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ABOUT US

Every day we wake up to the fact that more than 220 million lives are part
of our family called LIC.
We are humbled by the magnitude of the responsibility we carry and
realise that the lives that are associated with us are very valuable indeed.
lthough this !ourney started five decades ago" we are still conscious of
the fact that" while insurance may be a business for us" being part of
millions of lives every day for the past #2 years has been a process called
$%&'$.
52 Years Of Trust
Thy Name Is LIC
Customer Satisfaction
What is customer satisfaction?
Customer satisfaction refers to how satisfied customers are with the
products or services they receive from a particular agency. $he level of
satisfaction is determined not only by the (uality and type of customer
e)perience but also by the customer*s e)pectations.
customer may be defined as someone who+
, has a direct relationship with" or is directly affected by your agency
nd
, receives or relies on one or more of your agency*s services or
products.
Customers in human services are commonly referred to as service users"
consumers or clients. $hey can be individuals or groups.
n organisation with a strong customer service culture places the customer
at the centre of service design" planning and service delivery. Customer
centric organisations will+
, determine the customers e)pectations when they plan
, listen to the customer as they design
, focus on the delivery of customer service activities
, -alue customer feedback when they measure performance.
Why is it important?
$here are a number of reasons why customer satisfaction is
important in
Insurance 'ector+
.eeting the needs of the customer is the underlying rationale for the
e)istence of community service organi/ations. Customers have a
right
$o (uality services that deliver outcomes.
0rgani/ations that strive beyond minimum standards and e)ceed the
E)pectations of their customers are likely to be leaders in their sector.
Customers are recogni/ed as key partners in shaping service
1evelopment and assessing (uality of service delivery.
Overview of the n!ustry
$he insurance industry provides protection against financial losses
resulting from a variety of perils. 2y purchasing insurance policies"
individuals and businesses can receive reimbursement for losses due to
car accidents" theft of property" and fire and storm damage3 medical
e)penses3 and loss of income due to disability or death.
$he insurance industry consists mainly of insurance carriers 4or insurers5
and insurance agencies and brokerages. In general" insurance carriers are
large companies that provide insurance and assume the risks covered by
the policy. Insurance agencies and brokerages sell insurance policies for
the carriers. While some of these establishments are directly affiliated with
a particular insurer and sell only that carrier*s policies" many are
independent and are thus free to market the policies of a variety of
insurance carriers. In addition to supporting these two primary components"
the insurance industry includes establishments that provide other
insurance6related services" such as claims ad!ustment or third6party
administration of insurance and pension funds.
Insurance carriers assume the risk associated with annuities and insurance
policies and assign premiums to be paid for the policies. In the policy" the
carrier states the length and conditions of the agreement" e)actly which
losses it will provide compensation for" and how much will be awarded. $he
premium charged for the policy is based primarily on the amount to be
awarded in case of loss" as well as the likelihood that the insurance carrier
will actually have to pay. In order to be able to compensate policyholders
for their losses" insurance companies invest the money they receive in
premiums" building up a portfolio of financial assets and income6producing
real estate which can then be used to pay off any future claims that may be
brought. $here are two basic types of insurance carriers+ direct and
reinsurance. 1irect carriers are responsible for the initial underwriting of
insurance policies and annuities" while reinsurance carriers assume all or
part of the risk associated with the e)isting insurance policies originally
underwritten by other insurance carriers.
1irect insurance carriers offer a variety of insurance policies. Life insurance
provides financial protection to beneficiaries7usually spouses and
dependent children7upon the death of the insured. 1isability insurance
supplies a preset income to an insured person who is unable to work due to
in!ury or illness" and health insurance pays the e)penses resulting from
accidents and illness. n annuity 4a contract or a group of contracts that
furnishes a periodic income at regular intervals for a specified period5
provides a steady income during retirement for the remainder of one*s life.
8roperty6casualty insurance protects against loss or damage to property
resulting from ha/ards such as fire" theft" and natural disasters. Liability
insurance shields policyholders from financial responsibility for in!uries to
others or for damage to other people*s property. .ost policies" such as
automobile and homeowner*s insurance" combine both property6casualty
and liability coverage. Companies that underwrite this kind of insurance are
called property6casualty carriers.
'ome insurance policies cover groups of people" ranging from a few to
thousands of individuals. $hese policies usually are issued to employers for
the benefit of their employees or to unions" professional associations" or
other membership organi/ations for the benefit of their members. mong
the most common policies of this nature are group life and health plans.
Insurance carriers also underwrite a variety of speciali/ed types of
insurance" such as real6estate title insurance" employee surety and fidelity
bonding" and medical malpractice insurance.
In addition to individual carrier6sponsored Internet sites" several
9leadgenerating: sites have emerged. $hese sites allow potential
customers to input information about their insurance policy needs. ;or a
fee" the sites forward customer information to a number of insurance
companies" which review the information and" if they decide to take on the
policy" contact the customer with an offer. $his practice gives consumers
the freedom to accept the best rate.
$he insurance industry also includes a number of independent
organi/ations that provide a wide array of insurance6related services to
carriers and their clients. 0ne such service is the processing of claims
forms for medical practitioners. 0ther services include loss prevention and
risk management.
lso" insurance companies sometimes hire independent claims ad!usters to
investigate accidents and claims for property damage and to assign a dollar
estimate to the claim.
The nsurance "e#u$atory an! %eve$opment Authority &"%A'
%eforms in the Insurance sector were initiated with the passage of the
I%1 2ill in 8arliament in 1ecember <===. $he I%1 since its
incorporation as a statutory body in pril 2000 has fastidiously stuck to its
schedule of framing regulations and registering the private sector insurance
companies.
$he other decisions taken simultaneously to provide the supporting
systems to the insurance sector and in particular the life insurance
companies were the launch of the I%1*s online service for issue and
renewal of licenses to agents.
$he approval of institutions for imparting training to agents has also
ensured that the insurance companies would have a trained workforce of
insurance agents in place to sell their products" which are e)pected to be
introduced by early ne)t year.
'ince being set up as an independent statutory body the I%1 has put in a
framework of globally compatible regulations. In the private sector <2 life
insurance and > general insurance companies have been registered.
OB()CT*)S O+ T,) STU%Y
$he main ob!ective of this study is to carry on brief study on 9Customer
satisfaction survey on insurance pro!ucts of -C : through this I am
able to get the different Life Insurance 8olicies and their products.
Other o./ectives of this pro/ect are as fo$$ows0
, $o identify the insurance needs of the Indian population with respect to
their emotional" physical and financial conditions.
, Comparative study of various insurance players in the market
, $o study the varied reasons of availing life insurance plans
CO12A3Y 2"O+-)
B")+ ,STO"Y O+ 3SU"A3C)
$he story of insurance is probably as old as the story of mankind.
$he same instinct that prompts modern businessmen today to
secure themselves against loss and disaster e)isted in primitive
men also. $hey too sought to avert the evil conse(uences of fire
and flood and loss of life and were willing to make some sort of
sacrifice in order to achieve security. $hough the concept of
insurance is largely a development of the recent past" particularly
after the industrial era ? past few centuries ? yet its beginnings
date back almost >000 years.
