How many policies in lic

Each option further offers a range of annuity payment options that can be selected as per requirement. The USPs of the plan is as follows —. Suitable for individuals looking to create a retirement corpus as well as lifetime income after retirement.

So, these are some of the best plans offered by LIC which you can consider. You can select the plans depending on your insurance needs.

Before selecting the plans, however, keep the following things in mind —. So, plan your financial goals and then find the best LIC policy which best suits your financial goals.

Invest in any of the above-mentioned policies and enjoy the benefits which the policy promises. Turtlemint is an online platform that lets you buy the best LIC policy for your coverage requirements.

The benefits of buying through Turtlemint are as follows — You can simply provide your personal information and buy the policy with the click of a few buttons Turtlemint also recommends the ideal coverage level based on the income that you enter You can compare similar plans on Turtlemint before you buy the actual policy.

When you compare you can find the plan which has the best coverage benefits at the most reasonable premium rates. Turtlemint not only helps you buy the most suitable LIC policy online, but you can also get help at the time of claims too. Turtlemint has a dedicated claim handling department that coordinates with the insurance company to ensure a quick claim settlement.

So, choose the most relevant LIC policy based on your needs and buy the policy easily from Turtlemint. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Policy cancellation and refund of the premium shall be as per the terms and conditions of the policy. The refunds are processed by the Insurance Company directly. You are requested to contact the toll free number of your Insurance Company or refer the respective section of your Policy terms and conditions.

You can also call us at our toll free number or write a mail to us at support turtlemint. For escalations customer can write to us at po invictusinsure.

Skip to content. Additionally, survival benefits might be provided by some insurers. Choosing the right term insurance policy is a crucial decision for individuals as well as their dependents, which is why comparing their features and benefits becomes a critical decision. The features of endowment plans include the following — A death benefit is paid on death during the policy term. Risk-averse individuals who are looking to create savings along with insurance.

Money-back plans Money-back plans are like endowment plans. However, they pay the sum assured in instalments during the policy tenure rather than in a lump sum on maturity. The features of money back plans include the following — Sum assured is paid in predetermined instalments at predefined intervals during the term of the policy When the policy matures, the rest of the sum assured is paid along with a bonus In case of death of the insured within the policy tenure, the entire sum assured is paid to the nominee irrespective of the amount of money back benefits already paid.

The USPs include the following — Loyalty additions and guaranteed additions are added to the plan benefits which enhances them Money-back benefits provide easy liquidity There is an inbuilt critical illness benefit that covers 15 critical illnesses. This gives you the desired liquidity without compromising the lifelong coverage Four optional riders are available for customizing the policy You can enjoy premium discounts if you choose a sum assured of INR 5 lakhs and above or if you pay the premium in the annual or semi-annual mode.

Investors looking for lifelong protection while creating a corpus for their financial goals. Mortgage Redemption Plan. