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Policy Guidelines

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……. 

Claims settlement procedure 

The settlement of claims is a very important aspect of service to the policyholders. Hence, the Corporation has laid great emphasis on expeditious settlement of Maturity as well as Death Claims. 

(The procedure for settlement of maturity and death claims is detailed below)

Maturity Claims 

  1. In case of Endowment type of Policies, amount is payable at the end of the policy period. The Branch Office which services the policy sends out a letter informing the date on which the policy monies are payable to the policyholder at least two months before the due date of payment. The policyholder is requested to return the Discharge Form duly completed along with the Policy Document. On receipt of these two documents post dated cheque is sent 
  2. Some Plans like Money Back Policies provide for periodical payments to the policyholders provided premium due under the policies are paid up to the anniversary due for Survival Benefit. In these cases where amount payable is less than up to Rs.60, 000/-  cheque are released without calling for the Discharge Receipt or Policy Document. However, in case of higher amounts these two requirements are insisted upon.

Death Claims 

The death claim amount is payable in case of policies where premiums are paid up-to-date or where the death occurs within the days of grace. On receipt of intimation of death of the Life Assured the Branch Office calls for the following requirements: 

  1. Claim form A – Claimant's Statement giving details of the deceased and the claimant. 
  2. Certified extract from Death Register
  3. Documentary proof of age, if age is not admitted 
  4. Evidence of title to the deceased's estate if the policy is not nominated, assigned or issued under M.W.P. Act. 
  5. Original Policy Document 

The following additional forms are called for if death occurs within three years from the date of risk or from date of revival/reinstatement.

  1. Claim Form B – Medical Attendant's Certificate to be completed by the Medical Attendant of the deceased during his/her last illness 
  2. Claim Form B1 – if the life assured received treatment in a hospital 
  3. Claim form B2 – to be completed by the Medical Attendant who treated the deceased life assured prior to his last illness.
  4. Claim Form C – Certificate of Identity and burial or cremation to be completed and signed by a person of known character and responsibility 
  5. Claim form E – Certificate by Employer if the assured was employed person. 
  6. Certified copies of the First Information Report, the Post-mortem report and Police Investigation Report if death was due to accident or unnatural cause. 

These additional forms are required to satisfy ourselves on the genuineness of the claim, i.e., no material information that would have affected our acceptance of proposal has been withheld by the deceased at the time of proposal. Further, these forms also help us at the time of investigation by the officials of the Corporation. 

Double Accident Benefit Claims

Double Accident Benefit is provided as an inject to the life insurance cover.
For this purpose an extra premium of Rs.1/- per Rs.1000/- S.A is charged. Forclaiming the benefits under the Accident Benefit the claimant has to produce the proof to the satisfaction of the Corporation that the accident is defined as per the policy conditions.
Normally for claiming this benefit documents like FIR, Post-mortem Report are insisted upon.
Disability Benefit Claims

Disability benefit claims consist of waiver of future premiums under the policy and extended disability benefit consisting in addition of a monthly benefit payment as per policy conditions. The essential condition for claiming this benefit is that the disability is total and permanent so as to preclude him from earning any wage/compensation or profit as a result of the accident

Claims Review Committees 

The Corporation settles a large number of Death Claims every year. Only in case of fraudulent suppression of material information is the liability repudiated. This is to ensure that claims are not paid to fraudulent persons at the cost of honest policyholders. The number of Death Claims repudiated is, however, very small. Even in these cases, an opportunity is given to the claimant to make a representation for consideration by the Review Committees of the Zonal office and the Central Office. As a result of such review, depending on the merits of each case, appropriate decisions are taken. The Claims Review Committees of the Central and Zonal Offices have among their Members, a retired High Court/District Court Judge. This has helped providing transparency and confidence in our operations and has resulted in greater satisfaction among claimants, policyholders and public. 

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 your further action. There are different types of alterations that are allowed on our life insurance policies. 

Alterations 

After the policy is issued, the policyholder in a number of cases finds the terms not suitable to him and desires to change them. LIC allows certain types of alterations during the lifetime of the policy. However, no alteration is permitted within one year of the commencement of the policy with some exceptions. The following alterations are allowed. 

» Alteration in class or term. 
» Reduction in the Sum Assured 
» Alteration in the mode of payment of premiums 
» Removal of an extra premium 
» Alteration from without profit plan to with profit plan 
» Alternation in name 
» Correction in policies 
» Settlement option of payment of sum assured by installments 
» Grant of accident benefit 
» Grant of premium waiver benefit under CDA policies 
» Alteration in currency and place of payment of policy monies0187 

A fee for the change or alteration in the policy is charged by the Corporation called quotation fee and no additional fee is charged for giving effect to the alteration. 

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. 

