Life Insurance

1. Life Insurance Consultancy - 

Advises on various issues

• Helps in deciding a suitable plan, according to your age group, occupation, income and insurance needs.
• To know the advantages of the riders. Are they really beneficial to you?
• How much insurance do you need?
• To decide your term of insurance.
• Free insurance advice
• Collection of documents and premium cheque at your door step.
• Submission of Insurance Bonds / Papers to your premises.
• Help you with self-service options.
• Helping you in providing a good mix of policies for higher returns with optional life Cover
• Further additionally, LIC consultancy provides you tips and general advice on various other things.

2. Renewal Premium Payments

3.Address Change -

Change of address for a policy can be done Online or Offline.

Procedure to change address ONLINE:
To change address online, an account at LIC OF INDIA should be created by the policy holder and his policy should be enrolled in his account. Then he has to get that ENROLLMENT FORM verified from any branch of LIC OF INDIA after signing it. Now the policy holder can change the address on his own without visiting the branch office of LIC OF INDIA.
Procedure to change Address OFFLINE:
To change address OFFLINE, the policy holder should write a letter to home branch office of LIC OF INDIA i.e. the branch which issued the policy, mentioning his policy number. He should attach a proof of address along with the letter. [Address can be changed from any of the LIC branches in future by EDMS & E-FEAP projects under process]
For further details about address change, please Contact Us.

4. Assignment in LIC Policy -

The process of transferring the title rights, and interest on assets or property from one person to another person is known Assignment. Assignment is generally done to provide security against loan.

Assignor: The person or policy holder who transfers the title on the assets or property is known as the assignor
Assignee: The person to whom the title on assets on property is transferred is known as the assignee.
Feature of Assignment in LIC Policy

• Assignment can be done only after purchase of a policy
• Assignment is applicable to all kinds of insurance plans except pension plans
• Assignor should have complete ownership of the policy. The life assured is minor of is not the policy holder or proposer, does not have any rights over the policy, hence cannot assign the policy
• After assignment the assignee gets complete ownership and rights over the policy including death benefit. He can even surrender the policy
• Assignment can be done towards a person or an institution
• Insurer has to record the fact of the assignment in their record
• Assignment once made cannot be cancelled. Policy can be re-assigned in the name of the life assured.
• The policy would be re-assigned to you and the repayment of the loan. A fresh nomination should be done after assignment of the policy
• lic life insurance, lic policy

Types of Assignment
There are two types of assignment:
Conditional Assignment: In this type of assignment, the rights, title and interest in the policy automatically revert back to the assignor:
The conditions are:
On the death of the assignee before the death of the assignor
The assignor survives the date of maturity of the insurance policy
The loan is repaid
If the condition becomes effective it is automatic revert back to the assignor
Absolute Assignment: In this type of assignment the rights, title and interest of the assignor passes completely to the assignee. Absolute assignment is generally done for valuable consideration the policy vests in the assignee absolutely and forms part of his estate on his death.
Documents Required:
Original bond paper (for pasting endorsement)
KYC Documents
Notice
Assignment form 3855
Re-assignment form 3848
Process of assignment in LIC Policy:
The assignment can be done by either of the following process:

• Making an endorsement on the LIC Policy document, In this process the stamp duty is not required. The assignment form along with the policy should be duly signed by the assignor, assignee & a witness.
• Execute a separate assignment deed in this case stamp duty needs to be paid.
• The assignment will be effective when the insurer only if it is registered with the insurer in their records. The date on which the notice of assignment is delivered to the insurer shall regulate the priority of all claims under a transfer or assignment.

5. Maturity - 

To take the maturity of a LIC POLICY, the policyholder needs to visit the home branch along with certain documents. Once LIC OF INDIA’s project EDMS gets completed, LIC policyholders would be able to take maturity from anywhere.

Documents needed to submit to receive the maturity

1. Original policy bond of the policy.
2. NEFT form (duly filled along with a cancel cheque) so that the maturity proceeds can directly be transferred to the policyholder’s account.
3. Revenue stamp of Rs 1/- . Form no. ………… also needed to be filled and the policy holder needed to sign across the revenue stamp of Rs 1/- pasted on the form.

Note: *This form can be obtained directly from the home branch.

• The above mentioned document can be sentby courier to the branch even then the maturity proceeds will be credited to your account. But the policy holder himself will be responsible for all kind of loss for his documents during the transit.
• All these procedures for maturity are done in the home branch only.
• For further details about Claim or Maturity, please Contact Us. 

6. Policy Revival - 

‘Revival’ is required when a policy gets lapsed if the premium is not paid within the grace period.

If a policy gets lapsed (minimum 1 month if mode of payment is Yearly/Half-yearly/Qly and 15 days if the mode is monthly), it can be revived any time within 5 years from the date of first unpaid premium (FUP) the lapsed policy can be revived under the following 5 different schemes.
Ordinary Revival: Here a lapsed policy can be revived by paying all unpaid premiums (from the date of 1st unpaid premium) in lump sum with interest @existing rate. (Current rate of interest is 8% p.a.). Form no 680 also called DGH (declaration of good health) and medical report is required if necessary.
Special Revival: If a policy holder is unable to pay all the premiums in lump sum, he can also revive his policy under special revival scheme. In this scheme the date of commencement will be shifted and the policyholder has to pay only one premium according to his age (on the time of revival). Form no 680 also called DGH (declaration of good health) and medical report is required if necessary. The following conditions are to be satisfied for the revival of LIC POLICY under Special Revival Scheme.

• Special revival can be done only once in entire policy term.
• Special revival is allowed only within 3 years of lapsation.
• Policy should have not acquired any surrender value i.e. this option can be exercised within 3 yrs from the date of commencement of the policy.

Installment Revival: In case of the policyholder is unable to pay all the unpaid premiums in lump sum and special Revival scheme also doesn’t suit him. He can use this scheme to revive his policy. Under this scheme he can revive his policy by paying the following amount immediately

• In the yearly mode of payment, half of the yearly premium.
• In the half yearly mode of payment, one half yearly premium
• In quarterly mode of payment, 2 quarterly premiums.
• In monthly mode of payment, 6 monthly premium

Rest of the unpaid premium is to be paid in installments within two years along with the regular premium DGH and medical reports (if necessary) are required according to the policy term.
Survival Benefit cum Revival Scheme: Money back type policy can be revived by using the survival benefit (S. B.) which falls due in it, in case of the S.B. due date is earlier than the date of revival. If the revival amount is more than the S.B. amount, the excess amount will be demanded. If the revival amount is less than the S.B. amount. The remaining amount will be given back to the policyholder. The additional requirements for revival and S.B. settlement are to be satisfied.
Loan-Cum-revival Scheme: A policy can be revived by taking a policy loan in case of the policy acquires the surrender value on the revival date. The policyholder can get the loan on the basis of premiums paid by him up to the revival date. If there is any shortfall in the revival amount, the policyholder will have to pay it. If the revival amount is less than the loan mount the remaining will be paid back to the policyholder.