LIC Life Insurance FAQs

If the nominee dies or is not mentioned in the policy, your family members will have to produce proof establishing their right to claim the policy benefit.

You should choose the policy that best suits your needs depending on your insurance objectives, your income, your existing policies (if any), your assets, liabilities, your expenses.

You can avail of the facility to take a loan against the LIC life insurance policy only if it is a money-back/endowment plan that offers this facility.

A claim can be denied if it is a case of fraud or suicide. After intimating the insurance provider a claim is assessed to make sure the claim raised is genuine.

You can download the claims forms from Life Insurance Corporation official website by following simple steps:

Step 1: Visit the Life Insurance Corporation website and click on ‘LIC Online Service Portal’
Step 2: Click on ‘Claim forms’ on the right menu under ‘LIC Online Service Portal’
Step 3: Choose the claim form as required according to your claim and download the form.

Toll-free helpline number of Life Insurance Corporation is 022 68276827.

The following documents can be considered for ID and Address Proof while applying for an insurance policy:

• PAN Card Passport
• Aadhar Card
• Driving License
• Bank Account Statement
• Voter Identity Card.

One needs to inform the insurance provider regarding a claim at the branch office. The claims are handled at the LIC branch office only.

The Claim Settlement Ratio or CSR of LIC Life Insurance is 98.52%.

LIC Life Insurance grants a free look period to its policyholders, allowing them time to review the policy terms and conditions. This period spans 15 days from the date of receiving the policy document. During this time, policyholders have the opportunity to thoroughly examine the terms outlined in the policy and, if they find any terms or conditions disagreeable, policyholders have the option to return the policy within the free look period.

The factors that will affect your LIC life insurance premium involve your age, health condition, sum assured, policy term, riders or additional coverage options you choose, and other factors also contribute to determining the premium amount.

Premiums for LIC Life Insurance plans can typically be paid through various channels, including online platforms, bank branches, or via authorised agents.

Opting for LIC Life Insurance brings various benefits to policyholders. Firstly, it offers financial security to the insured's beneficiaries, providing them with a lump sum payout in the event of the insured's death. Additionally, LIC policies often include savings and investment components, allowing policyholders to build wealth over time while providing protection. Another advantage is the tax benefits available on the premium payments and the proceeds received from the policy.

Yes, you can cancel your LIC life insurance policy online without any hassle.

Checking the status of a LIC Life Insurance policy online is a simple process. New customers can easily access their policy status if they have the policy number. By visiting LIC's official website and navigating to the “Online Service” tab, policyholders can follow easy steps to check their policy status.

The toll-free customer care number for LIC Life Insurance is 022 6827 6827. This number allows policyholders to reach LIC's customer service team without incurring any call charges. Whether you have inquiries about LIC's policies, need assistance with premium payments, or have any other concerns or queries related to LIC Life Insurance, you can contact the customer care team using this toll-free number.

Choosing LIC Life Insurance is a great decision for several reasons. Firstly, LIC is one of India's most trusted and reputable insurance providers. Secondly, LIC policies provide financial security and peace of mind to you and your loved ones by offering comprehensive coverage against various risks. Additionally, LIC's long-standing presence in the insurance industry reflects its stability and reliability.

If you miss paying your LIC Life Insurance premiums within the due date, your policy might lapse. This means that the terms and conditions of your insurance contract become inactive until you revive your policy by paying the overdue premiums.

Yes, you can usually end your LIC Life Insurance policy before its maturity date. However, the ability to surrender your policy typically becomes available after a minimum period of two or three years from the policy's start date, depending on the type of insurance plan and premium payment term you have chosen.

You can cancel your LIC Life Insurance policy after you have paid premiums for a minimum of three years. If you decide to cancel within this period, you might not receive any surrender value. However, if you cancel after completing three years of premiums, you may be eligible to receive a surrender value.

The lock-in period in LIC Life Insurance refers to the minimum duration for which you must hold your policy before you can make any withdrawals or terminate it without incurring penalties.

If you decide to cancel your LIC Life Insurance policy, you will be eligible to receive a surrender value. This surrender value is generally around 30% of the total premiums you've paid, but the actual amount can vary depending on factors such as the policy term and the number of premiums paid.

To break your LIC Life Insurance policy, you need to contact the LIC customer support team or InsuranceDekho's team. They will guide you through the process and provide you with the necessary forms and instructions for surrendering your policy.

Yes, you can withdraw your LIC Life Insurance policy by surrendering it after you have paid premiums for about three years. When you surrender your policy, LIC life insurer will provide you with a surrender value.

Yes, you can close the LIC policy online. By logging into your LIC account on the insurer's official website, you can simply follow the necessary steps to request the closure of your life policies.

LIC Life is one of the largest insurance companies in India, with a significant presence in the insurance and financial sector. As of March 2023, it is the largest institutional investor in India, managing total assets worth Rs. 4043655.51 crores. Moreover, LIC is owned by the Government of India and operates under the administrative control of the Ministry of Finance.

