Category Archives: Insurance

Term Insurance Cover Post Retirement –3 Things to Consider

The basic premise of a term policy is to offer comprehensive financial aid to your family, in case you are no longer there to provide for them. Therefore, it is advisable that you should purchase a term plan as early as possible during your lifetime. That said, however, does it make sense for you to buy term insurance if you are nearing retirement?

Term Insurance Cover Post Retirement –3 Things to Consider

Theoretically speaking, the later you buy the plan, the higher the premium amount you would have to pay. So, in all fairness, term insurance might not attract you much especially if you are in your late 40s or 50s. Also, age is a common deterrent when it comes to offering insurance cover, from the insurers’ perspective. However, there are circumstances where purchasing a term policy will make sense.

Therefore, you need to prudent as well as an alert when investing in a term insurance plan (irrespective of high premium). To help, here are some important considerations.

1. Affording Premium Payments after Retirement

Usually, the pension received upon retirement is sufficient to support you cover your necessary living expenses for each month. However, if your kids are financially dependent on you or you have unpaid debts and debts, you would have to effectively plan your finances so that the burden doesn’t fall on your family.

Assess the Extent of your Expenditures

It is vital for you to assess the extent on current expenses so that you can determine the future costs and handle your debt. To get the exact figure, you must first make a note of your housing costs, utility payments (like electricity, water and gas), transportation cost, food and clothing expenditure, and any other sundry expenses that you may incur after retiring.

Take Inflation into Account

Inflation is a crucial factor that will creep in with years and subsequently, raise the cost of living post-retirement. In accordance with the inflation rate, therefore, you must make sure to match your pension pay-out. Otherwise, you would not be able to meet expenses, let alone to pay the premium for your term policy.

2. Can You Pay Only till Retirement?

Ideally, individual in their 60s or nearing retirement would have no reason to buy or extend their life coverage. Financial advisors usually advise planning your investment portfolio in such a way that your term cover usually ends by retirement.

However, if you choose to work after retiring and there is an income to protect, then buying or extending the term-cover makes sense. Overall, you need to assess your financial needs and income protection goals before agreeing on a term plan beyond retirement.

Relief from Liabilities

Further, a post-retirement corpus of funds would also be beneficial for your family, relieving them of any financial burden to pay for any inherited debts or your funeral expenses. Buying a term insurance policy from reputableinsurer, therefore, would help you make sure that you have a respected and a proper send-off,after living a life of great wisdom. Also, insurers like Max Life Insurance offer tax and other benefits along with term insurance. Therefore, compare and check the benefits before buying your plan.

Put simply, if liquidity is your after-life goal, having a term plan would be the best way to help secure it.

3. Would You Need It?

For most individuals, buying term insurance at a ripe age, say post-retirement, is not an easy task. First, your age will deter your chances of finding the right term insurance plan. Second, even if you do manage to find one, you would have to undertake stringent medical tests to prove your fitness.

And third, term plan premiums skyrocket after you cross the 40-year age mark. So,you would have to think diligently before acting.

Scenario 1

Term insurance is crucial if your children are financially dependent on you. Nowadays, this is a typical scenario due to marrying late and having kids later in life. Thus, by the time you reach 60, your children are probably still studying.

Scenario 2

You want your spouse to be self-reliant. Therefore, in case you don’t have any source of income, except your pension, you would need term insurance to help your spouse be financially independent.

Scenario 3

Usually, significant financial liabilities such as home loans stretch till 30 to 40 years. Therefore, if you have a home loan or any other such pending financial debt, you need to make sure that your family doesn’t have to feel the brunt of your liabilities, should something untoward happens. The proceedings from the term plan would be helpful in paying off all outstanding debts on your behalf.

Be Smart, Retire Happy!

The times when working individuals accumulated wealth their whole lives, and then used the money to buy a house only at retirement, are long gone. Instead, people believe in living in the moment, enjoying life when the time is right. That said, people are also prudent when it comes to planning for their future, especially retirement and putting their money into smart investment plans.