Life Insurance in its modern form came to India from England in
the year <@<@. 0riental Life Insurance Company started by
Europeans in Calcutta was the first life insurance company on
Indian 'oil. ll the insurance companies established during that
period were brought up with the purpose of looking after the
needs of European community and Indian natives were not being
insured by these companies. Aowever" later with the efforts of
eminent people like 2abu .uttylal 'eal" the foreign life insurance
companies started insuring Indian lives. 2ut Indian lives were
being treated as sub6standard lives and heavy e)tra premiums
were being charged on them. 2ombay .utual Life ssurance
'ociety heralded the birth of first Indian life insurance company in
the year <@B0" and covered Indian lives at normal rates. 'tarting
as Indian enterprise with highly patriotic motives" insurance
companies came into e)istence to carry the message of insurance
and social security through insurance to various sectors of
society. 2harat Insurance Company 4<@=>5 was also one of such
companies inspired by nationalism. $he 'wadeshi movement of
<=0#6<=0B gave rise to more insurance companies. $he &nited
India in .adras" Cational Indian and Cational Insurance in
Calcutta and the Co6operative ssurance at Lahore were
established in <=0>. In <=0B" Aindustan Co6operative Insurance
Company took its birth in one of the rooms of the Dorasanko"
house of the great poet %abindranath $agore" in Calcutta. $he
Indian .ercantile" Eeneral ssurance and 'wadeshi Life 4later
2ombay Life5 were some of the companies established during the
same period. 8rior to <=<2 India had no legislation to regulate
insurance business. In the year <=<2" the Life Insurance
Companies ct" and the 8rovident ;und ct were passed. $he
Life Insurance Companies ct" <=<2 made it necessary that the
premium rate tables and periodical valuations of companies
should be certified by an actuary. 2ut the ct discriminated
between foreign and Indian companies on many accounts" putting
the Indian companies at a disadvantage.
$he first two decades of the twentieth century saw lot of growth in
insurance business. ;rom FF companies with total business6in6
force as %s.22.FF crore" it rose to <B> companies with total
business6in6force as %s.2=@ crore in <=G@. 1uring the
mushrooming of insurance companies many financially unsound
concerns were also floated which failed miserably. $he Insurance
ct <=G@ was the first legislation governing not only life insurance
but also non6life insurance to provide strict state control over
insurance business. $he demand for nationali/ation of life
insurance industry was made repeatedly in the past but it
gathered momentum in <=FF when a bill to amend the Life
Insurance ct <=G@ was introduced in the Legislative ssembly.
Aowever" it was much later on the <=th of Danuary" <=#>" that life
insurance in India was nationali/ed. bout <#F Indian insurance
companies" <> non6Indian companies and B# provident were
operating in India at the time of nationali/ation. Cationali/ation
was accomplished in two stages3 initially the management of the
companies was taken over by means of an 0rdinance" and later"
the ownership too by means of a comprehensive bill. $he
8arliament of India passed the Life Insurance Corporation ct on
the <=th of Dune <=#>" and the Life Insurance Corporation of India
was created on <st 'eptember" <=#>" with the ob!ective of
spreading life insurance much more widely and in particular to the
rural areas with a view to reach all insurable persons in the
country" providing them ade(uate financial cover at a reasonable
cost.
LIC had # /onal offices" GG divisional offices and 2<2 branch
offices" apart from its corporate office in the year <=#>. 'ince life
insurance contracts are long term contracts and during the
currency of the policy it re(uires a variety of services need was
felt in the later years to e)pand the operations and place a branch
office at each district head(uarter. re6organi/ation of LIC took
place and large numbers of new branch offices were opened. s
a result of re6organisation servicing functions were transferred to
the branches" and branches were made accounting units. It
worked wonders with the performance of the corporation. It may
be seen that from about 200.00 crores of Cew 2usiness in <=#B
the corporation crossed <000.00 crores only in the year <=>=6B0"
and it took another <0 years for LIC to cross 2000.00 crore mark
of new business. 2ut with re6organisation happening in the early
eighties" by <=@#6@> LIC had already crossed B000.00 crore 'um
ssured on new policies.
$oday LIC functions with 20F@ fully computeri/ed branch offices"
<00 divisional offices" B /onal offices and the Corporate office.
LIC*s Wide rea Cetwork covers <00 divisional offices and
connects all the branches through a .etro rea Cetwork. LIC has
tied up with some 2anks and 'ervice providers to offer on6line
premium collection facility in selected cities. LIC*s EC' and $.
premium payment facility is an addition to customer convenience.
part from on6line Hiosks and I-%'" Info Centres have been
commissioned at .umbai" hmedabad" 2angalore" Chennai"
Ayderabad" Holkata" Cew 1elhi" 8une and many other cities. With
a vision of providing easy access to its policyholders" LIC has
launched its '$ELLI$E '.8%H offices. $he satellite offices
are smaller" leaner and closer to the customer. $he digitali/ed
records of the satellite offices will facilitate anywhere servicing
and many other conveniences in the future.
LIC continues to be the dominant life insurer even in the
liberali/ed scenario of Indian insurance and is moving fast on a
new growth tra!ectory surpassing its own past records. LIC has
issued over one crore policies during the current year. It has
crossed the milestone of issuing <"0<"G2"=## new policies by <#th
0ct" 200#" posting a healthy growth rate of <>.>BI over the
corresponding period of the previous year.
;rom then to now" LIC has crossed many milestones and has set
unprecedented performance records in various aspects of life
insurance business. $he same motives which inspired our
forefathers to bring insurance into e)istence in this country inspire
us at LIC to take this message of protection to light the lamps of
security in as many homes as possible and to help the people in
providing security to their families.
Some of the important mi$estones in the $ife insurance
.usiness in n!ia are0
<@<@+ 0riental Life Insurance Company" the first life insurance
company on Indian soil started functioning.
<@B0+ 2ombay .utual Life ssurance 'ociety" the first Indian life
insurance company started its business.
<=<2+ $he Indian Life ssurance Companies ct enacted as the
first statute to regulate the life insurance business.
<=2@+ $he Indian Insurance Companies ct enacted to enable the
government to collect statistical information about both life and
non6life insurance businesses.
<=G@+ Earlier legislation consolidated and amended to by the
Insurance ct with the ob!ective of protecting the interests of the
insuring public.
<=#>+ 2F# Indian and foreign insurers and provident societies are
taken over by the central government and nationalised. LIC
formed by an ct of 8arliament" vi/. LIC ct" <=#>" with a capital
contribution of %s. # crore from the Eovernment of India.
$he Eeneral insurance business in India" on the other hand" can
trace its roots to the $riton Insurance Company Ltd." the first
general insurance company established in the year <@#0 in
Calcutta by the 2ritish.
Some of the important mi$estones in the #enera$
insurance .usiness in n!ia are0
<=0B+ $he Indian .ercantile Insurance Ltd. set up" the first
company to transact all classes of general insurance business.
<=#B+ Eeneral Insurance Council" a wing of the Insurance
ssociation of India" frames a code of conduct for ensuring fair
conduct and sound business practices.
<=>@+ $he Insurance ct amended to regulate investments and
set minimum solvency margins and the $ariff dvisory Committee
set up.
<=B2+ $he Eeneral Insurance 2usiness 4Cationalisation5 ct"
<=B2 nationalised the general insurance business in India with
effect from <st Danuary <=BG.
<0B insurers amalgamated and grouped into four companies vi/.
the Cational Insurance Company Ltd." the Cew India ssurance
Company Ltd." the 0riental Insurance Company Ltd. and the
&nited India Insurance Company Ltd. EIC incorporated as a
company
OB()CT*) O+ T,) -C
'pread Life Insurance widely and in particular to the rural areas
and to the socially and economically backward classes with a
view to reaching all insurable persons in the country and
providing them ade(uate financial cover against death at a
reasonable cost.
.a)imi/e mobili/ation of peopleJs savings by making
insurance6linked savings ade(uately attractive.
