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Admission of Age :
Age is the main basis for calculation of premium under life insurance policies. The following are accepted Standard age proofs as evidence of age:
1. School Certificate
2. Certified Extract from Municipal or Other records made at the time of birth.
3. Certificate of Baptism or certified extract from family Bible, if it contains age or date of birth.
4. Certificate Extract from service register, in case of Government Employees and Employees of Quasi-Government, Institutions and certificates from Commercial Institutions and industrial undertakings provided conclusive evidence of age was produced at the time of recruitment of the employee.
5. Identity cards issued by the Defence Departments to defence personnel.
6. Identity Cards (provided date of birth is mentioned therein) issued by Government, Quasi-Government, reputed commercial and industrial undertakings to their employees.
7. Marriage certificates issued by Roman Catholic Churches in the case of Roman Catholics.
8. Domicile Certificates in which the date of birth stated was proved on the basis of the school or birth certificate.
10. Horoscope maintained by a Hindu family in a Bahi or family horoscope provided Manager (NB) is satisfied with its reliability and originality.
Payment of Premium :
By cash, local cheque (subject to realization of cheque), Demand Draft at Branch Office.
The DD and cheques or Money Order may be sent by post.
- Premiums can be paid at any of our Branches as all our Branches are connected through network.
ALTERNATE CHANNELS OF PREMIUM PAYMENT :
Premiums can be paid through various Alternate Channels for in force policies which are not under Salary Savings Scheme (SSS). The various alternate channels for collection of premium are as under :
A. Offline payment channels:
1. Electronic Clearance System (ECS): This facility is presently available at all 90 Centres enabled by RBI for ECS. This facility is available at all locations through Regional ECS (RECS) in Tamil Nadu, Andhra Pradesh, Karnataka, Kerala, Gujarat, Rajasthan, Punjab, Himachal Pradesh, Haryana, Odisha, W.Bengal, all North East States & UT-Chandigarh & Andaman Nicobar. Through ECS, premium can be collected for ULIP and Health Insurance (HI) policies also. Receipts for other than Monthly mode policies will be sent through ordinary post.
2. Direct Debit: At present Direct Debit is enabled through ICICI Bank, Corporation Bank, Axis Bank and SBI. Through this facility all the account holders of these banks pan India can pay premium through standing instruction to the bank. Receipts for other than Monthly mode policies will be sent through ordinary post.
3. Electronic Bill Presentation and Payment (EBPP): Premium can be paid through Corporation Bank, Citi Bank, HDFC Bank, ICICI Bank, Federal Bank, Axis Bank, LIC Credit Cards and through Service Providers - Bill Desk and Tech Process which cover almost all other banks throughout the country. Premium can be paid through Credit Card also availing this facility.
4. ATM: Banks can collect premium through ATMs also. At present Corporation Bank, Axis Bank and ICICI Bank have enabled this facility.
5. Automated Premium Payment System (APPS): Investors of LIC Mutual Fund can pay their LIC premium by opting for APPS (Systematic Withdrawal Plan) by giving standing instructions to LICMF.
Premium collection facility for all (excluding ULIP & Health Insurance) in-force policies other than Monthly Mode and Salary Savings Scheme is available under EBPP, APPS and through ATM. Receipts will be sent to the registered email-ids if opted for e-receipts else same will be sent through ordinary post.
B. Online Payment Channels:
6. Customers' Portal Payment Gateway: Premium can be paid online on LIC Website,www.licindia.in with the help of Net Banking Facility of 50+ major Banks, VISA/ Master Credit and Debit domestic Cards, American Express Credit cards , Rupay Debit Cards and through IMPS. For premium payment through cards a small flat fee is levied as interchange fee by the Banks concerned. Premium can be paid for ULIP policies and Health Insurance policies also.
7. Premium Collection through Banks:
- Corporation Bank: Premium can be paid at any of the Branch or Extension Counter of Corporation Bank in cash or cheques drawn on Corporation Bank.
- Axis Bank: Premium can be paid at any of the Branch or Extension Counter of Axis Bank in cash or cheques drawn on Axis Bank.