Duplicate Policy 

A duplicate policy confers on its owner the same rights and privileges as the original policy. The following are the requirements for issuing a duplicate policy: 
1. Insertion of an advertisement at the policyholder's cost in one English daily newspaper having wide circulation in the State where the loss is reported to have occurred. A copy of the Newspaper in which the advertisement appeared should be sent to the servicing office one month after its appearance. If no objection has been lodged with LIC regarding the policy in question, a duplicate policy will be issued after complying further requirements, i.e., Indemnity Bond and payment of charges for preparing duplicate policy and stamp fee. 

2. However, the requirement of advertisement and Indemnity Bond \maybe dispensed with or modified in certain circumstances as given below : 

» loss of policy by theft 
» destruction of policy by fire 
» loss of policy while in custody of an office of government 
» mutilated or damaged policy 
» policy in torn and a part of it is missing 
» policy partially destroyed by white ants 
Your Contact Address – Keep Us Posted Without Fail 

Your 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. Otherwise 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. Kindly inform your servicing branch to incorporate the same in your policy records. 

Admission Of Age

Check your policy bond and see if your date of birth is correctly given therein. This is one of the factors on which the premiums you pay for your policy is arrived at.

This 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 request to admit your age. 

Age Proof accepted by LIC:

The Proofs of age, which are generally acceptable to the Corporation, are as under: 

» Certified extract from Municipal or other records made at the time of birth. 
» Certificate of Baptism or certified extract from family Bible if it contains age or date of birth. 
» Certified extract from School or College if age or date of birth is stated therein. 
» Certified extract from Service Register in case of Govt. employees and employees of Quasi-Govt. institutions including Public Limited Companies and Pass port issued by the Pass port Authorities in India.

Alternative Age Proofs which are accepted: 

Marriage certificate in the case of Roman Catholics issued by Roman Catholic Church.

» Certified extracts from the Service Registers of Commercial Institutions or Industrial Undertakings provided it is specifically mentioned in such extracts that conclusive evidence of age was produced at the time of recruitment of the employee.
» Certificate of Birth granted by Syedna v. Molana Badruddin Sahib of Baroda 
» Identity Cards issued by Defence Department.
» A true copy of the University Certificate or of Matriculation/Higher Secondary Education, S.S.L. Certificate issued by a Board set up by a State/Central Government. 
» Non- standard age proof like Horoscope, Service Record where age is not verified at the time of entry, E.S.I.S. Card, Marriage Certificate in case of Muslim Proposer, Elder's Declaration, Self-declaration and Certificate by Village Panchayats are accepted subject to certain rules. 

Nomination 

Ensure that the nominees name is correctly incorporated in the policy bond. You 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 delay; inform us your nomination immediately. Kindly note that the change of nomination has to be done in the branch that services your policy. 
The 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. 
The policy is usually taken by you to benefit your family – nominate the persons who'll have the welfare of your family in your absence; the usual preferences being spouse and children. 
You 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 appointee.
(The nominee is statutorily recognized as a payee who can give a valid discharge to the Corporation for the payment of policy monies. Nomination will be incorporated in the text of the policy at the time of its issue. After the policy is prepared and issued and if no Nomination has been incorporated the assured can ordinarily affect the nomination only by an endorsement on the policy itself. A nomination made in this manner is required to be notified to the Corporation and registered by it in its records. A nomination is not required to be stamped. Any change or cancellation of nomination should be given in writing only by the Life Assured. Nomination under Joint Life Policy can only be a joint nomination. Nomination in favor of a stranger cannot be made as there is no insurable interest and moral hazard may be involved. Nomination in favor of wife and children as a class is not valid. Specific names of the existing wife and children should be mentioned. Where nomination is made in favor of successive nominees, i.e., nominee "A" failing him to nominee "B" failing whom nominee "C", the nomination in favor of one individual in the order mentioned will be considered. Where the nominee is a minor, an appointee has to be appointed to receive the monies in the event of the assureds’ death during the minority of the nominee. No nomination can be made under a policy financed from HUF funds. In the case of first endorsement of nomination the date of registration of nomination will be the date of receipt of the policy by the servicing office and in case of any other nomination or cancellation or change thereof, the date of receipt of the policy and/or of notice whichever is later, will be the date of registration.) 

Assignment

In case you are raising a loan against your policy from LIC or any other financial institution, your policy would have to be assigned to LIC or the financial institution. 
When you assign the policy the title of the policy is shifted from your name to that of the institution. 
The policy would be reassigned to you on the repayment of the loan. A fresh nomination should be done after reassignment of the policy. Assignment of policies can be done even when a loan is not required or for some special purposes An assignment has an effect of directly transferring the rights of the transferor in respect of the property transferred. Immediately on execution of an assignment of the Policy of life assurance the assignor forgoes all his rights, title and interest in the Policy to the assignee. The premium/loan interest notices etc. in such cases will be sent to the assignee. In case the assignment is made in favor of public bodies, institutions, trust etc., premium notices/receipts will be addressed to the official who has been designated by the institutions as a person to receive such notice An assignment of a life insurance policy once validly executed, cannot be cancelled or rendered in effectual by the assignor. Scoring of such assignments or super scribing words like 'cancelled' on such assignment does not annul the assignment. And the only way to cancel such assignment would be to get it reassigned by the assignee in favor of the assignor. 
There are two types of assignments: 

1. Conditional Assignment whereby the assignor and the assignee may agree that on the happening of a specified event which does not depend on the will of the assignor, the assignment will be suspended or revoked wholly or in part. 