2ear in mind" in the investment of funds" the primary
obligation to its policyholders" whose money it holds in trust"
without losing sight of the interest of the community as a
whole3 the funds to be deployed to the best advantage of
the investors as well as the community as a whole" keeping
in view national priorities and obligations of attractive return.
Conduct business with utmost economy and with the full
reali/ation that the moneys belong to the policyholders.
ct as trustees of the insured public in their individual and
collective capacities.
.eet the various life insurance needs of the community that
would arise in the changing social and economic
environment.
Involve all people working in the Corporation to the best of
their capability in furthering the interests of the insured
public by providing efficient service with courtesy.
8romote amongst all agents and employees of the
Corporation a sense of participation" pride and !ob
satisfaction through discharge of their duties with dedication
towards achievement of Corporate 0b!ective.
1SSO3 4 *A-U)
1ission
5)6p$ore an! enhance the 7ua$ity of $ife of peop$e throu#h
financia$ security .y provi!in# pro!ucts an! services of
aspire! attri.utes with competitive returns8 an! .y ren!erin#
resources for economic !eve$opment95
*ision
5A trans:nationa$$y competitive financia$ con#$omerate of
si#nificance to societies an! 2ri!e of n!ia95
BOA"% 4 %")CTO"
1em.ers On The Boar! Of The Corporation
Shri9 T9S9 *i/ayan 4Chairman5
Shri9 %9;9 1ehrotra 4.anaging 1irector 6 LIC5
Shri9 Thomas 1athew T9 4.anaging 1irector 6 LIC5
Shri9 A9;9 %as#upta 4.anaging 1irector 6 LIC5
Shri9 Asho< Chaw$a 4;inance 'ecretary" .inistry of
;inance" Eovt. of India5
Shri9 =9C9 Chaturve!i 4dditional 'ecretary" 1epartment of
;inancial 'ervices" .inistry of ;inance" Eovt. of India.5
Shri9 Yo#esh -ohiya 4Chairman cum .anaging 1irector"
EIC of India5
Shri9 T9C9 *en<at Su.ramanian 4Chairman K .anaging
1irector. E)port Import 2ank of India5
%r9 Soorana! "a/ashe<hran
Shri9 1onis "9 ;i!wai
;3OW ABOUT YOU" -+) 3SU"A3C)
Life insurance in India made its debut well over <00 years ago.
In our country" which is one of the most populated in the world"
the prominence of insurance is not as widely understood" as it
ought to be. What follows is an attempt to ac(uaint readers with
some of the concepts of life insurance" with special reference to
LIC.
It should" however" be clearly understood that the following
content is by no means an e)haustive description of the terms
and conditions of an LIC policy or its benefits or privileges.
;or more details" please contact our branch or divisional office.
ny LIC gent will be glad to help you choose the life insurance
plan to meet your needs and render policy servicing.
What s -ife nsurance?
Life insurance is a contract that pledges payment of an amount
to the person assured 4or his nominee5 on the happening of the
event insured against.
$he contract is valid for payment of the insured amount during+
$he date of maturity" or
'pecified dates at periodic intervals" or
&nfortunate death" if it occurs earlier.
mong other things" the contract also provides for the payment
of premium periodically to the Corporation by the policyholder.
Life insurance is universally acknowledged to be an institution"
which eliminates JriskJ" substituting certainty for uncertainty and
comes to the timely aid of the family in the unfortunate event of
death of the breadwinner.
2y and large" life insurance is civilisationJs partial solution to the
problems caused by death. Life insurance" in short" is concerned
with two ha/ards that stand across the life6path of every person+
<. $hat of dying prematurely leaving a dependent family to
fend for itself.
2. $hat of living till old age without visible means of support.
-ife nsurance *s9 Other Savin#s
Contract Of nsurance0
contract of insurance is a contract of utmost good faith
technically known as uberrima fides. $he doctrine of disclosing
all material facts is embodied in this important principle" which
applies to all forms of insurance.
t the time of taking a policy" policyholder should ensure that all
(uestions in the proposal form are correctly answered. ny
misrepresentation" non6disclosure or fraud in any document
leading to the acceptance of the risk would render the insurance
contract null and void.
2rotection0
'avings through life insurance guarantee full protection against
risk of death of the saver. lso" in case of demise" life insurance
assures payment of the entire amount assured 4with bonuses
wherever applicable5 whereas in other savings schemes" only the
amount saved 4with interest5 is payable.
Ai! To Thrift0
Life insurance encourages JthriftJ. It allows long6term savings
since payments can be made effortlessly because of the Jeasy
instalmentJ facility built into the scheme. 48remium payment for
insurance is either monthly" (uarterly" half yearly or yearly5.
;or e)ample+ $he 'alary 'aving 'cheme popularly known as
'''" provides a convenient method of paying premium each
month by deduction from oneJs salary.
In this case the employer directly pays the deducted premium to
LIC. $he 'alary 'aving 'cheme is ideal for any institution or
establishment sub!ect to specified terms and conditions.
-i7ui!ity0
In case of insurance" it is easy to ac(uire loans on the sole
security of any policy that has ac(uired loan value. 2esides" a life
insurance policy is also generally accepted as security" even for
a commercial loan.
Ta6 "e$ief
Life Insurance is the best way to en!oy ta) deductions on income
ta) and wealth ta). $his is available for amounts paid by way of
premium for life insurance sub!ect to income ta) rates in force.
ssessees can also avail of provisions in the law for ta) relief. In
such cases the assured in effect pays a lower premium for
insurance than otherwise.
1oney When You 3ee! t0
policy that has a suitable insurance plan or a combination of
different plans can be effectively used to meet certain monetary
needs that may arise from time6to6time.
ChildrenJs education" start6in6life or marriage provision or even
periodical needs for cash over a stretch of time can be less
stressful with the help of these policies.
lternatively" policy money can be made available at the time of
oneJs retirement from service and used for any specific purpose"
such as" purchase of a house or for other investments. lso"
loans are granted to policyholders for house building or for
purchase of flats 4sub!ect to certain conditions5.
Who Can Buy A 2o$icy?
ny person who has attained ma!ority and is eligible to enter into
a valid contract can insure himselfLherself and those in whom
heLshe has insurable interest.
8olicies can also be taken" sub!ect to certain conditions" on the
life of oneJs spouse or children. While underwriting proposals"
certain factors such as the policyholder*s state of health" the
proponentJs income and other relevant factors are considered by
the Corporation.
nsurance +or Women
8rior to nationalisation 4<=#>5" many private insurance
companies would offer insurance to female lives with some e)tra
premium or on restrictive conditions. Aowever" after
nationalisation of life insurance" the terms under which life
insurance is granted to female lives have been reviewed from
time6to6time.
t present" women who work and earn an income are treated at
par with men. In other cases" a restrictive clause is imposed" only
if the age of the female is up to G0 years and if she does not
have an income attracting Income $a).
1e!ica$ An! 3on:1e!ica$ Schemes
Life insurance is normally offered after a medical e)amination of
the life to be assured. Aowever" to facilitate greater spread of
insurance and also to avoid inconvenience" LIC has been
e)tending insurance cover without any medical e)amination"
sub!ect to certain conditions.
With 2rofit An! Without 2rofit 2$ans
n insurance policy can be JwithJ or JwithoutJ profit. In the former"
bonuses disclosed" if any" after periodical valuations are allotted
to the policy and are payable along with the contracted amount.
In JwithoutJ profit plan the contracted amount is paid without any
addition. $he premium rate charged for a JwithJ profit policy is
therefore higher than for a JwithoutJ profit policy.
;eyman nsurance
Heyman insurance is taken by a business firm on the life of key
employee4s5 to protect the firm against financial losses" which
may occur due to the premature demise of the Heyman.
