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1.Fresh Nomination & Change of Nomination in policy -Click Here
1.Fresh Nomination & Change of Nomination in policy -Click Here
In a life insurance
policy, the policyholder nominates a person to whom the insurer must pay the
policy proceeds in the event of his/her demise – this person is called the
nominee. Although it is not mandatory to register a nominee, one cannot
overlook the importance of life insurance nominee as it prevents disputes and
facilitates quicker claims processing, ensuring the beneficiary receives the
death benefits without hassles.
A nominee is usually
registered in the proposal form while purchasing life insurance
policy itself. However, it is possible to register a
nominee at any time during the policy tenure.
Transfer by the holder of a life insurance policy (the
assignor) of the benefits or proceeds of the policy to a lender
(the assignee), as a collateral for a loan. In the event of the death of the
assignor, the assignee is paid first and the balance (if any) is paid to the policy's beneficiary.
You can get loan on your LIC policy subject to your policy completed 3 years. In some special policies like Jeevan Shiromany loan will be available before 3 years also.
It is important to keep the
company updated about change in residence in
order to maintain the chain of communication.
You must be
aware that it is mandatory to produce Premium Paid Certificate for insurance
policies to avail Income tax exemption benefit under section 80 C. Premium Paid
Certificate is a document issued by an insurer against payment of the premium
amount. This document is generally required for the policies premium paid via
ECS and NACH mode. For all other modes of payment, you get a premium receipt
which will act as proof for income tax benefit.
LIC POLICY bond is the
main evidence for policy taken by the policy holder from LIC OF INDIA, so it is
the most important document from LIC point of view.
If due to some reason (like: Shifting of house, white washing)
it is misplaced and you are not able to locate it, no need to worry, you can
get a new one (Duplicate Policy Bond) from LIC OF INDIA if you follow the below
mentioned procedure and deposit the same in your home LIC BRANCH.
Name Correction in LIC Policy
you
have to get the affidavit done to change your name in
the LIC policy. Write a letter to the branch enclosing your attested copy
of your school certificate with a request to correct the name as
per the certificate.Also send the Xerox of the policy Bond giving the correction to
be done.
Transferring of LIC policies from one
Branch to another.
Policy records can be transferred from one Branch Office to another for servicing, as requested
by the policyholder.
You can go directly go to the nearest LIC branch with
the application and photocopy of the LIC policy.
In a life insurance policy with maturity benefits, the insured will
be entitled to claim maturity benefits if he or she outlives the term of the policy. The insured is
entitled to claim the maturity benefits only when the policy is in force
and all premiums have been paid duly.
The death
claim amount is payable in case of policies where premiums are paid up-to-date
or where the death occurs within the days of grace. On receipt of intimation of
death of the Life Assured the Branch Office calls for the following
requirements:
a) Claim form A – Claimant’s Statement giving details of the deceased and the claimant.
b) Certified extract from Death Register
c) Documentary proof of age, if age is not admitted
d) Evidence of title to the deceased’s estate if the policy is not nominated, assigned or
issued under M.W.P. Act.
e) Original Policy Document
The following additional forms are called for if death occurs within three years from the date of risk or from date of revival/reinstatement.
a) Claim Form B – Medical Attendant’s Certificate to be completed by the Medical Attendant of the deceased during his/her last illness
b) Claim Form B1 – if the life assured received treatment in a hospital
c) Claim form B2 – to be completed by the Medical Attendant who treated the deceased life assured prior to his last illness.
d) Claim Form C – Certificate of Identity and burial or cremation to be completed and signed by a person of known character and responsibility
e) Claim form E – Certificate by Employer if the assured was employed person.
f) Certified copies of the First Information Report, the Post-mortem report and Police Investigation Report if death was due to accident or unnatural cause.
These additional forms are required to satisfy ourselves on the genuineness of the claim, i.e., no material information that would have affected our acceptance of proposal has been withheld by the deceased at the time of proposal. Further, these forms also help us at the time of investigation by the officials of the Corporation.
a) Claim form A – Claimant’s Statement giving details of the deceased and the claimant.
b) Certified extract from Death Register
c) Documentary proof of age, if age is not admitted
d) Evidence of title to the deceased’s estate if the policy is not nominated, assigned or
issued under M.W.P. Act.
e) Original Policy Document
The following additional forms are called for if death occurs within three years from the date of risk or from date of revival/reinstatement.
a) Claim Form B – Medical Attendant’s Certificate to be completed by the Medical Attendant of the deceased during his/her last illness
b) Claim Form B1 – if the life assured received treatment in a hospital
c) Claim form B2 – to be completed by the Medical Attendant who treated the deceased life assured prior to his last illness.
d) Claim Form C – Certificate of Identity and burial or cremation to be completed and signed by a person of known character and responsibility
e) Claim form E – Certificate by Employer if the assured was employed person.
f) Certified copies of the First Information Report, the Post-mortem report and Police Investigation Report if death was due to accident or unnatural cause.
These additional forms are required to satisfy ourselves on the genuineness of the claim, i.e., no material information that would have affected our acceptance of proposal has been withheld by the deceased at the time of proposal. Further, these forms also help us at the time of investigation by the officials of the Corporation.
