Last year, Mr. Rajiv Verma bought a Child LIC policy to provide financial security for his kid’s future. However, due to time constraints or negligence, he forgot to pay its premium and missed grace period too. When almost after a month he came to LIC policy office to renew his expired policy, he was appalled to know that now he had to pay extra charges along with interest to renew his policy. Had he checked the LIC policy status he would have been saved from wastage of hard-earned money and also unnecessary running around?
There are various methods to check everything related to the policy, including premium due date, bonus, maturity, etc, people forget to check the status of their life insurance policies and pay extra charges.
A myriad of online services is offered by Life Insurance Corporation to equate the transactions and to attend the affairs of its consumers promptly. E-services of LIC bring almost every range of capabilities that were once accessible only via the branches. Keeping a track on LIC statement online and information related to policy is an option offered by the insurer, which intends to keep you updated about the payments made by you and other events. There are various means to check your LIC policy status online. Moving on with the first method, you are required to make a registration by creating a user account and fill in the LIC policy details to view your LIC policy status. How to make registration online and check LIC policy status is described in the subtopics below.
Check LIC Policy Status Online (For Registered User) :
You can check your LIC policy details including details of the premium payments, accrued bonuses, group schemes etc. by simply logging on to the official website of LIC India with your login credentials. The steps below will explain how to track your LIC policy status if you have registered yourself:
Step 1:You must visit the e-Service Portal of LIC. The screen will show you two options namely, New User and Registered User. Click on the relevant option.
Step 2:You will need to enter the login credentials namely, your User Name and Password.
Step 3:Once you’re logged in your Services Account of LIC, you will see various options related to the account or your policy. Now you have to click on ‘Policy Status’ tab.
Step 4:You will see all your policies that are enrolled to the respective account. If you have more than one policy and it is not listed in the list, then you have an option to add your LIC policies by making use of ‘Enrol Policy’ option in the LIC’s e-Services Tools section.
Step 5:Now, you can track the details of your policy simply by clicking on the policy number in the list. The policy details namely, policy name, policy term, table number, next premium due date, sum assured etc. will be displayed.
LIC Policy Status – Procedure for a New User
You will find the option to register yourself for e-services on the home page of LIC. If you are doing this for the first time, then you have to fill in the online registration form and pick login credentials for yourself. Once you are done with the registration process successfully, you will receive a mail confirming your registration on your entered email address. Next is, you will be required to click on the URL that will be provided in the mail you receive. You will be redirected to a page where you will be able to link or enrol your policy with your user account. You will be required to enter your LIC policy details like policy number date of birth, premium amount etc., and click on submit button. If the information provided by you is not correct, then you will see an error message followed by a reminder mail on your registered email id.
NOTE: The incorrect LIC policy details will get deleted after 5 days automatically.
Steps for LIC Registration for a New User
Step 1:The insured requires visiting the official website. On the left side of the Home Page, you will see Online Services tab.
Step 2:After that click on the LIC e-Services link, it’ll redirect you to the next page where you’ll see ‘New User’ Tab.
Step 3:Hit the ‘New User’ button, it will redirect you to a form where you will be required to enter the details of your policy.
Policy Number: This must be a valid LIC policy in your name
Instalment Premium: This is the paid premiums without any service tax that is required to be entered.
Date of Birth: The DOB must be in DD/MM/YYYY format.
Mobile Number: The insured must enter a valid mobile number to get alerts like premium payment alert, policy maturity alert, and premium due etc.
Email ID: The insured must enter an active email ID.
Step 4:After you enter the required inputs as aforementioned, click to check the radio button and hit the proceed tab.
Step 5:After choosing User ID and password of your preference hit the Submit button. The registration will be successful and you’ll be logged into your account.
LIC Enrol Policy
If you click the “yes” tab for “Do you have any LIC policy?” you will get an online LIC policy enrolment form, after clicking on the submit button to complete the Registration.