3+O"1ATO3 T)C,3O-O=Y O+ -C
LIC has been one of the pioneering organi/ations in India who introduced
the leverage of Information $echnology in servicing and in their business.
1ata pertaining to almost <0 crore policies is being held on computers in
LIC. We have gone in for relevant and appropriate technology over the
years.
<=>F saw the introduction of computers in LIC. &nit %ecord .achines
introduced in late <=#0*s were phased out in <=@0*s and replaced by
.icroprocessors based computers in 2ranch and 1ivisional 0ffices for
2ack 0ffice Computeri/ation. 'tandardi/ation of Aardware and 'oftware
commenced in <==0*s. 'tandard Computer 8ackages were developed and
implemented for 0rdinary and 'alary 'avings 'cheme 4'''5 8olicies.
FRONT END OPERATIONS
With a view to enhancing customer responsiveness and services " in Duly
<==#" LIC started a drive of 0n Line 'ervice to 8olicyholders and gents
through Computer. $his on line service enabled policyholders to receive
immediate policy status report " prompt acceptance of their premium and
get %evival Muotation" Loan Muotation on demand. Incorporating change of
address can be done on line. Muicker completion of proposals and dispatch
of policy documents have become a reality. ll our 20F@ branches across
the country have been covered under front6end operations. $hus all our
<00 divisional offices have achieved the distinction of <00I branch
computerisation. Cew payment related .odules pertaining to both ordinary
K ''' policies have been added to the ;ront End 8ackage catering to
Loan" Claims and 1evelopment 0fficers* ppraisal. ll these modules help
to reduce time6lag and ensure accuracy.
METRO AREA NETWORK
.etropolitan rea Cetwork" connecting BF branches in .umbai was
commissioned in Covember" <==B" enabling policyholders in .umbai to
pay their 8remium or get their 'tatus %eport" 'urrender -alue Muotation"
Loan Muotation etc. from CN 2ranch in the city. $he 'ystem has been
working successfully. .ore than <0"000 transactions are carried out over
this Cetwork on any given working day. 'uch Cetworks have been
implemented in other cities also.
WIDE AREA NETWORK
ll B Oonal 0ffices and all the .C centres are connected through a Wide
rea Cetwork 4WC5. $his will enable a customer to view his policy data
and pay premium from any branch of any .C city. s at Covember 200#"
we have =< centers in India with more than 20G# branches networked
under WC.
3T)"ACT*) *OC) ")S2O3S) SYST)1S &*"S'
I-%' has already been made functional in #= centers all over the country.
$his would enable customers to ring up LIC and receive information 4e.g.
ne)t premium due" 'tatus" Loan mount" .aturity payment due"
ccumulated 2onus etc.5 about their policies on the telephone. $his
information could also be fa)ed on demand to the customer.
LIC ON THE INTERNET
0ur Internet site is an information bank. We have displayed information
about LIC K its offices . Efforts are on to upgrade our web site to make it
dynamic and interactive.$he addressesLe6mail Ids of ur Oonal 0ffices"
Oonal $raining Centers" .anagement 1evelopment Center" 0verseas
2ranches" 1ivisional 0ffices and also all 2ranch 0ffices with a view to
speed up the communication process.
PAYMENT OF PREMIUM AND
POLICY STATUS ON INTERNET
4Nou have to register for these services5
LIC has given its policyholders a uni(ue facility to pay premiums through
Internet absolutely free and also view their policy details on Internet
premium payments.$here are << service providers with whom L I C has
signed the agreement to provide this service.
INFORMATION KIOSKS
We have set up <#0 Interactive $ouch screen based .ultimedia HI0'H' in
prime locations in metros and some ma!or cities for dissemination
information to general public on our products and services. $hese HI0'H'
are enable to provide policy details and accept premium payments.
INFO CENTRES
We have also set up @ call centres" manned by skilled employees to
provide you with information about our 8roducts" 8olicy 'ervices" 2ranch
addresses and other organi/ational information.
COMPERATIVE STUDY
1)LIFE TIME PENSION-2 VS LIC JEEVAN NIDHI
ON THE BASIS OF AGE:
LIFE TIME PENSION-2-
18-60 YEARS.
JEEVAN NIDHI-
18-65 YEARS.
ON THE BASIS OF TERM:
LIFE TIME PENSION-2-
Mini! "#$ %& 10 '#($).
JEEVAN NIDHI-
5-*5 '#($).
ON THE BASIS OF SUM ASSURED:
LIFE TIME PENSION-2-
D#&(!+" )! ())!$#, i) -#$%. /%0#1#$. "/# 2%+i3' /%+,#$) 3(n (+)% %2" &%$ ( )! ())!$#,.
JEEVAN NIDHI Mini!
%& R)50000 (n, !+"i2+#) %& R)5000 "/#$#(&"#$.
ON THE BASIS OF SURVIVAL BENEFIT:
LIFE TIME PENSION-2-
4ni" 1(+!# "% 2!$3/()# (n (nn!i"'.
JEEVAN NIDHIS!
())!$#,56!$(n"## (,,i"i%n)5"#$in(+ 7%n!).
ON THE BASIS OF DEATH BENEFIT:
LIFE TIME PENSION-2-
V(+!# %& !ni") in 3()# "/# )! ())!$#, i) -#$%. In 3()# ( )! ())!$#, i) 3/%)#n. i" 0i++ 7#
/i6/#$ %& "/# )! ())!$#, %$ 1(+!# %& !ni").
JEEVAN NIDHIS!
())!$#,56!($(n"## (,,i"i%n)5)i2+# $#1#$)i%n 7%n!)5"#$in(+ 7%n!).
ON THE BASIS OF CONTRIBUTION:
LIFE TIME PENSION-2-
Mini! R)10000 2#$ (nn!.
JEEVAN NIDHI Mini!
R)*000 2#$ (nn!.
ON THE BASIS OF INVESTMENT OPTION:
LIFE TIME PENSION-2-
P$%"#3"%$ 2#n)i%n. 7(+(n3#$ 2#n)i%n. (8ii)#$ 2#n)i%n (n, 2#n)i%n 2$#)#$1#$.
JEEVAN NIDHI:
N%" (1(i+(7+#.
ON THE BASIS OF INCREASE OR DECREASE OF DEATH BENEFIT:
LIFE TIME PENSION-2-
N%" (1(i+(7+#.
JEEVAN NIDHI N%"
(1(i+(7+#.
2) LIFE TIME VS LIC BIMA PLUS
ON THE BASIS OF AGE:
LIFE TIME-
0-60YEARS
BIMA PL4S-
12-55 YEARS
ON THE BASIS OF TERM:
LIFE TIMEMini!
2$#i! 2('#n" "#$ %& "/$## '#($).
BIMA PL4S-
10 YEARS
ON THE BASIS OF SUM ASSURED:
LIFE TIME9/%%)#
'%!$ )! ())!$#,: )!7;#3" "% ( ini! )! ())!$# %& R) 1 +(</.
BIMA PL4SM(8i!
+ii" !2 "% R) 12 +(</.
ON THE BASIS OF SURVIVAL BENEFIT:
LIFE TIMEV(+!#
%& !ni" "/$## '#($) %n0($,.
BIMA PL4SBi,
1(+!# %& "/# &!n,) !ni") (+%n6 0i"/ ("!$i"' 7%n!) (" 5= %& )! ())!$#,.
ON THE BASIS OF DEATH BENEFIT:
LIFE TIME Hi6/#$
%& )! ())!$#, %& 1(+!# %& !ni").