If the policyholder has paid premiums for
atleast 5 full years and subsequently discontinued paying premiums and in the
event of death of the life assured within 12 months from the due date
of first unpaid premium, the policy money will be paid in full after deducting the unpaid
premiums, with interest upto date
Revivals:
If the premium under a policy is
not paid within the days of grace the policy lapses. Revival is a fresh
contract wherein the insurer can impose fresh terms and conditions. A policy
can be revived under the following types of revival:
1.OrdinaryRevival
If a revival of the policy is effected within 6 months from the due of first unpaid premium no personal statement regarding health is required and the policy is revived on collection of delayed premium plus interest. The rate of interest to be charged for such delayed premium will depend on the date of commencement of the policy.
1.OrdinaryRevival
If a revival of the policy is effected within 6 months from the due of first unpaid premium no personal statement regarding health is required and the policy is revived on collection of delayed premium plus interest. The rate of interest to be charged for such delayed premium will depend on the date of commencement of the policy.
2.Revival on non-medical basis
For revival of the policy on non-medical basis the amount to be revived should not exceed the prescribed limit for non-medical assurance taken by the life assured.
3. Revival on medical basis
If a policy cannot be revived under ordinary revival or revival on non-medical basis it can be revived with medical requirements. The medical requirements will depend upon the amount to be revived.
4. The other schemes for revival are
A. Special Revival Scheme
B.Revival by installment
C.Loan- cum- revival
D. Survival Benefit- cum- revival
Different
Types of Revival Schemes:
a) Special Revival Scheme A lapsed policy can be
revived under the above scheme by shifting the original date of commencement by
the period of maximum 2 years. The new date of commencement should not fall
beyond 31.12.2013.The Conditions for reviving a policy under Special Revival
Scheme is as under: a) Policy must not have been lapsed for a period of less
than 6 months or more than 3 years reckoning up to the date of revival.
b)
Policy can be revived under this scheme only once during the policy term.
c)
Maturity age shall not exceed the original stipulated period under respective
plan.
d) Revival requirements will be as per the usual terms and conditions as
applicable from time to time.
e) Difference between old premium and new premium
with interest thereon will be collected as on the date of revival.
f)
Policyholder has to give written request for reviving the policy under the
above scheme. 9) In case of Money Back plan, policy preparation charges and
stamp fee will have to be borne by the policyholder.
b)
Instalment Revival Scheme Revival under this scheme will be permitted:
a) If
the policy holder is not in a position to pay the arrears of premiums in one
lump sum and policy cannot be revived under special revival scheme.
b) If the
arrears of premiums are for more than 1 year.
c) There is no loan outstanding
under the policy at the time of revival.
d) No survival benefit falls due
during the instalment paying period of revival
e) For Children Deferred
Assurance policies, revival by instalment method will be allowed after
deferment period.
f) Quotation for the payment is available in the servicing
branch. g) Instalment revival scheme is not applicable to policies issued under
Salary saving scheme.
a) Revival requirements will be as per the usual terms
and conditions as applicable from time to time.
c) Loan
cum Revival Scheme
In this scheme, lapsed policy can be revived by recovering
arrears of premium from the amount available as loan under the policy as per
the policy condition. The other conditions of Revival are as under:
a) In case
if the loan amount is not sufficient to cover arrears of premium then the
difference will be required to be paid by the policyholder in the servicing
branch.
b) If balance is left after adjusting the premium and interest, the
same is paid to life assured.
c) Revival requirements will be as per the usual
terms and conditions as applicable from time to time along with the loan
application and the policy document will have to be submitted by the
policyholder.
d)
Survival Benefit cum Revival Scheme Revival of money back policies can be
allowed under ordinary revival by taking into account the amount of survival
benefit that is payable to the policyholder.
The requirements for Revival of
the policy are as under :
a) Revival requirements will be as per the usual
terms and conditions as applicable from time to time along with the loan
application
b) Policyholder will have to submit S.B. discharge form with the
consent of the policyholder to revive the policy under this scheme.
1.
Applicability of various Revival Schemes will depend on respective plan
conditions.
2. Kindly contact your servicing branch for details on quotation
and other health requirements.
After the
policy is issued, the policyholder in a number of cases finds the terms not
suitable to him and desires to change them. LIC allows certain types of
alterations during the lifetime of the policy. However, no alteration is
permitted within one year of the commencement of the policy with some
exceptions. The following alterations are allowed.
·
»Alteration in class or term.
·
»Reduction in the Sum Assured
·
»Alteration in the mode of payment of premiums
·
»Removal of an extra premium
·
»Alteration from without profit plan to with profit plan
·
»Alternation in name
·
»Correction in policies
·
»Settlement option of payment of sum assured by
installments
·
»Grant of accident benefit
·
»Grant of premium waiver benefit under CDA policies
·
»Alteration in currency and place of payment of policy
monies
A fee for the
change or alteration in the policy is charged by the Corporation called
quotation fee and no additional fee is charged for giving effect to the
alteration.
14.Surrender of Policy ------------------------Click Here
After payment
of premiums for at least three years, the Surrender Value allowed under the
policy
You can add double accident benefit in your existing policy also. DAB benefit is not available If the policy was purchased when you are minor. But DAB benefit can be added in certain policies when life assured become major.
Double
Accident Benefit is provided as an inject to the life insurance cover. For this
purpose an extra premium of Rs.1/- per Rs.1000/- S.A is charged. For claiming
the benefits under the Accident Benefit the claimant has to produce the proof
to the satisfaction of the Corporation that the accident is defined as per the
policy conditions. Normally for claiming this benefit documents like FIR,
Post-mortem Report are insisted upon.
Grant of premium waiver benefit under CDA
policies
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