Therefore, if you wish to make sure that you have a stress-free life beyond retirement and your spouse doesn’t have to be financially dependent on your children, you may have to think about buying or extending your term policy. The retirement age of 60 years, would,therefore, be too early to decide to discontinue your term plan.

Term Insurance- A step towards secured future

Rajeev was securing money for his new restaurant. He got married to Neha last year. Then they both invested their whole saving in the startup of Rajeev. They even took a loan from the bank. It was all going smoothly, slowly. Just then Rajeev met with a road accident and lost his life. Neha was all lost, with no economic support and security. Along with trauma of Rajeev’s death, she was in the burden of bank loan and no financial security. She had to take support from her old parents in order to get rid of the loan amount and she even sold the restaurant in the loss. Instead of being strong and facing the situation of loss with Rajeev’s family, she was feeling like a burden on the head of them.

This is not a rare story, but it can happen to anyone. Character and plot may change but, the loss that is caused due to the untimely death of the earning head of family cause trauma financial, mental and socially. If Rajeev was not short-sighted and he behaved in an aware manner, Neha might have avoided this entire crisis. The solution is life insurance.

There are various insurance policies in the market and one of the most important insurance is the Life insurance policy. Life Insurance in India is emerging as most popular insurance among the masses. It is basically a contract which is signed between a person and insurance company, wherein the insurer promises to pay a fixed sum of money (sum assured) to the family or nominee in case of the insured’s death. The insured person has to pay a certain amount to the insurer as premium towards maintaining the life insurance policy. The primary purpose of a life insurance policy is to protect the financial interests of the insured’s family in his or her absence. While looking for life insurance, policyholder needs to be aware of basics terms. There are basically three aspects of life insurance that a person should know:

Premium – A person is liable to get the cover, only if he/she accepts to pay a fixed amount towards the policy. Such amount of money is popular by the name of premium. A person can take it as an initial investment that offers the required financial assistance in return.

Death Benefit/Sum Assured – It is the sum of the amount that the insurer promises to pay to the nominee/beneficiary of the insured after his/her demise. It varies according to the different number of parameters.

Term/tenure – An insurance plan offers the required protection for a fixed tenure. It could vary according to the type of chosen policy.

In India, there are different forms of life insurance policies. Insurance companies of the market offer a wide range of products that can be categorized into six broad forms such as:-

  1. Term Insurance Plans – Term insurance plans refer to be the purest and effective form of life insurance policy. Under the same, the insured is covered for a fixed time period. In term insurance plan the nominee/beneficiary as stated in the policy document will get the required financial assistance in case of the insured’s demise. It helps your family to deal with financial trauma in case of your death. A persona should definitely invest in the same to secure the future of the family in case of his/her death.
  2. Unit Linked Insurance Policies (ULIPs) – If a person is looking for a plan that can offer the required cover along with good returns then he/she must invest in a life insurance policy. Such products are market-linked products like bonds, mutual funds, stocks, etc. A certain amount of risk is there with ULIPs.
  3. Endowment Policies – Such policies are not limited to life cover, but it also offers the saving component that you can use to cater to other future needs. It serves a dual purpose. Because of such effective features, the premium of this plan is comparatively high.
  4. Whole Life Policies – It is an effective form of insurance plans that also provides the benefit of investment plans. Under the same, a death benefit is offered to the nominee in case of demise of the insured. A few insurance companies carry an age limit
  5. Pension Plans – Pension plans are also popular by the name of a retirement plan or annuity plan. You can invest in the same to secure your retired life. They are basically single premium policies that offer huge benefits.

Out of all the available life insurance policies, an invest in term insurance is a must thing. It will provide the needful financial support to your family in case of your demise so that they can easily deal with the financial and mental trauma.

One should choose an effective term insurance plan so that he/she can be ready to face the unpredictability of life which can cause irreversible damage to your loved ones.

A good term insurance plan not only minimizes the financial burden on the head of the policyholder but also help the near and dear ones. With a good life insurance plan, not only you will live a stress-free life but you will be tension free for the well being of your family in your absence.