BIMA PL4S D#("/
,!$in6 "/# &i$)" )i8 %n"/-*0= %& SA51(+!# %& !ni"). n#8" )i8 %n"/)-60= %&
SA51(+!# %& !ni"). D#("/ (&"#$ &i$)" '#($-SA51(+!# %& !ni").
ON THE BASIS OF WITHDRAWAL BENBEFIT:
LIFE TIME P($"i(+
%$ 3%2+#"# 0i"/,$(0(+ i) (1(i+(7+# &$% "/$## '#($) %n0($,).
BIMA PL4S P$#("!$#
0i"/,$(0(+ (++%0#, (&"#$ %n# '#($.
ON THE BASIS OF CONTRIBUTION:
LIFE TIME Mini!
R) 18000 2#$ (nn!.
BIMA PL4S N%"
)2#3i&i#,.
ON THE BASIS OF INVESTMENT OPTION:
LIFE TIME M(8ii)#$.
7(+(n3#$. 2$%"#3"%$ (n, 2$#)#$1#$.
BIMA PL4S-
B(+(n3#,. )#3!$#, (n, $i)<.
2)LIFE TIME VS MAX NEW YORK LIFE MAKER
ON THE BASIS OF AGE:
LIFE TIME-
0-60 YEARS.
LIFE MA>ER-
12-60 YEARS.
ON THE BASIS OF TERM:
LIFE TIMEMini!
2$#i! 2('#n" "#$ %& "/$## '#($).
LIFE MA>ER-
10-58 YEARS.
ON THE BASIS OF SUM ASSURED:
LIFE TIME 9/%%)#
'%!$ )! ())!$#, )!7;#3" "% ( ini! )! ())!$#, %& R)1+(</.
LIFE MA>ER 9/%i3#
%& 2 in)!$(n3# 3%1#$).
ON THE BASIS OF SURVIVAL BENEFIT:
LIFE TIME V(+!#
%& !ni") "/$## '#($) %n0($,).
LIFE MA>ER V(+!#
%& !ni").
ON THE BASIS OF WITHDRAWAL BENEFIT:
LIFE TIME 9%2+#"#
%$ 2($"i(+ 0i"/,$(0(+) ($# (1(i+(7+# (&"#$ "/$## '#($).
LIFE MA>ERP($"i(+
0i"/,$(0(+) ($# (1(i+(7+# &$% "/# "/i$, '#($ (n, 3%2+#"# 0i"/,$(0(+) ($#
(1(i+(7+# &$% &i$)" '#($ %n0($,) i")#+&. )!7;#3" "% )!$$#n,#$ 2#n(+"i#).
ON THE BASIS OF CONTRIBUTION:
LIFE TIMEMini!
2$#i! %& R)18000 2#$ (nn!.
LIFE MA>ERMinimum
premium of Rs15000 per annum.
ON THE BASIS OF IN9REASE OR DE9REASE OF DEATH BENEFIT:
LIFE TIMEA1(i+(7+#
LIFE MA>ERN%"
(1(i+(7+#
ON THE BASIS OF BONUS UNIT:
LIFE TIME-
*5
A1(i+(7+#
LIFE MA>ERA1(i+(7+#
in "/# +()" 2%+i3' '#($.
3)LIFE TIME VS HDFC LINKED
ON THE BASIS OF AGE:
LIFE TIME-
0-60 YEARS
LIN>ED-
18-60 YEARS
ON THE BASIS OF TERM:
LIFE TIMEMini!
2$#i! 2('#n" "#$ %& "/$## '#($).
LIN>ED-
10-*0 YEARS
ON THE BASIS OF SUM ASSURED:
LIFE TIME9/%%)#
'%!$ )! ())!$#,. )!7;#3" "% ( ini! )! ())!$#, %& R)1 +(</.
LIN>EDOn+'
5-20 ?(6# 7()#,@ !+"i2+#) ($# (++%0#, () ())!$#,.
ON THE BASIS OF SURVIVAL BENEFIT:
LIFE TIMEV(+!#
%& !ni") "/i$, '#($ %n0($,).
LIN>EDV(+!#
%& !ni").
ON THE BASIS OF DEATH BENEFIT:
LIFE TIMEHi6/#$
%$ )! ())!$#, %$ 1(+!# %& !ni").
LIN>EDHi6/#$
%$ )! ())!$#, %$ 1(+!# %& !ni").
ON THE BASIS OF WITHDRAWAL BENEFIT:
LIFE TIMEP($"i(+
%$ 3%2+#"# 0i"/,$(0(+) ($# (1(i+(7+# &$% "/i$, '#($ %n0($,).
LIN>EDP($"i(+
0i"/,$(0(+) ($# (1(i+(7+# &$% "/i$, '#($ %n0($,) 2$%1i,#,. "/(" "/# 1(+!# %& !ni")
,%#) n%" 6% 7#+%0 "/# )! ())!$#,.
ON THE BASIS OF CONTRIBUTION:
LIFE TIMEMini!
R)18000 2#$ (nn!.
LIN>EDMini!
R)10000 2#$ (nn!.

SWOT ANALYSIS
STRENGTHS:
! LIC P"#$%&'() * '+% )(",%*' -".('% -)(/%" & I&$(0 1'+ ( 2("3%'
*+("% 45 ("4#&$ 367 (24&,*' '+% -".('% -)(/%"*
! ICICI P"#$%&'() +(* $%-4*'%$ ( -($ #- 8(-'() 45 R* 92: 8"4"% 1'+
IRDA 8(#'4& $%-4*'0 '+% +,+%*' (24&, ()) '+% )5% &*#"(&8% 842-(&/
& I&$( 1+%"% (* LIC +(* $%-4*'%$ R* 6; 8"4"% *4
5("!
! LIC P"#$%&'() * '+% 5"*' )5% &*#"(&8% 842-(&/ '4 455%" ECS $%<'
5(8)'/!
.! LIC P"#$%&'() * '+% 5"*' 842-(&/ '4 &'"4$#8% #&' )&3 )5%
&*#"(&8% (&$ -%&*4& -"4$#8'*! P"%*%&')/ '+% 2(=2#2 &#2<%"* 45
"(&,%* ("% #&$%" ULIP )5% &*#"(&8%0 &.%*'2%&' (* 1%)) (* -%&*4&
-)(&!
.! P"4$#8'*
F)%=<)'/ '4 *1'8+ /4#" 5#&$ .()#% (' /4#" 41& $*8"%'4&
54#" '2%* ( /%(" .>! 2(=2>%"0 -"4'%8'4"0 <()(&8%"0 -"%*%".%"!
G"%('%" '"(&*-("%&8/--4)8/ +4)$%" 3&41* 1+(' * +(--%&&,
'4 +* 24&%/ (&$ 1+%"% '+% 842-(&/ +(* &.%*'%$ +* 24&%/!
L?#$'/ 4-'4&*-/4# 8(& 2(3% 842-)%'% 4" -("'()
1'+$"(1()* (&/ '2% (5'%" 3 /%("*!
L5% &*#"(&8% -)(&* ("% %),<)% 54" $%$#8'4& #&$%" *%8 @;!
WEAKNESSES:
I&$#*'"/ & &(*8%&' *'(,%!
R#"() ("%(* *')) &4' 84.%"%$!
N4' .%"/ 3&41& (24&, I&$(& -4-#)('4&!
L(83 45 8"%$<)'/ (24&, '+% -%4-)% <%8(#*% ICICI <%&, ( -".('%
-)(/%"!
P"%2#2* ("% +,+ (* 842-("%$ '4 '* 842-%''4"*!