In the form you will have to enter the prerequisite details like the name of the Life Assured (in case of different name from the Proposer like in Children’s Plan), premium and the policy number for every policy.
You can take a print out of the form right after you are finished with the enrolment of your policy or at any other appropriate time simply by logging into your account using the login credentials.
If you do not want to download your policy number immediately after you complete with the Registration process, you can do it any time later. You can key in any number of times simply by logging into your account.
Do not forget, if you are either Life Assured or the Proposer you can enrol these policies.
You will have to take a print out of the form, sign and submit the form to the nearest branch of LIC, where at least one policy is being serviced, that is mentioned in the form. The LIC branch will provide you with an acknowledgement letter on your user id. You can get a print this letter for future use and reference.
The validation of all the policies will be completed after completion of necessary checks with the agenda of your policy.
The enrolment process is necessary to assist authorised access to specific functionalities provided by the LIC like request to change the address.
All policies in ordinary life are based on annual premium payments in advance. However, instalment premiums may be made monthly, quarterly, or halfannually at a slight additional charge.
How to Check the LIC Policy without Online Registration
Send SMS to Check the Policy Status:
You can avail all the LIC policy details simply by sending an SMS to 56767877.
Check LIC Pension Policy Status via SMS:
You can check the status of your LIC Pension Policy via SMS.
Check LIC Policy Status for Surrender Value:
You can compute the surrender value of your LIC policy by making use of the simple formula:
Basic Sum Assured (Total number of payable premiums/Number of paid premiums) + Total bonus you receive x Surrender Value Factor.
Let us consider the case of LIC Jeevan Anand Policy in order to understand the guidelines involved in it. In this example, LIC’s surrender value is appropriate after three functioning years of the LIC policy and is equal to 30 percent of all the premiums except the paid premiums for the policy’s first year together with a vested bonus. Accident benefit will not be included in order to compute the surrender value. Bonuses are the additional cash value that is paid at the time of death or the end of the tenure of the policy.
Now let us consider a case that the LIC policy began in the year 2010 with 15 years of policy term. The basic sum assured of this policy is Rs. 4 lakh with an annual premium amount of Rs. 30, 192. The bonuses collected until now will be around Rs. 70, 000. Now, if you have paid just 5 premiums so far, the policy’s surrender value will be 30 percent (5 x 30, 192) + Final Bonus in today’s term.
LIC Policy Status via Call Centre
The Integrated Voice Response System, i.e. IVRS is made available 24×7, in almost all the cities. Any buyer can get hold of LIC India IVRS by simply dialling UAN, i.e. Universal Access Number 1251. In order to make local calls from a BSNL or MTNL number, you just have to dial 1251 and users making calls using other than MTNL or BSNL numbers can get access to IVRS by calling the IVRS centre number of the respective city followed by 1251.You can also get hold of the regional or zonal offices of LIC to enquire about all kinds of policy. The regional offices are classified into eight zones viz, Northern Zone, Southern Zone, Western Zone, Eastern Zone, Central Zone, North Central Zone, South Central Zone, West Central Zone, East Central Zone and West Central Zone.
You can know about the LIC customer care contact numbers for all the voice support centres that come under the aforementioned LIC zones.
Why Timely Check of LIC Policy Status is Recommended?
People often forget to check their Life Insurance Corporation policy status. An LIC policy is a shield against contingencies, but it is paramount to keep a regular tab on the status of your policy in order to ensure that it provides optimum returns. After all, a lapsed policy is futile. If you haven’t checked yours lately, find some time and do it today.
Now you can check your LIC statement online by sitting in your drawing room. It means there is no need to go to an LIC office and stand in a queue. Moreover, when you regularly check your policy, you also stay updated about the interim bonus and other important details. At the time of checking the policy online, you can also find the ‘Feedback’ link, which can be used to send queries and valuable suggestions.
It is pivotal to get a complete understanding of different methods through which you can check your LIC policy status.