8. Premium collection through Franchisees:
- Following are the approved Franchisees :
a. APOnline : a digital gateway for the Government of Andhra Pradesh and Telangana. (website www.aponline.gov.in)
b. MPOnline : a digital gateway for the Government of Andhra Pradesh. (website www.MPonline.gov.in)
c. Suvidhaa Infoserve Pvt. Ltd. : It has more that 30000 collection centers pan India for bill collection. Toll Free helpline number : 9223225225
d. CSC Centers through CSC e-Governance Service India Ltd: The Common Services Center(CSC) Scheme is a part of the National e-Governance Plan (NeGP). There are more than 1.25 lac CSC centers throughout the country out of which approx 6000 have been activated for LIC Premium collection. Other collection centers also are gradually being enabled for premium collection.
- Premium can be collected only in CASH.
- Valid Receipts are issued by the Collection Centres instantly.
- No service charges are required to be paid to the collection centre to avail this facility by the policy holders.
- Premium collection for ULIP & HI Policies is not enabled through banks and the Collection Centres of Franchisees.
9. Premium collection through Senior Business Associates (SBA): Selected Development officers called SBA are authorized to collect the premium both in Cash and Cheque online and issue receipt instantly. Premium can be collected for conventional, ULIP and Health Insurance policies. At present more than 2500 SBAs and 500 ASBAs (Aspiring SBAs) are enabled to collect premium. Their collection Centres are referred to as "Life Plus".
10. Premium collection through Empowered Agents: In tune with the increasing customer expectation for more conveniences in servicing, the Corporation has empowered selected Agents to collect the renewal premium through their collection Centres called as "Premium Point". At present, there are approximately 33,000 authorized Agents across the country who can collect the premium (including ULIP and HI Policies) in CASH or CHEQUE and issue a valid receipt instantly.
11. Premium collection through Retired Employees : Selected retired LIC Employees are also authorized to collect the premium online and issue receipt instantly. At present more than 330 Retired Employees are authorized across the country who can collected premium for all policies.
12. LIC Mobile Application : Premium can be paid online using LIC Mobile application on Windows and Android phones.
Days Of Grace:
Revival of Lapsed Policy:
- Policyholder should pay the premiums on due date. However, a grace period of one month but not less than 30 days will be allowed for payment of yearly/half-yearly/quarterly premiums and 15 days for monthly premiums.
- When the days of grace expire on a Sunday or a public holiday, the premium may be paid on the following working day to keep the policy in force.
- If the premium is not paid before the expiry of the days of grace, the policy lapses.
- For all Term /ULIP plans, please refer policy conditions.
Change Of Address And Transfer Of Policy Records:
- If the policy has lapsed, it can be revived during the life time of the life assured but before the date of maturity subject to certain conditions.
- For plans issued after 01.01.2014, the policy can be revived within two years from the date of FUP and before date of maturity.
- Request for revival may be made to the Branch Office servicing the policy.
- KYC requirements will be required to be submitted.
Loss of Policy Document:
- The policyholder should immediately intimate the change of his/her address to the servicing unit. The correct address facilitates better service and quicker settlement of claims.
- The request letter with Proof of residence shall be submitted.
- Policy records can also be transferred from one Branch Office to another Branch for servicing, as requested by the policyholder, provided the policy is in force.
- The Policy Document is an evidence of the contract between the Insurer and the Insured. Hence the policyholder should preserve the Policy Bond till the contracted amount under it is settled.
- Loss of the Policy Document should be immediately intimated to the Branch Office where it is serviced.
- Loans are granted on policies as per Conditions and Privileges printed on the back of the Policy Bond.
- It is mentioned in the policy whether a particular policy is with or without loan facility.
- The rate of interest charged on policy loan is declared by the Corporation every year and they are plan specific.
- Interest on loan is payable half yearly.
- Nomination is a right conferred on the holder of a Policy of Life Assurance on his own life to appoint a person/s to receive policy moneys in the event of the policy becoming a claim by the assured's death.
- The Nominee does not get any other benefit except to receive the policy moneys on the death of the Life Assured.
- A nomination may be changed or cancelled by the life assured whenever he likes without the consent of the Nominee.
- Ensure nomination exists in the policy for easy settlement of claims.
Survival Benefit Claims:
- Assignment means transfer of rights, title and interest. When an assignment is executed, all rights, title and interest in respect of the property assigned are immediately transferred to the Assignee/s and the Assignee/s becomes the owner/s of the policy subject to any lawful condition made in the assignment.
- Assignment can be either conditional or absolute. On assignment (other than to LIC), Nomination automatically stands cancelled.
- Now for the policies under which assignment is effected after 26/12/2014, after reassigned, the nomination which was present before the assignment of the policy, will get reinstated automatically.
- For assignments effected prior to 26/12/2014, fresh nomination will have to be executed.