Yes, you can change the premium payment frequency of your LIC Life insurance policy during the renewal process. This means that when you renew your policy each year, you have the option to update certain details, such as the mode or frequency of premium payments.

If you undergo a medical test as part of the application process for LIC Life insurance and the results reveal underlying health conditions, such as diabetes, high cholesterol, or heart disease, it can impact your insurance coverage. Generally, if the medical test fails, there is a possibility that you will be denied a term or life insurance plan by the insurance company.

Yes, individuals with diabetes can obtain LIC Life insurance coverage. However, the availability of coverage and the cost of premiums may vary depending on several factors, including the type of diabetes you have and how well you manage your condition.

Yes, you can pay the LIC Life premium in advance before the due date. Premiums due in the next financial year can be deposited in advance for a maximum period of three months.

If you stop paying the premium after two years, your policy may lapse, and the coverage provided by the policy could cease.

You can check your LIC Life Insurance details through various channels provided by LIC, such as their official website, mobile app, customer service helpline, or by visiting a LIC branch office in person.

The refund amount of LIC Life Insurance refers to the surrender value that is returned to the policyholder if they decide to terminate or surrender their policy before maturity. In general, the surrender value is returned to the policyholder at around 30% of the total premium amount paid.

To withdraw or surrender your LIC Life Insurance policy, you can visit the nearest LIC branch office and request a surrender discharge form. Fill out the form with the required details and submit it along with any necessary documents.

Yes, if five years have passed since you purchased your LIC Life Insurance policy, you are eligible to surrender the policy.

The maturity claim in LIC Life Insurance refers to the amount payable to the policyholder at the end of the policy term, upon maturity of the policy.

The best LIC Life Insurance policy varies depending on individual needs, financial goals, and preferences. Some popular LIC policies include Jeevan Anand, Tech Term, Jeevan Umang, Jeevan Amar, among others.

Yes, premiums paid for LIC Life Insurance policies are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Policyholders can claim a deduction of up to Rs. 1.5 lakh from their total taxable income in a financial year for the premiums paid towards LIC Life Insurance policies.

The sum assured in LIC Life Insurance refers to the guaranteed amount that the insurer agrees to pay to the policyholder or their beneficiaries in the event of the policyholder's death or upon maturity of the policy.

Yes, LIC Life Insurance is generally considered safe as it is a Government-owned insurance company and the largest life insurance provider in India.

Yes, LIC Life Insurance policies provide coverage for suicide, subject to certain conditions and exclusions. In most cases, if the policyholder dies by suicide within one year, the death benefit will be payable to the nominee.

You can get in touch with LIC Life's customer service team and provide the necessary documents such as the death certificate, policy particulars, and any other required details to commence the claim procedure.

LIC offers 15 days of grace period for the policies with monthly premium payment mode and 30 days for policies with quarterly/half-yearly/yearly premium payment mode.

The claim benefit is payable to the nominee in case of an unfortunate demise of the life assured. In case the life assured has assigned the policy to someone, the assignee will be entitled to the benefits payable under the life insurance policy.

To file a claim for Life Insurance Corporation insurance plans you need to visit the LIC branch office for claim intimation and assessment.

Types of Life Insurance Corporation Insurance Plans are:

• Term Insurance Plans
• Endowment Plans
• Whole Life Plans
• Money Back Plans.

The policy that best suits your needs depends on your insurance objectives, your income, your existing policies (if any), your assets, liabilities, your expenses.

LIC offers 15 days of free-look period in case the life assured is not satisfied with the life insurance plan or does not comply with terms and conditions of the insurance policy.

The riders offered for LIC term insurance plans are LIC Accidental Death Benefit, LIC New Term Assurance Rider, LIC Linked Accidental Death Benefit Rider, LIC Accidental Death, and Disability Benefit Rider, LIC New Critical Illness Benefit Rider, and LIC Premium Waiver Benefit Rider.

Accidental Death Benefits is an optional additional rider that provides a death benefit only if the policyholder’s death is caused by an accident.

LIC Life Insurance provides a diverse range of life insurance plans to cater to different needs and preferences. These include:

• ULIP (Unit Linked Insurance Plans)
• Whole Life Insurance
• Endowment Plans
• Pension Plans
• Term Insurance Plans, and more.

A basic life insurance plan can be purchased from 20 years of age to 60 years of age.

Yes, consumption of tobacco/alcohol affects the premium calculation as consumption of tobacco/alcohol is injurious to health, people who consume either of both are considered at high risk. When you declare that you consume tobacco/alcohol on a regular basis, the premium amount rises.

Yes LIC insurance policies now cover death caused due to COVID-19.

The renewal premium payments can be made online on the LIC website through net banking, credit/debit card, BHIM and UPI.