Insurance Corporation of India (LIC) FAQs - InsuranceRise

Monday, 11 January 2016

Insurance Corporation of India (LIC) FAQs

  1. Q. What are the non-term life insurance policies that LIC offers?
    A. LIC offers the following life insurance policies:
    • Single Premium Endowment Plan
    • New Endowment Plan
    • New Jeevan Anand
    • Jeevan Rakshak
    • Limited Premium Endowment Plan
    • Jeevan Lakshya
    • New Money Back Plan – 20 years
    • New Money Back Plan – 25 years
    • New Bima Bachat
    • New Children’s Money Back Plan
    • Jeevan Tarun
  2. Q. What are the methods through which you can pay the LIC premiums?
    A. You can opt to pay the LIC Premium through net banking or phone banking.
  3. Q. What are the documents that should be submitted at the time of applying for the policy?
    A. You must submit age proof, identity proof, address proof, PAN card and income proof documents.
  4. Q. Are there any organisations authorised to collect LIC premium through net banking and phone banking?
    A. The authorised banks that are authorised to collect the LIC premiums are:
    • HDFC Bank
    • ICICI Bank
    • Bank of Punjab
    • UTI bank
    • Federal Bank
    • Corporation Bank
    • Citibank
  5. Q. What are the authorised service providers of LIC? Which cities do the service providers operate from?
    A. Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Ahmedabad and – Mumbai, Delhi and – Mumbai, Delhi, Kolkata, Chennai, Bangalore, Ahmedabad, Pune, Baroda and Surat.
  6. Q. What happens if I miss paying my premium?
    A. Usually banks give a 30 day grace period to make your payment. If you don’t pay the premium in the grace period, the policy will get lapsed. If you have the choice to make it a paid up policy take it or you can revive it within a certain period. Please refer your policy document to know more on how to go about reviving your policy.
  7. Q. Will I get a full refund if I cancel my policy in the free look period?
    A. Yes, you will get the full refund if you are cancelling the policy in the free look period.
  8. Q. How safe is it to pay premiums through the agent?
    A. If you wish to pay the premiums through the agent, ensure that you are drawing a cheque in the name of the company and also make sure that you receive the receipt from the insurance company.
  9. Q. How can I make a claim?
    A. You will have to fill in a claim form and contact the financial adviser from whom you got the policy. You will have to submit the relevant documents to support your claim. If the claim application is accepted, you will get a cheque in 7 working days. If the claim is rejected, then you will be receiving a letter explaining the reason for rejection.
  10. Q. Will I be getting maturity benefits with my life insurance policies?
    A. Yes, you will get maturity benefits as defined in your plan. Refer the policy document to know
Previous Post
Next Post