2. Absolute Assignment whereby all the rights, title and interest which the assignor has in the policy passes on to the assignee without reversion to the assignor or his estate in any event. 

Re-assignment: Status of your policy indicates if your policy is in force or has lapsed due to nonpayment of premium. It also provides other important information with respect to your policy, for your reference. 

When To Pay The Premiums 

Remember to pay your premium in time, even if our notices do not reach you. There may be a postal delay. LIC usually sends premium notices one month in advance to the due month of the premium. The months in which premiums are due are given on the first page of the Policy bond. 

Grace Period For Premium Payment 

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. This period is called the grace period. (With the exception of some plans) The grace period for policies where the premium payment mode is monthly is 15 days from the due date. The grace period for policies where the premium payment mode is quarterly, half yearly or yearly is one month but not less than30 days. 

How And Where To Pay The Premiums 

» By cash,  local cheque (subject to realization of cheque), Demand Draft at Branch Office. 
» The DD and cheques or Money Order may be sent by post. 
» You can pay your premiums at any of our Branches as 99% of our Branches are networked. 
» Many Banks do accept standing instructions to remit the premiums. So by providing a standing instruction to your Bank to debit your account for the premium amount and send it vide a banker's cheque to LIC, on the due dates and months mentioned on your policy bond.
» Through Internet: Payment of premiums can be made through Internet through Service Providers viz.HDFC Bank, ICICI Bank, Times of Money, Bill Junction, UTI Bank, Bank of Punjab, Citibank, Corporation Bank, Federal Bank and Bill Desk. 
» Premium payment can also be made through ATMs of Corporation Bank and UTI Bank. 
» Premium payment can also be made through Electronic Clearing Service (ECS) which has been launched at Mumbai, Hyderabad, Chennai, Kolkata, New Delhi, Kanpur, Bangalore, Vijayawada, Patna, Jaipur, Chandigarh, Trivandrum, Ahmedabad, Pune, Goa, Nagpur, Secunderabad & Visakhapatnam. A policyholder having an account in any Bank which is a Member of the local Clearing House can opt for ECS debit to pay premiums. The policyholders wishing to use this system would have to fill up a Mandate Form available at our Branches/DO and get it certified by the Bank. The certified Mandate Forms are to be submitted to our BO/DO. 
» Policy can be anywhere in India: Citibank Kiosks at Industrial Assurance Building, Churchgate, New India Building, Santacruz, Jeevan Shikha Building, Borivili are dedicated for collection of premiums through cheques. 

Policy Status – Where Available

Status of your policy indicates if your policy is in force or has lapsed due to nonpayment of premium. It also provides other important information with respect to your policy, for your reference. 
The status of your policy is available at the branch that services your policies. It is also available through our Interactive Voice Response Systems in select cities. 
In cities connected by our computerized networks the status will be available in any of the branches.
Now the policy status of policies being serviced in the cities connected by network are also available through Internet 

Revival Of Lapsed Policies

If your policy has lapsed due to non-payment of premiums within the due date, the terms and conditions of the policy contract are rendered void, till you revive your policy. 
A lapsed policy has to be revived by payment of the accumulated premiums with interest as well as giving the health requirements as required. 
Revivals: 

If the premium under a policy is not paid within the days of grace the policy lapses. Revival is a fresh contract wherein the insurer can impose fresh terms and conditions. A policy can be revived under the following types of revival: 

1. Ordinary Revival

If a revival of the policy is effected within 6 months from the due of first unpaid premium no personal statement regarding health is required and the policy is revived on collection of delayed premium plus interest. The rate of interest to be charged for such delayed premium will depend on the date of commencement of the policy. 

2. Revival on non-medical basis

For revival of the policy on non-medical basis the amount to be revived should not exceed the prescribed limit for non-medical assurance taken by the life assured. 

3. Revival on medical basis

If a policy cannot be revived under ordinary revival or revival on non medical basis it can be revived with medical requirements. The medical requirements will depend upon the amount to be revived. 