V%"/ 5%1 <"(&8+%* & '+% 84#&'"/!
P"4$#8'*:
T+% -4)8/ $4%*&A' +(.% '+% *#""%&$%"
O-'4& <%54"% '+"$ /%("!
P)(& $4%* &4' 455%" (&/ ,#("(&'%% 4" (**#"%$ "%'#"&!
P"4$#8' -"45)% * &4' .%"/ 842-"%+%&*.%!
M4"'()'/0 2(&(,%2%&' (&$ ($2&*'"('.% 8+(",%* ("% *3/ *8"(--&,
(* 842-("%$ '4 '* 842-%''4"*!
OPPORTUNITIES
! L<%"()>('4& 45 I&$(& %84&42/!
! A* '+% &$#*'"/ * ,"41&, '+% 1+4)% 2("3%' * .",&!
! T+% 1+4)% -".('% *%8'4" * 4-%&%$ '4 <% '"(--%$ %.%& '+4#,+ '+%
842-%''4& * 5%"8% 5"42 ,4.%"&2%&' 41&%$ &*#"(&8% 842-(&%*!
.! I'A* ( .4)#2% <#*&%** '+(' * %.%& 5 '+% 842-(&/ +(* 5%1 ,44$
84"-4"('%* '+% '#"&4.%" 8%(*% '4 &8"%(*% </ 2(&54)$!
.! P"4$#8'*:
P"%*%".%" 5#&$* )443 ,44$ $#% '4 84254"'(<)% )?#$'/ & '+% %84&42/
(&$ '+%"% * )'')% 8+(&8% +3% & *+4"'-'%"2 "('% </ RBI!
F&(&8% 2&*'%" #&.%)%$ ( <#$,%' 5(.4"&, 84&*#2%" *-%&$&,0
<44*'&, $%2(&$ (&$ '+%"%54"% +,+%" %84&428 ,"41'+!
THREATS
! T+% ,4.%"&2%&' -)(/%"* 1)) <%842% (,,"%**.% '+#* ,"41'+ * ,4&,
'4 <% '4#,+!
! E&'"/ 45 4'+%" -)(/%"* * &4' "#)%$ 4#'!
! A--"%+%&*4& '41("$* LIC P"#$%&'() <%&, ( -".('% )5% &*#"(&8%
842-(&/!
.! W% %=-%8' '+% &$#*'"/ '4 "('4&()>% & 5#'#"% '+(' * 2%",%"* (&$
(8?#*'4&* 1)) +(--%&0 1+8+ 1)) 2-(8' '+% &$#*'"/ (&$ LIC
P"#$%&'() 54"'#&%*!
.! P"4$#8'*:
P(*' -%"54"2(&8% 45 '+%*% -)(&* * &4' &$8('.% 45 '+% 5#'#"%
-%"54"2(&8% 45 '+% -)(&!
T+% *#2 &.%*'%$ & '+% 5#&$* * *#<B%8' '4 2("3%' "*3* (&$ '+%"% 8(&
<% &4 (**#"(&8% '+(' '+% 4<B%8'.% 45 -)(& 1)) <% (8+%.%$!
A)) <%&%5'* -(/(<)% #&$%" '+% -4)8/ ("% *#<B%8' '4 '(= )(1* (&$ 4'+%"
5&(&8() %&(8'2%&'0 (* '+%/ %=*' 5"42 '2% '4 '2%!
F&$&,*
A33%$,in6 "% ' )!$1#' "/# n%"#0%$"/' 2%in") ($#:
M%)" %& "/# 2#%2+# 7!' +i&# in)!$(n3# () ;!)" ( "(8 7#n#&i" "%%+ %$ () (
+i&# 3%1#$ 0/i+# %n+' ( &#0 %& "/# $#)2%n,#n" "(<# i" () ( )(1in6 %2"i%n.T/#
$#()%n &%$ "/i) i) +(3< %& <n%0+#,6# %& in)!$(n3# 7#n#&i") (%n6 "/# 2#%2+#.
A M(;%$i"' %& "/# $#)2%n,#n" 7!' in)!$(n3# 2$%,!3") 7#3(!)# %& "/# n##,
$#()%n 0/i+# $#)" %& "/# $#)2%n,#n") 7!' &%$ "/# 7$(n, 2!$2%)#.
ANALYSIS:
F$% "/# )!$1#' i" 0() &%!n, "/(" (%n6)" 50 $#)2%n,#n")
(@ 80= %& "/# $#)2%n,#n") "/in< "/(" )#$1i3#) /(1# i2$%1#,.
7@20= %& "/# $#)2%n,#n") "/in< "/(" )#$1i3#) /(1# n%" i2$%1#,.
A M(;%$i"' %& "/# 2#%2+# 3%# "% <n%0 (7%!" "/# 2%+i3i#) &$% "/#
Di$#3" S#++in6 A6#n").
A M(;%$i"' %& "/# 2#%2+# ($# )("i)&i#, 7' "/# in3#n"i1#) ())%3i("#,
0i"/ "/#i$ 2%+i3i#).
M%)" %& "/# $#)2%n,#n") ($# )("i)&i#, 7' "/# )#$1i3#) %&&#$#, 7' "/#$#
in)!$(n3# 3%2(n' 0/i+# )%# )(') "/(" "/#' ($# n%" )("i)&i#, 7' "/#
)#$1i3#).
M%)" %& "/# $#)2%n,#n") 0(n" %$# T$(n)2($#n3' &$% "/# )i,# %& "/#
3%2(n'.
=ui!e$ines +or 2o$icy ,o$!ers
We welcome you as a policyholder and as a prospective customer to
our customer service section. $his section will guide you through the
various intricacies of a life insurance contract and the facts that you
must know to make the best out of your life insurance policy. 8lease
read our guidelines carefully.
Nour 8olicy 2ond nd Its 'afety
Nour 8olicy Cumber
8olicy Conditions
lterations In 8olicy
If Nour 8olicy Is Lost
Nour Contact ddress ? Heep &s 8osted Without ;ail
dmission 0f ge
Comination
ssignment
When $o 8ay $he 8remiums
Erace 8eriod ;or 8remium 8ayment
Aow nd Where $o 8ay $he 8remiums
8olicy 'tatus ? Where vailable
%evival 0f Lapsed 8olicies
vailing Loans 0n 8olicies
'urrender -alue
.aturity" 'urvival 2enefits" 1isability nd 1eath Claims
8olicies &nder 'alary 'avings 'cheme
Aelpline
Your 2o$icy Bon! An! ts Safety
$he policy bond is the document that is given to you after we accept
your proposal for insurance.
$he risk coverage commences after acceptance of your proposal and
the conditions and privileges of your policy are mentioned in the
policy bond
$his is an important document which would be referred to for various
servicing interactions with you ? Heep the policy bond safe. It will be
re(uired at the time of settlement of claims on the policy. Nou will
also re(uire it if you are availing a loan or want to assign the policy.
Inform your spouseL8arentsLChildren as to where the policy is kept.
In case you are handing over the policy bond to any person or office"
please take a written acknowledgement. Heep a 8hotostat copy of
the policy for your reference.
Your 2o$icy 3um.er
$he policy number is consisting of nine digits and can be found at the
top left hand corner of the schedule of your policy bond.
$his is a uni(ue identification number that distinguishes your policies
from other policies and will remain unchanged throughout the lifetime
of the policy.
%emember to (uote the policy number every time in your
correspondence" as it helps us to locate your records for reference.
