamp paper.
Can I request a Change in the Date of Birth?
Yes, Date of birth can be changed provided you submit a valid Date of birth proof along with Original Policy bond.
What is my Policy Number and Client ID?
Policy number will be provided by LIC after completion of the policy. Client ID can be created after completion of the policy thru LIC website.
What is the Maturity Benefit of my policy?
Maturity benefit = Sum Assured + Accrued bonus + Final additional bonus if any.
What is the benefit payable in the event of the demise of the Life Assured occurring during the term of the policy?
Nominee will be paid Death claim amount consists of Sum assured + Accident risk cover (if opted) + Bonus for number of years premiums paid.
Any intimation letter is sent before maturity of policy?
Yes, Intimation letter and Email will be sent to the policyholder 3 months prior to Maturity date.
When the Money Back payouts are given?
It depends on the policy terms & conditions.
What is a Vesting Date?
Vesting date is the date from when the benefits are payable to the policy holder.
How will annuity payments be made?
Annuity payments will be directly credited to your bank account.
What is meant by Grace Period?
Grace period means premiums can be paid without any interest and policy will be kept inforce.
Does my policy get lapsed immediately if I don't make a premium payment on the due date?
Your policy will get lapsed only after the expiry of grace period.
What are the Tax benefits applicable to a Life Insurance Policy?
You can avail double tax benefits,
(i) On premiums paid u/s 80C upto Rs.1,50,000
(ii) All maturity returns are tax-free u/s 10,10D
What are the tax benefits available on pension plans?
You can avail Income tax benefit u/s 80C for Premiums paid under Pension plan. Pension received is taxable, However pensions received under LIC's Jeeva Umang pension plan is totally tax-free u/s 10,10D.
Is the death benefit received by the nominee of the policy entitled for any tax benefit?
Amount received as Death benefit is totally tax-free u/s 10,10D.
If I pay the premium on policy for my family, can I claim tax benefits?
Yes, you can avail on premiums paid for Self, Spouse and childrens.
What is Advance Premium? Can I claim tax benefit on advance premium?
No Advance premium is collected.
Is Taxes and Levies applicable on premiums paid on insurance products?
Yes, GST is applicable on premiums paid. For 1st year 4.5% on premium and 2nd year onwards 2.25% on premium.
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LIC policyholders enjoy a sovereign guarantee on the sum assured and the bonus declared as per section 37 of LIC Act, 1956 which clearly states that "Policies to be guaranteed by Central Government - The sum assured by all policies issued by the corporation including any bonuses declared in respect thereof and, subject to the provisions contained in section 14 the amounts assured by all policies issued by any insurer the liabilities under which have vested in the corporation under this act, and all bonuses declared in respect thereof, whether before or after the appointed day, shall be guaranteed as to payment in cash by the Central Government."
