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 policy number is consisting of nine digits and can be found at the
top left hand corner of the schedule of your policy bond. 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 (Clickhere 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. There are different types of alterations that are allowed on our life insurance policies( Click here to know more about alterations). If Your Policy Is LostKindly 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. 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 (Click here to know about obtaining duplicate policies). Your Contact Address – Keep Us Posted Without FailYour 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. Admission Of AgeCheck your policy bond and see if your date of birth is correctly given therein. NominationEnsure that the nominees name is correctly incorporated in the policy bond. 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. 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( Click here to know more about nomination). AssignmentIn 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. The policy would be reassigned to you on the repayment of the loan. When To Pay The PremiumsRemember to pay your premium in time, even if our notices do not reach you. There may be a postal delay. 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) How And Where To Pay The Premiums
Policy Status – Where AvailableStatus 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. Now the policy status of policies being serviced in the cities connected by network are also available through Internet (Click here to register for these services). In select cities online touch screen kiosks are also provided where you can view your policy status. Revival Of Lapsed PoliciesIf 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 . (Clickhere for knowing more about the revival procedure and the different types of revival allowed) 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.(Clickhere to know the concessions for delayed premium payment and for claims during the lapsed period). Availing Loans On PoliciesMany of our plans are of endowment type and you would be allowed to raise a loan against your
policy should you require funds. Surrender ValueThis is the value which is the amount payable to you should you decide to discontinue the policy and encash the same from LIC. Maturity, Survival Benefits, Disability And Death Claims: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.500,000/- the same will be sent to you directly without policy or discharge forms with a few exceptions. Policies Under Salary Savings SchemeIf you have taken your policy under salary Saving Scheme please read the following suggestions :
DisclaimerThe 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. HelplineTo ensure that you get the best out of your policy please read our guidelines carefully.
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. What is the maximum amount of time after the premium due date?According to the Mandatory Uniform Policy Provisions, what is the maximum amount of time after the premium due date during which the policy remains in force even though the premium has not been paid? 31 days.
What is the maximum period of time during which an insurer?Life and health. What is the grace period for payment of premium?A short period — usually 90 days — after your monthly health insurance payment is due. If you haven't made your payment, you may do so during the grace period and avoid losing your health coverage.
What is the duration of the grace period in a policy?The grace period means it is a time the insurance provider gives after the due date to pay your premium before the policy becomes inactive. The grace period can differ between insurers and the type of policies. This time frame is indicated in the policy's terms and conditions, usually between 15 days to 30 days.
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