LIC of India is the largest Life Insurance Company in India. Thousands of new policies are being taken by the customers and Lakhs of premium payments are being made every day. It is the responsibility of the policy holder to see that the policy does not lapse and continues in good faith till it matures or the claim is undertaken.
There are various ways to keep in touch with your policy and be informed about its status.
One such method is described earlier, which is by registering online in the LIC of India website and there by keeping in touch with the Policy Status.
The other method is to call a help line number arranged by LIC of India to cater the needs of their ever growing customers. You can call the helpline number ’1251′ to know your policy details, policy status, due dates, loan information and also to know about any other policy that you are interested in. Note that this number is only available from few 2nd tier towns of India. For metros and A class cities, there are dedicated phone numbers which you should dial. These numbers are easily available from the contact page of LIC of India site.
Policy Bond and Maturity/Claim processing
Policy bond is your guide to know everything about your LIC policy. On most cases, you will get your policy bond with in a week of your policy commencement. It will have details about your policy, including policy number, table & term, premium amount, its payment due date every year, maturity date, Sum Assured, your address on records of LIC etc. On the inside pages of the bond, there will be fine details about various terms that you may encounter in future. For example, there will be details about Loan eligibility, different allocation charges, grace period, surrender terms, policy termination, its revival, Additional benefits such as disability, accident etc. Not all policies have these terms and not every policy have the same conditions in each terms.
Your agent may or may not have given a clear picture of policy before he sold one to you. It is (also) the job of the policy holder to go through the terms of the bond. There will be a cooling off period of 15 days from the commencement of policy with in which the policy holder can cancel the bond if he thinks the policy is not according to what the agent has said or some terms are not right. On cancellation, the first premium will be returned completely.
The Bond is also your tool of claiming survival benefit. It is essential to submit the policy bond at the completion of the policy term to get your survival benefit. Or, the relatives of the life assured must produce the Bond to claim sum assured.
LIC has recently changed how it processes its claims and survival benefits or gives money back to policy holders. It is no longer sending out cheques but is making an electronic transfer to policy holders’ account. So it is essential that you have submitted your bank information to LIC. If you have not, you must fill this NEFT Mandate form and submit at your LIC branch.