4. The other schemes for revival are 

A. Special Revival Scheme 
B. Revival by installment 
C. Loan- cum- revival 
D. Survival Benefit- cum- revival
Always keep your policy in force to ensure that your family gets their financial protection assured by your policy. However certain concessions dependent on the term for which you have paid the premiums are available with the exception of some plans for claims concession 

Availing Loans On Policies

Many of our plans are of endowment type and you would be allowed to raise a loan against your policy should you require funds. You repay the loan with interest or continue paying the interest and allow the loan to be deducted at the time of the claim payments.
» Policy Loans: 

The Corporation can grant a loan to the policyholder against his policy as per the terms and conditions applicable to the policy. The requirements for granting a loan are as under : 
a) Application for loan with an endorsement of terms and conditions of the loan being placed on the policy. 
b) Policy to be assigned absolutely in favor of the Corporation 
c) A receipt for the loan amount 
The maximum loan amount available under the policy is 90% of the Surrender Value of the policy (85% in case of paid up policies) including cash value of bonus. 
The rate of interest charged on loans is at 9% to be paid half-yearly.
The minimum period for which a loan can be granted is six months from the date of its payment. If repayment of loan is desired within this period the interest for the minimum period of six months will have to be paid.
In case the policy becomes a claim either by maturity or death within six months from the date of loan interest will be charged only up to the date of maturity/death. 

Surrender Value 

This is the value which is the amount payable to you should you decide to discontinue the policy and in cash the same from LIC. 
Surrender value is payable only after three full years premiums are paid to LIC. More over if it is a participating policy the Bonus get attached to it as per prevalent rules.
Surrender of policy is not recommended since the surrender value would always be proportionately low. 
Should you decide to go in for insurance at this stage further insurance would be available to you at a much higher premium because your age would have advanced since taking out the earlier policy. 
Therefore retention of earlier policies and continuation of all policies without allowing them to lapse is the best strategy for continuing life insurance protection. 

Maturity, Survival Benefits, Disability And Death Claims 

When your Survival Benefits (For Money back policies) or maturity benefits are due, we send intimations to you in advance. However, if the survival benefit amount is less than or equal to Rs.60,000/- the same will be sent to you directly without policy or discharge forms with a few exceptions. If such intimations have not come to you before the due date kindly inform us so that we may take necessary action

Policies Under Salary Savings Scheme 

If you have taken your policy under salary Saving Scheme please read the following suggestions:
1. For each Salary Savings Scheme Policy your employer deducts the premium from your salary and sends a consolidated cheque for all the policies of the employees to a designated Branch of LIC, where all the policy files are maintained. 
2. You can find out which Branch of LIC your policy file will be serviced either from your Agent or from the pay roll department of your employer. 
3. You will need to know which branch of LIC services your policy because you will require their help in getting your Maturity/Survival Benefits, for any alterations like change of address and for availing loans etc. 
4. In case you are in a transferable job please inform the designated Branch of LIC about your new place of posting.
After you join your new place of posting please ask your employer the LIC Branch where the premiums are being remitted by your office there and inform the LIC Branch which was servicing you earlier so that your policy files can be transferred.
5. This 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 job or joining another firm, you have the facility to either continue the policy under the Salary Savings Scheme of your new firm or to convert the payment mode into quarterly, half yearly or yearly mode. 
6. Always ensure the continuity of premium payments to avoid frequent revivals of policy. This may become a cumbersome process for a person who is in a transferable job. 
7. Please do not send any installments directly to us. Your premium must come through your employer only. We do not have systems to adjust single installments received from our policy holders. Otherwise please convert the mode into quarterly, halfyearly, or yearly and pay directly. This way you also get a discount on the premium payable. 
8. Leave a permanent local address with us so that we can reach you wherever you are even after many years. 

Helpline

To ensure that you get the best out of your policy please read our guidelines carefully.
1. Keep the policy bond safe. It will be required at the time of maturity or Survival Benefit. You will also require it if you are availing a loan or want to assign ypur policy.
2. Inform your spouse/Parents/Children as to where the policy is kept. 
3. When you shift residences, please inform the new address to us. Otherwise any communication we send to you, like premium notices, discharge vouchers, etc., will get delayed in reaching you. 
4. Ensure that the nominees name is correctly incorporated in the policy bond. 
5. Remember to pay your premium in time, even if our notices do not reach you. There may be a postal delay. The months in which premium are due are given in the Policy bond. 
6. You may pay the premium by Cheque, DD or Money Order. Remember to quote the policy number everytime in your correspondence. The policy number is consisting of nine digits and can be found at the top left hand corner of the policy bond.
7. Check your policy bond and see if your date of birth is correctly given therein. 
8. In case you are handing over the policy bond to any person or office, including the LIC office please take a written acknowledgement. 
9. When your Survival Benefits (For Money back policies) 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.
10. When in doubt call your agent or the Branch from where you took the policy. 

Our Branches are our Operating Units. Hence, for any servicing matter, contact the Servicing Branch of your policy. However, for obtaining general information, you can contact any of the Branches of LIC.