S'(,%* & P4)8/ I**#(&8%
1) P"4-4*()
A P$%2%)(+ S"(6# i) "/# Fi$)" )"(6# 7#&%$# "/# 2%+i3' i) i))!#, (" 9OPS. A"
"/i) )"(6#. "/# (22+i3("i%n &%$ i) $#3#i1#, 7' 9OPS. 7!" i" i) 2#n,in6 &%$
i))!(n3# ,!# "% &!$"/#$ 3+($i&i3("i%n) $#A!i$#, &$% "/# 3!)"%#$.
2) L4,&
A 2$%2%)(+ 0/i3/ i) 3%2+#"# i.#.. ,!+' &i++#, 0i"/ (++ n#3#))($' ,%3!#n")
(""(3/#, "% i" B (33#2"#, 7' "/# B$(n3/ %2). i) 3(++#, ( L%6in
3) R%B%8'
An A22+i3("i%n 6#") $#;#3"#, (" "/# B$(n3/ O2) +#1#+ ,!# "% n#3#))($'
,#"(i+) n%" &i++#, in "/# &%$ %$ n#3#))($' ,%3!#n") n%" )!7i""#, i) (
R#;#3". I" i) "/#n )#n" 7(3< "% "/# A,1i)%$ &%$ 3%2+#"i%n.
4) I**#(&8%
I))!(n3# #(n) ( 2%+i3' "/(" i) i))!#, "% "/# 9!)"%#$ 7' 9#n"$(+ O2).
:) D%8)&% S'('#*
C/#n ( 3!)"%#$ $#&!)#) "% "(<# ( 2%+i3' 2%)" +%6in 7!" 7#&%$# I))!(n3# i)
3(++#, ( D#3+in#
6) C(&8%))('4&
C/#n "/# 3/#A!# 6i1#n 7' "/# 3!)"%#$ 7%!n3#). i" (%!n") "% 3(n3#++("i%n
%& "/# 2%+i3'!
C) L(-*%
A 2%+i3' &%$ 0/i3/ "/# 9!)"%#$ &(i+) "% 2(' )!7)#A!#n" 2$#i!) i) (
L(2)#, P%+i3'.
@) F"%% )443
P%)" i))!(n3# %& "/# 2%+i3'. "/# 2%+i3'/%+,#$ /() "/# %2"i%n "% "!$n ,%0n "/#
2%+i3' 0i"/in 15 ,(') &$% "/# ,("# %& i))!(n3#. T/i) 2#$i%, %& 15 ,(') i)
3(++#, F$## +%%< P#$i%,.
9) S#""%&$%":
C/#n ( 3!)"%#$ 0(n") "% ,i)3%n"in!# 0i"/ "/# 2%+i3'.
2o$icy Con!itions
Every policy is taken for different types of needs3 therefore the
conditions for your policy will vary according to the 8lan and $erm of
the policy
$he policy schedule contains on the first page of your policy" like the
ones mentioned above as well as other information like nominee"
your address etc. It also shows the date of commencement of your
policy" date of birth" date of maturity" due dates and months in which
the renewal premiums are to be paid etc
$he second page onwards carries the various policy conditions like
risk coverage" additional risks coverage if opted for" standard
benefits that are available for all policies" accident benefit if opted for"
e)clusion of risks if any and other conditions that govern the contract
of insurance.
part from death benefits there are other standard benefits and
benefits opted by the policyholder" which you might want to
familiari/e yourself with 4C$ic<here to know more about various types
of policy conditions and their implications5.
A$terations n 2o$icy
$here may be instances when you would like to make alterations in
your policy like change of premium payment mode" reduction in
premium paying term etc.
Nour applications may be given in writing to the branch that services
your policy for our further action.
$here are different types of alterations that are allowed on our life
insurance policies to know more about alterations5.
f Your 2o$icy s -ost
Hindly make a thorough search before concluding that you have lost
the policy bond. Look for the same within your residence" among
your investment papers" at your office and even with your agent to
whom you might have entrusted the document for some reason
It could have been even pledged with LICLany other financial
institution for availing a loan by you. LIC retains the policy bond when
you go in for a loan against the policy. .ake sure that the document
you are searching is not one that has already been assigned to LIC"
or to another financial institution.
If the policy bond is partially destroyed due to natural causes like"
fire" flood" etc" the remaining portion may be returned as evidence of
loss of policy to LIC" while applying for a duplicate policy
In case you are sure that the policy bond is untraceable due to
unknown causes" there is a simple procedure to comply with while
applying for the duplicate policy at the branch that services your
policy know about obtaining duplicate policies5
Your Contact A!!ress > ;eep Us 2oste! Without +ai$
Nour address is very important for us. Without your latest address we
would not be in a position to contact you for any service offering. We
would not like to keep any benefit that is due to you pending for want
of this very important information. Whenever you shift residences"
please inform the new address to us. 0therwise any communication
we send to you" like premium notices" discharge vouchers for
maturity and survival benefits etc." will get delayed in reaching you.
LIC provides for change of addresses" inclusion of telephone
numbers" mobile numbers and email addresses in your contact
addresses information. Hindly inform your servicing branch to
incorporate the same in your policy records.
A!mission Of A#e
Check your policy bond and see if your date of birth is correctly given
therein.
$his is one of the factors on which the premiums you pay for your
policy is arrived at.
$his would also form the basis of all future policies you might avail
from us.
In case your earlier policies do not have your date of birth
incorporated and you do have a date of birth certificate issued by the
competent authority" you may send an attested copy of the same to
us" with a re(uest to admit your age find out the certificates of age
that LIC accepts.5
3omination
Ensure that the nominees name is correctly incorporated in the policy
bond.
Nou may change the nomination in your policy any time during the
lifetime of the policy
In case you have not included the name of the nominee till now"
please do not delay3 inform us your nomination immediately. Hindly
note that the change of nomination has to be done in the branch that
services your policy.
$he nominee is the person to whom the insurance claim amounts
would be payable" in case anything unfortunate within the purview of
the policy conditions happens to you.
$he policy is usually taken by you to benefit your family ? nominate
the persons who*ll have the welfare of your family in your absence3
the usual preferences being spouse and children.
Nou may nominate even minors like your children" in which case you
have to name another person who*ll have the welfare of the minor
children" as an appointeeto know more about nomination5
.
When To 2ay The 2remiums
%emember to pay your premium in time" even if our notices do not
reach you. $here may be a postal delay.
LIC usually sends premium notices one month in advance to the due
month of the premium.
$he months in which premiums are due are given on the first page of
the 8olicy bond.
=race 2erio! +or 2remium 2ayment
In case you have not paid the premium within the due date there is
still time for you to make the payments without payment of interest on
the premium. $his period is called the grace period. 4With the
e)ception of some plans5
$he grace period for policies where the premium payment mode is
monthly is <# days from the due date.
$he grace period for policies where the premium payment mode is
(uarterly" half6yearly or yearly is one month but not less thanG0 days.
,ow An! Where To 2ay The 2remiums
2y cash" local che(ue 4sub!ect to reali/ation of che(ue5"
1emand 1raft at 2ranch 0ffice.
$he 11 and che(ues or .oney 0rder may be sent by post.
Nou can pay your premiums at any of our 2ranches as ==I of
our 2ranches are networked.
.any 2anks do accept standing instructions to remit the
premiums. 'o by providing a standing instruction to your 2ank
to debit your account for the premium amount and send it vide
a banker*s che(ue to LIC" on the due dates and months
mentioned on your policy bond.
$hrough Internet + 8ayment of premiums can be made through
Internet through 'ervice 8roviders vi/.A1;C 2ank" ICICI 2ank"
$imes of .oney" 2ill Dunction" &$I 2ank" 2ank of 8un!ab"
Citibank" Corporation 2ank" ;ederal 2ank and 2ill1esk.