- In case of plans which provide for periodical payments provided premium due under the policies are paid up to the anniversary due for Survival Benefit, claim intimation is sent to the policyholder / assignee well in advance by the Branch Office servicing the policy to submit the requirements such as Original Policy bond for endorsement, Discharge Form, NEFT Mandate Form with Bank Account details of the policyholder.
- On receipt of the requirements from the policyholders / assignee, Survival Benefit claim is paid directly into the Bank Account of the policyholder / assignee through the process of NEFT on the due date of the claim.
- For Survival Benefit payment up to ?. 2,00,000/- under policies which are not assigned and the premium position is up-to-date, only NEFT Mandate Form duly completed is required from the policyholder, original policy bond and discharge form is not insisted in such cases.
In case of policies where Maturity Claim is payable, claim intimation is sent to the policyholder / assignee well in advance by the Branch Office servicing the policy to submit the requirements such as Original Policy bond, Discharge Form, NEFT Mandate Form with Bank Account details of the policyholder.
Death Claims :
- On receipt of the requirements from the policyholders / assignee, Maturity claim is paid directly into the Bank Account of the policyholder / assignee through the process of NEFT on the due date of the claim.
- If the life assured under a policy dies during the term of the policy, the nominee / assignee should immediately intimate in writing to the Branch Office servicing the policy mentioning the policy number, name of the policyholder, date of death and cause of death along with original death certificate issued by the appropriate Authority.
- On receipt of the intimation letter, necessary claim forms are issued to the nominee / assignee along with instructions regarding the procedure to be followed thereof.
- Timely settlement of death claim is the thrust area of the Corporation.
Claims Dispute Redressal Committee :
The Corporation settles a large number of Death Claims every year and adopts fair practices in the matter of settlement of claims. It is not the policy of the Corporation to repudiate a genuine claim. Furthering this cause, LIC pioneered the initiative of introducing an internal review mechanism in the year 1979 to give an opportunity to the claimants to appeal for review, whenever a claim is repudiated.
The Claims Dispute Redressal Committee is functioning at the Corporate Level and all eight Zonal offices. The Central Office Claims Dispute Redressal Committee [CO CDRC] is functional at Central Office, Mumbai and the Zonal Office Claims Dispute Redressal Committee [ZO CDRC] is functioning in all Zonal Offices located at Delhi, Kanpur, Bhopal, Kolkata, Chennai, Hyderabad, Mumbai and Patna.
The Committee consists of senior officials at the Zonal / Central Office and a retired District/ High Court Judge. Whenever a claim is repudiated, the claimant is explicitly informed of the grounds of repudiation and provided with the address of the Zonal Office Claims Dispute Redressal Committee (ZO-CDRC) to prefer his/her appeal. If the decision to repudiate the claim is upheld by the said Committee, then depending on the net claim amount, the claimant is either provided with the address of the Insurance Ombudsman or with the address of the Central Office -Claims Dispute Redressal Committee (CO CDRC). Again, if the decision to repudiate the claim is upheld by the CO-CDRC, the claimant is provided with the address of the Insurance Ombudsman to whom the claimant may prefer an appeal. The internal mechanism for review of repudiated claims adopted by LIC has ensured transparency and confidence in our operations and has resulted in greater satisfaction amongst the claimants and policyholders.
Insurance Ombudsman :
The Institution of Insurance Ombudsman was created by Government of India (notification dated 11.11.1998) with the purpose of quick disposal of grievances of the insured customer and to mitigate their problems involved in redressal of their grievances. The Insurance Ombudsman is appointed by the Governing Body of Insurance Council (GBIC) and are empowered to entertain complaints on the following aspects.
a. Any Partial or total repudiation of claims by an insurer
b. Delay in settlement of claims
c. Any disputes in regards to premiums paid or payable in terms of the policy
d. Any dispute on the legal construction of the policies in so far as such disputes relate to claims.
e. Non-issuance of Insurance document to Customers after receipt of premium.
The complainant can approach the Office of Insurance Ombudsman as per jurisdiction, for value of the claim including expenses not exceeding ?.20 lacs, within 1 year from the date of rejection/repudiation/partial settlement of claim by the Insurer. The complaint shall be in writing duly signed by the policyholder or claimant/ legal heirs. The forum of Insurance Ombudsman does not charge any fees for filing the complaint. The complainant should not have approached any other Forum/Court/Arbitrator on the same subject matter of the claim.