Are you Aware of the Tax Benefits of Life Insurance?

A life insurance policy basically provides financial and monetary protection to the dependants of the insured after his or her death. A life insurance policy is a legal contract between the insurer or the insurance company and the policyholder. It ensures a guaranteed payment to the beneficiaries of the insurer upon his/her death. Various life insurance channels are present like term life, variable universal life, whole life and universal life.

Life insurance plays certain important roles. Life insurance plays an investment role as the premium paid comes back to the individual with added returns. Life insurance also acts a risk cover and provides financial protection against unforeseen circumstances. Insurance provides a sense of security to the insured which no other investment can provide. The most important role of insurance which is often overlooked by the policyholders. The Government of India provides tax benefits on life insurance products which facilitates the flow of funds to other productive assets. The insured is entitled to tax benefits under Section 80C and Section 10 (10D) under the Income Tax Act of India.

Life insurance is an important tax saving tool which can help save immediate tax and also help plan for long term goals in a tax effective manner. Under the Income tax act of India, tax deduction can be claimed for premium paid for the life insurance policies under section 80C. Important points to note are:

Amount of benefit allowed: The maximum benefit that can be claimed is rupees one lakh fifty thousand from the taxable income from investments made in specific categories, life insurance being one of them. An amount of up to Rs. 150000 can be claimed if no other investments are being made under this category.

Who can benefit: This deduction can be claimed by individuals and Hindu Undivided Families (HUF). The individual can benefit if the life insurance has been bought for himself or herself or for his or her spouse. Paying premium on life insurance for anyone other than the above is not tax deductible.

Premium vs Coverage: The premium is deducible only if it is within the coverage limit. The coverage should not be more than 20% of the sum assured. If the amount paid as premium is more than the coverage limit, the amount over and above the 20% of sum assured is not tax deductible. This is valid for policies issued before March 31, 2012. In case of policies issued on or after April 1, 2012 tax deductions are allowed for premiums paid up to 10% of the sum assured.

Policy holding period: In case benefit has been claimed under this section and the policy is terminated within 2 years from the start of the policy, the benefit is reversed. This applies to all life insurance policies except ULIP’s. In case of a ULIP, if the policy is terminated within 5 years from the start of the policy, the benefit is reversed.

In case of death claims and maturity benefits, the tax exemption can be claimed under section 10 (10D). In order to qualify for deduction under this section, the amount should have been the maturity benefit, survival benefit, death benefit, sum allocated by way of bonus or surrender value. The amount of deduction allowed is 20% of the total policy sum assured in case of policies issued after April 1, 2013. For policies issued after April 1, 2012 the amount eligible for tax deduction is 10% of the total policy sum. There is no upper cap on the amount of deduction claimed under this section. The plan for which deduction is claimed should be for the protection of life of a person with severe disability as specified under section 80U or an ailment listed under section 80DDB of the Income tax act, 1961.

Term Insurance Plans for the Best Coverage and Tax Saving

There are various life insurance plans available in the market. Term insurance plans, which are availed for a certain period of time offer great benefits to the insured. Kotak life insurance offers various plans that are aimed at providing security and risk cover to the insured. These include protection plans, Savings and Investment plans, Retirement plans, Child plans etc. One such plan offered by Kotak Life Insurance is the e-term plan. It is an affordable plan that offers financial security to the family of the insured. Kotak life insurance e-term plan is a pure protection term insurance plan.Kotak e-term plan offers the option of enhancing the coverage to provide a risk cover against accidental death, disability etc. The key features of the plan include protection at a nominal cost, availability of multiple plan options, three easy pay-out options and an option to step down. The benefits include affordable premium which is as low as Rs. 9 per day, availability of add on benefits and tax savings under section 80C and Section 10 (10D) of Income Tax Act, 1961.

Amongst all the tax savings options available, a term plan is often considered as the most effective option. Not only does it offer financial security to the family of the insured, but it helps in effectively reducing the tax liability of the individual. Choosing and purchasing a term plan that is suitable to the individual is an important task. Kotak life insurance, a trusted provider of life insurance policies provides a broad range of term plans which offer triple benefits of tax savings, risk cover and tax free returns.