8remium payment can also be made through $.s of
Corporation 2ank and &$I 2ank.
8remium payment can also be made through Electronic
Clearing 'ervice 4EC'5 which has been launched at .umbai"
Ayderabad" Chennai" Holkata" Cew 1elhi" Hanpur" 2angalore"
-i!aywada" 8atna" Daipur" Chandigarh" $rivandrum"
hmedabad" 8une" Eoa" Cagpur" 'ecunderabad K
-isakhapatnam. policyholder having an account in any 2ank
which is a .ember of the local Clearing Aouse can opt for EC'
debit to pay premiums. $he policyholders wishing to use this
system would have to fill up a .andate ;orm available at our
2ranchesL10 and get it certified by the 2ank. $he certified
.andate ;orms are to be submitted to our 20L10.
8olicy can be anywhere in India+ Citibank Hiosks at Industrial
ssurance 2uilding" Churchgate" Cew India 2uilding"
'antacru/" Deevan 'hikha 2uilding" 2orivili are dedicated for
collection of premiums through che(ues.
2o$icy Status > Where Avai$a.$e
'tatus of your policy indicates if your policy is in force or has lapsed
due to non6payment of premium. It also provides other important
information with respect to your policy" for your reference.
$he status of your policy is available at the branch that services your
policies.
It is also available through our Interactive -oice %esponse 'ystems
in select cities to find out if your city is covered5.
In cities connected by our computeri/ed networks the status will be
available in any of the branches.
Cow the policy status of policies being serviced in the cities
connected by network are also available through Internet to register
for these services5. In select cities online touch screen kiosks are
also provided where you can view your policy status.
vai$in# -oans On 2o$icies
.any of our plans are of endowment type and you would be allowed
to raise a loan against your policy should you re(uire funds.
Nou repay the loan with interest or continue paying the interest and
allow the loan to be deducted at the time of the claim payments.
;urther loans on policies are also allowed after deduction of earlier
out standings to find out more about loans on policies5.
.ost financial institutions too allow loans against LIC policies based
on the value LIC (uotes on re(uest from you.
Surren!er *a$ue
$his is the value which is the amount payable to you should you
decide to discontinue the policy and encash the same from LIC.
'urrender value is payable only after three full years premiums are
paid to LIC. .ore over if it is a participating policy the 2onus get
attached to it as per prevalent rules.
'urrender of policy is not recommended since the surrender value
would always be proportionately low.
'hould you decide to go in for another insurance at this stage further
insurance would be available to you at a much higher premium
ecause your age would have advanced since taking out the earlier
policy.
$herefore retention of earlier policies and continuation of all policies
without allowing them to lapse is the best strategy for continuing life
insurance protection.
1aturity8 Surviva$ Benefits8 %isa.i$ity An! %eath C$aims0
When your 'urvival 2enefits 4;or .oney back policies5 or maturity
benefits are due" we send intimations to you in advance. Aowever" if
the survival benefit amount is less than or e(ual to %s.>0"000L6 the
same will be sent to you directly without policy or discharge forms
with a few e)ceptions.
If such intimations have not come to you before the due date kindly
inform us so that we may take necessary action o know about the
claims procedure5
2o$icies Un!er Sa$ary Savin#s Scheme
If you have taken your policy under salary 'aving 'cheme please
read the following suggestions +
<. ;or each 'alary 'avings 'cheme 8olicy your employer
deducts the premium from your salary and sends a
consolidated che(ue for all the policies of the employees to a
designated 2ranch of LIC" where all the policy files are
maintained.
2. Nou can find out which 2ranch of LIC your policy file will be
serviced either from your gent or from the pay roll department
of your employer.
G. Nou will need to know which branch of LIC services your policy
because you will re(uire their help in getting your
.aturityL'urvival 2enefits" for any alterations like change of
address and for availing loans etc.
F. In case you are in a transferable !ob please inform the
designated 2ranch of LIC about your new place of posting.
fter you !oin your new place of posting please ask your
employer the LIC 2ranch where the premiums are being
remitted by your office there and inform the LIC 2ranch which
was servicing you earlier so that your policy files can be
transferred.
#. $his way your records will be at correct place and will receive
the services from us like maturity" in time.
In case you are leaving your employer for a new !ob or !oining
another firm" you have the facility to either continue the policy
under the 'alary 'avings 'cheme of your new firm or to
convert the payment mode into (uarterly" half yearly or yearly
mode.
>. lways ensure the continuity of premium payments to avoid
fre(uent revivals of policy. $his may become a cumbersome
process for a person who is in a transferable !ob.
B. 8lease do not send any installments directly to us. Nour
premium must come through your employer only. We do not
have systems to ad!ust single installments received from our
policy holders. 0therwise please convert the mode into
(uarterly" halfyearly" or yearly and pay directly. $his way you
also get a discount on the premium payable.
@. Leave a permanent local address with us so that we can reach
you wherever you are even after many years.
%isc$aimer0
$he information contained herein is only to guide you and does not
purport to be binding on either party. $he contractual implications of
your policy will be sub!ect to the terms and conditions of your
proposal and the policy document issued to you. $hey may be also
sub!ect to the rules and regulations of the corporation notified from
time to time which may be sub!ect to revision and change. $he
contract will also be sub!ect to the prevailing laws of the country.
,e$p$ine
$o ensure that you get the best out of your policy please read our
guidelines carefully.
<. Heep the policy bond safe. It will be re(uired at the time of
maturity or 'urvival 2enefit. Nou will also re(uire it if you are
availing a loan or want to assign ypur policy.
2. Inform your spouseL8arentsLChildren as to where the policy is
kept.
G. When you shift residences" please inform the new address to
us. 0therwise any communication we send to you" like
premium notices" discharge vouchers" etc." will get delayed in
reaching you.
F. Ensure that the nominees name is correctly incorporated in the
policy bond.
#. %emember to pay your premium in time" even if our notices do
not reach you. $here may be a postal delay. $he months in
which premium are due are given in the 8olicy bond.
>. Nou may pay the premium by Che(ue" 11 or .oney 0rder.
%emember to (uote the policy number everytime in your
correspondence. $he policy number is consisting of nine digits
and can be found at the top left hand corner of the policy bond.
B. Check your policy bond and see if your date of birth is correctly
given therein.
@. In case you are handing over the policy bond to any person or
office" including the LIC office please take a written
acknowledgement.
=. When your 'urvival 2enefits 4;or .oney back policies5 or
maturity benefits are due" we send intimations to your three
months in advance. If such intimations have not come to your
even within one month of the due date kindly inform us so that
we may take necessary action.
When in doubt call your agent or the 2ranch from where you
took the policy.
0ur 2ranches are our 0perating &nits. Aence" for any servicing
matter" contact the 'ervicing 2ranch of your policy. Aowever" for
obtaining general information" you can contact any of the 2ranches
of LIC.
Bran! )7uity 1ost Truste!
Bran! 2??@ Top in nsurance
Cate#ory
=o$!en 2eacoc< nnovative
2ro!uct A Service Awar! :
2??@
-oya$ty Awar!s : 2??@
"ea!ers %i#est Truste! Bran!
Awar! 2??@ in the 2$atinum
cate#ory
C3BC AwaaB Consumer
Awar!s 2??C
3%T* 2rofit Business
-ea!ership Awar! 2??C
3%YDs Si$ver Awar! for Best
Corporate +i$m
3%YDs Si$ver Awar! for Best
in ,ouse 1a#aBine
T US)" 2??C 3ASCO1 Business Super.ran! n!ia
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