Life Insurance Corporation Policy Guideline & Helpline : licindia.in

Organization : Life Insurance Corporation
Service Name : Policy Guideline & Helpline
Applicable For : Policy Holders
Country: India
Website : https://licindia.in/Customer-Services/Policy-Guidelines.aspx

LIC India Guidelines For Policy Holders

** We welcome you as a policyholder and as a prospective customer to our customer service section.

Related : Life Insurance Corporation of India Aam Admi Bima Yojana AABY & Janashree Bima Yojana JBY : www.statusin.in/8976.html

** This 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. Please read our guidelines carefully.

Your Policy Bond And Its Safety

** The policy bond is the document that is given to you after we accept your proposal for insurance.
** The risk coverage commences after acceptance of your proposal and the conditions and privileges of your policy are mentioned in the policy bond.

** This is an important document which would be referred to for various servicing interactions with you – Keep the policy bond safe. It will be required at the time of settlement of claims on the policy. You will also require it if you are availing a loan or want to assign the policy.

** Inform your spouse/Parents/Children 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. Keep a Photostat copy of the policy for your reference.

Your Policy Number

** The policy number is consisting of nine digits and can be found at the top left hand corner of the schedule of your policy bond.

** This is a unique identification number that distinguishes your policies from other policies and will remain unchanged throughout the lifetime of the policy.
** Remember to quote the policy number every time in your correspondence, as it helps us to locate your records for reference.

Policy Conditions

** Every policy is taken for different types of needs; therefore the conditions for your policy will vary according to the Plan and Term of the policy.

** The 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.

** The 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, exclusion of risks if any and other conditions that govern the contract of insurance.

** Apart from death benefits there are other standard benefits and benefits opted by the policyholder, which you might want to familiarize yourself with (Clickhere to know more about various types of policy conditions and their implications).

Alterations In Policy

** There 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.

** Your applications may be given in writing to the branch that services your policy for our further action.
** There are different types of alterations that are allowed on our life insurance policies( Click here to know more about alterations).

If Your Policy Is Lost

** Kindly 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 LIC/any other financial institution for availing a loan by you. LIC retains the policy bond when you go in for a loan against the policy. Make 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 (Click here to know about obtaining duplicate policies).