Thus, with a thorough understanding of life insurance policies, individuals can plan out their investments and ensure correct decisions. Life insurance policies are important and effective tools of investment and tax savings. With better planning and consultation of experts, individuals can make the most out of their investments, avail tax benefits and also achieve their long term financial objectives.

What are the types of Car Insurance Cover ?

Car Insurance is a actually a contract between you and the insurance company. In this contract, you agree to pay the premium amount and the insurance company agrees to pay for your losses as mentioned in your policy. Auto insurance also provides property, liability and medical coverage out of which property coverage pays for damage to or theft of your car.

What are the types of Car Insurance available?

There are 3 main types of car insurance policies :

1) Third Party Liability Insurance

This policy will cover your vehicle if it gets involved in any mishap with a third party vehicle, accidental death, or injury to a third party. The liabilities are taken care of with this type of insurance. This policy is mandatory for all vehicles driving on public property in India.

2) Comprehensive Car Insurance Policy

This policy covers damaged caused by the vehicle owner himself, and by third party vehicles, both. It also covers theft as well as damage by natural or unforeseen disasters.

3) Zero Depreciation

A relatively new aspect, zero depreciation is one step further of comprehensive plans. Car owners need to pay one fixed amount for administrative charges, the rest of the costs are handled by the insurance company. While zero depreciation was mostly done on luxury cars as premium is higher, nowadays, it is done on smaller cars as well/ however, cars over three years cannot apply for zero depreciation policy. A zero depreciation cover will cover all the costs related to tyres, plastic, rubber, etc. that comprehensive plans do not cover.

Looking for Car Insurance Policy? Compare with Money Expert.

How to Avail Discounts on Premiums ?

1) You can reduce the amount of your premium by applying for discounts. In case you have equipped your car for ARAI anti theft features, you can apply for a 2.5% discount on your premium as the risk of your car getting stolen is reduced.

2) You can also apply for occupation discount based on the profession of the driver of the vehicle. Some specific occupations are considered less risky than others, for these professions, car owners can apply for occupation discount on their insurance premium.

3) No claim bonus is another great way that you can reduce the premium. Do not claim any bonuses for a year, and you can be rewarded by your insurer by getting a discount on your premium for the next year.

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How to choose the best Car Insurance Policy in India ?

Choosing the right car insurance policy for your vehicle can be almost as mind numbing a process as choosing the car itself. Many people rush into choosing a car insurance policy without going through the fine print and all the available options. However, this could be a big mistake as a long term plan.

6 Tips to Choose the best Car Insurance Policy in India

In this article we will tell you how to choose the best car insurance policy in India for your vehicle:

1) Customer Service

Choose a car insurance company that will provide you with 24 hours customer support. This will give it an edge over other companies. Do your research well and narrow down on the car insurance companies that are able to provide you with 24 hours online customer support, and even offer you better benefits than other companies.

2) Compare the key benefits and features offered by the car insurance companies

It is assumable that you are reviewing a number of car insurance companies before choosing one which fits the best for you. In this case, compare all the key features and benefits that each car insurance company is providing you, so that you can choose one which is the most appropriate for your needs.

3) Consider the reviews of other car insurers

The internet is the best place for checking out reviews of any product and service you could wish for. Check out the reviews of other car owners on the insurance companies and policies that they have chosen so that you get a better understanding on which one might work best for you.

4) Compare insurance premiums online

While you can come across a great number of deals and discounts to lure you when you compare insurance premiums online, most of these could be a trap or a scam. You must compare different insurance premiums online but make sure you are doing so from reputable sources so that you do not fall into any traps. You must also check for the premium on the fixed IDV value which the site is computing for you.

5) Cashless Garages

One of the standard tests for a good car insurance company that you can do on your own, is to check the number of cashless garages that the car insurance company offers. The more the cashless garages, the better the car insurance company is!

6) Check the CSR of the car insurance company

Before you narrow down and choose the car insurance company and policy that you want to opt for, you must review the record of your insurers previous claim settlement. CSR or Claim Settlement Ratio refers to the amount of time taken by the insurer to settle down claims from clients. The IRDA website of India will give you a good idea about the CSR ratio of various car insurance companies in India. Never proceed with a car insurance company if you find the CSR of the company to be bad.

These are some tips that you can follow in order to choose the right car insurance company to protect yourself and your vehicle.

What is Zero Depreciation in Two Wheeler Insurance?

Depreciation refers to the decrease of value of assets. There are some assets which appreciate, or increase their value over time. These are assets such as land and property. However, two wheelers value depreciates over time. This is disadvantageous for owners of two wheelers taking insurance.

Zero Depreciation in Two Wheeler Insurance

With the usual passing of time, a two wheeler goes through unavoidable wear and tear. The cost of maintenance and repair can be quite a costly affair for two wheeler owners. However, zero depreciation in two wheeler insurance can protect customers from depreciation factor when filing in a claim. There are several benefits that benefit policy holders when opting for a zero depreciation or Nil depreciation cover.

At the time of filing a claim, two wheeler owners end up paying a large sum of money extra on the overall cost in order to cover up the depreciation deduction.

What does a zero depreciation policy cover?

  • Coverage on plastic
  • Rubber
  • Fibreglass parts
  • Nylon
  • Available on new as well as renewal of old policies
  • The policy is designed for old and new bikes of a maximum age of up to two years

What things do a zero deprecation policy not cover?

  • Damage on the bike due to uninsured peril
  • Damage on the bike due to mechanical breakdown
  • Normal wear and tear
  • Damage on the two wheeler items that are uninsured; such as tyres, gas kits and bi fuel kits.

Also Read : Top 5 Car Insurance Companies in India

What sort of two wheeler owners should opt for a zero depreciation policy?

  • New drivers
  • People owning luxury vehicles
  • Those riding in accident prone areas
  • For those having a vehicle with expensive spare parts

What kind of factors affect your zero depreciation policy?

  • The age of your two wheeler
  • The location in which the owner is based
  • The model of the two wheeler

What are the conditions on which an owner can apply for a zero depreciation policy?

It is important for every individual to read the policy documents very minutely. You must read the wordings very carefully and understand the terms of your policy. These are the basic conditions that come with a zero depreciation cover policy:

  • If the two wheeler is damaged completely or stolen, then the zero depreciation policy is not applicable.
  • If the two wheeler has suffered from damage, the repairs must be done from a garage which is partnered with the insurer.
  • The zero depreciation policy can be availed only twice during the policy cover.

What are the benefits associated with a zero depreciation policy?

  • Your two wheeler is completely protected after opting for a zero depreciation policy.
  • A zero depreciation cover adds value to the basic cover of your two wheeler
  • An owners out of pocket expenses can be reduced to a minimum when he opts for a zero depreciation cover policy.
  • No cost of depreciation will be charged when a two wheeler owner makes a claim
  • The depreciation value of your two wheeler will not be considered when you go for claims.
  • Your investment in your two wheeler is made almost nil
  • The zero depreciation policy cover adds more value to the basic two wheeler insurance cover.
  • A two wheeler owner can enjoy a safe, protected and peace of mind experience after opting for a zero depreciation policy cover.

It is extremely important in this day and age to opt for a zero depreciation policy cover for their two wheelers. With the rising expenses of two wheelers and the cost of maintenance and repair, a zero depreciation policy cover can greatly be advantageous to policy holders as it will save them a lot of expenses. The two wheeler owners can also save out of pocket expenses as well as get a greater cover value on their two wheeler.

Top 5 Car Insurance Companies in India

Best Car Insurance Companies in India : In India, car insurance is not only legally mandatory but also advisable to have one. In Indian driving conditions one should be prepared at best to make up for any miss happening that can take place any time.  If you buy a new car, you have to opt for an insurance policy. Even if you are driving your old faithful car for years you have to renew its insurance every year before the current active insurance policy expires.

Top 5 Car Insurance Companies in India

As per the rule, only a third party insurance is mandatory. However, it is advisable to go for a comprehensive insurance to have your car shielded for various situations. It’s obviously better to be safe than sorry.  It might be difficult to choose the best car insurance companies in India from which you can get your car insured. This is because there are way too many car insurance companies in India. To help you with this we are coming up with a list of top 5 car insurance companies in India.

Also Read : Best LIC Policies with High Returns 

Top 5 Best Car Insurance Companies in India

1) Bharati Axa

Bharati  Axa , founded in 2008 is one of the most reputed car insurance companies . The company received ISO 9001:2008 as well as ISO 27001:2005 certification in the very first year of its operation. Bharti Axa has already sold 3.5 million policies till date which is a testimony to the faith, car owners have shown in this company. One can get an insurance policy for a new car instantly without having to go through long procedures of lengthy paperwork.

2) Oriental Insurance

You must have heard this companies name if you have got your car insured. Or it is likely that you have got your car insured from this company.  This state owned company is one of the best car insurance companies in India which has got an iAAA rating by ICRA and awards like ‘best bank and financial institution award’ and ‘best public general insurance award’ . Oriental Insurance might just be the best car insurance company in 2017 from which you can get your car insured.

3) The New India Insurance Company

New India Assurance, just like Oriental Insurance is a highly trustworthy name in the field of car insurance in India. New India Insurance is a government owned entity, which boasts of a strong infrastructure, human resource and capital. This is the only insurance providing company in India to get an A- (Excellent) rating by A.M.Best Co. This is enough to put your trust on this company’s services.

4) United India Insurance

United India Insurance is another great state owned car insurance providing company car in India. It has provided excellent services when it comes to car insurance for decades now. United India Insurance is one of the leading insurance companies in Asia. It can be a great choice for getting your car insured from the best car insurance company in 2017 in India.

5) TATA AIG

In private sector, Tata AIG is one of the oldest car insurance companies in India. It is one of the best companies to get your car insured from, if you are looking for this service from a private sector company. Now with its Go Digital campaign TATA AIG is one of the most sought after companies to get your car insured from a company that provides instant services without much paper work.

It is advisable to go for a comprehensive insurance as it comes handy if your car gets stolen or gets involved in any accident. The above list of top 5 car insurance companies in 2017 in India should definitely help you select the most suitable company to get your car insured from.

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4 Best LIC Policies with High Returns

LIC Policy with High Returns : Life Insurance Corporation (LIC) is one of the biggest company when we talk about insurance providers in India. The company is well known as one of the first companies to introduce insurance policies in India. In recent years, the company has introduced a wide range of insurance policies specially designed to suit the needs of customers in India. These insurance policies offer various benefits and can be bought at a low cost. There are a lot of insurance policies offered by LIC that offer high returns in the market. Before we go ahead and know about the Best LIC Policies with High Returns, let us know why should you purchase a life insurance policy.

Why should you buy a Life Insurance Policy?

Insurance is undoubtedly one of the best investments that a person can make. Insurance policies provide you and your family financial protection as well as it acts as a savings scheme. However, it is important that you choose a life insurance policy according to your needs. A life insurance policy with high return works best for a person who wants more than protection from their life insurance policy. There are different kinds of life insurance policies like endowment life insurance policy, money back life insurance policy, special life insurance policy to choose etc. You can also take the help of financial websites or advisers to compare between life insurance policies to choose the best policy that suits your need.

LIC Policies with High Returns

There are several LIC life insurance policies that offer high returns. Listed below are the LIC high return life insurance policies.

1) LIC New Endowment Plan

New Endowment plan from LIC is a participating non linked plan that provides financial protection as well as high returns. The sum assured is payable on death as death benefit and is 10 times the basic sum assured. This plan also provides other advantages through participation in profits of LIC. The policy also provides survival benefit through basic sum assured with vested benefits.

2) LIC Jeevan Anand Plan

Jeevan Anand Plan from LIC is a high return LIC policy which not only provides financial protection to your family in case of your death but also guarantees best returns on the investment made. Basic Sum Assured, vested Simple Reversionary Bonuses and Final Additional Bonus is paid as survival benefit under this LIC plan.

3) LIC Money back Plans

LIC provides two types of money back plans which ensure that you get the worth of your money. The plan allows to participate in the profits of LIC and is entitled to receive reversionary bonuses along with final addition bonus. This plan also provides optional riders.

4) LIC Jeevan Saral Plan

LIC Jeevan Saral is a non unit linked insurance plan by LIC with double death benefit of sum assured with return of premium. This plan provides high returns with a lot of other benefits. The sum assured in Jeevan Saral Plan is 250 times the payable monthly premium. The policy also has the option for partial surrender after 3 years into the policy. This is undoubtedly one of the best LIC high return policies.

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How to Check LIC Policy Status ?

Check LIC Policy Status : LIC (Life Insurance Corporation of India) is undoubtedly the most trusted and largest insurance company in India. It has a large variety of insurance products to choose from, like insurance plans, pension plans, unit-linked plans, special plans and group schemes. LIC is growing day by day, it currently has 8 zonal offices, 113 divisional offices, 2,048 branches and 992 satellite offices and corporate offices. If you have already bought a policy from LIC, you might now want to check its status. Checking LIC Status does not take more than 4-5 minutes of yours. Today, we will tell you the process to do LIC policy status check Online, Via SMS & through Phone. You can use the method which you feel is easier for you.

In this Article, you will know : 

  • How to Check LIC Policy Status Online ?
  • How to Check LIC Policy Status through SMS ?
  • How to Check LIC Policy Status through Phone ?

How to Check LIC Policy Status ?

Let us start with the procedure to check LIC Police status online.

How to Check LIC Policy Status Online ?

Before we tell you the procedure to check LIC Policy Status online, make sure that you have are already registered on LIC India Website. In order to register LIC Policy online, read our article : How to Register LIC Policy Online ? 

Once you have have registered your LIC Policy on LIC Website, you need to follow the steps given below to check LIC Policy Status through Online Procedure.

1) Visit the Official Website of LIC India (www.licindia.inand click on the link ‘LIC’s e-Services’.

LIC's e-Services

2) Click on ‘Registered User’.

Login to LIC India Website

3) Enter your Username, Password and the Answer to the Question and Click on ‘Submit’.

Login ID and Password to enter LIC India Account

4) On the left sidebar, Under Policy Tools click on ‘View Enrolled Policies’.View Enrolled Policies5) Enter the Text as shown in the Image and click on ‘Submit’.

Enter Text to Check LIC Policy Status

6) Click on your Policy No. link (as shown below).

Check LIC Policy Status Online

As soon as you click on the Policy Number, your LIC Policy Status will be displayed.

How to Check LIC Policy Status through SMS ?

LIC of India also has the facility to check LIC Policy Status through SMS. In order to check LIC status through SMS you do not need any registration. So, it is a quick process to check LIC status without registration or Login.

SMS Service is available for :

  1. LIC Individual Policy
  2. LIC Pension Policy

1) In order to enquire about LIC Individual policy through SMS, type

ASKLIC  < POLICY NUMBER >  PREMIUM/REVIVAL/BONUS/LOAN/NOM and Send to 9222492224.

  • Premium- Installment premium under policy
  • Revival – If policy is lapsed, Revival amount payable
  • Bonus – Amount of bonus Vested
  • Loan – Amount available as loan
  • NOM – Details of Nomination

2) In order to enquire about LIC Pension policy through SMS, type

LICPENSION < POLICY NUMBER > [STAT/ECDUE/ANNPD/PDTHRU/AMOUNT/CHQRET] and Send to 9222492224

  • IPP Policy Status – (STAT)
  • Existence Certificate Due – (ECDUE)
  • Last Annuity Released Date – (ANNPD)
  • Annuity Payment through – CHQ/ECS/NEFT) (PDTHRU)
  • Annuity Amount –  (AMOUNT)
  • Cheque Return Information –  (CHQRET)

How to Check LIC Policy Status through Phone Call ?

LIC of India also has the facility to check LIC Policy Status through Phone Call (IVRS). In order to check LIC status through Phone Call you do not need any registration. So, it is a quick process to check LIC status without registration or Login.

In order to check LIC Status through IVRS, dial 1251 available 24×7 in the following cities :-

Asansol Allahabad Aurangabad Bareilly Coimbatore
DharwadGorakhpur Gwalior HazaribaghJodhpur
JammuKozhikode Kota Kolhapur Meerut
Mysore NashikPatna Pondicherry Rajkot
Ranchi Salem SuratShillong Shimla
ThanjavurVadodara Varanasi

In order to make local call from any MTNL or BSNL number, dial 1251. Other than local users can access the IVRS by dialing the city STD code of the IVRS center followed by 1251. Example :- If you want to access IVRS Center of Meerut City, you need to dial 0121-1251, where 0121 is the STD Code of Meerut City.

Final Words :

All the 3 Methods to check LIC Policy Status are quite easy. However, checking LIC Policy status online does not take more than a minute. Online method to check LIC Policy status is free of cost, just that you need to have an internet connection on your mobile or computer.

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How to Register LIC Policy for Online Payment ?

Register LIC Policy for Online Payment : Founded in 1956, LIC (Life Insurance Corporation of India) is the largest insurance company in India. In 2012, LIC was rated as the 6th Most Trusted Service Brand of India by the Economic Times Brand Equity Survey. LIC offers a wide range of insurance products like insurance plans, pension plans, unit-linked plans, special plans and group schemes. Many of you reading this article may already be owning a LIC Policy. In order to register your LIC Policy online, you need to follow certain steps. Once you complete all the steps, you will have an Account on LIC India Website. You can access this account by using your credentials (User ID & Password). Today, we will guide you through the step by step procedure to register policy on LIC Website. Once your policy is registered on LIC India Website, not only you can pay LIC premium online but you can perform various other transactions through your LIC Account.

Benefits to Register LIC Policy Online :

  • Check Policy Details instantaneously.
  • Enroll for New Policies.
  • Check Group Scheme Details.
  • Calculate your LIC Premium.
  • Pay LIC Premium Online.
  • Get Premium Paid Statement.
  • Subscribe to SMS Service & a lot more.

Steps to Register LIC Policy for Online Payment

Registering on LIC India Website is a simple 4 Step Process. Before you begin with the process to register LIC policy online, make sure you have your Policy Number with you.

Let us now begin with the steps to register LIC Policy online.

1) Visit the LIC India Official Website (www.licindia.inand click on ‘LIC’s e-Services’ (as shown below).LIC's e-Services

2) Click on ‘New User’ (as shown below).

New User Registration Button in LIC India

3) Enter the LIC Policy Details and other information (As specified below) and click on ‘Proceed’.

Policy No. : Enter your LIC Policy No.

Installment Premium : Enter your Installment Premium amount without taxes.

Date of Birth : Enter your Date of Birth in DD/MM/YYYY format.

Mobile Number : Enter your Mobile Number.

Email ID : Enter your Email Address.

Put a Tick Mark on the Box which says ‘I confirm that the Mobile Number mentioned above is registered under my name and is being used by me’.

New User Registration on LIC India Website

4) Create a User ID and Password of your choice and click on ‘Submit’ button

Create User ID & Password for LIC India Portal

Congratulations !  You can use your LIC Online Account now and your LIC Policy is now registered online in this account. After completion of the registration process, the Welcome Screen looks like the image below.

LIC's Enterprise Portal - LIC Online Account

Final Words :

Though it is possible to pay LIC premium without registration also, it is still advised to create an account on LIC Portal. Once you have an account, not only you can pay your premium online but you also have access to various other services mentioned in the starting of this article. So its better you register your LIC Policy now !

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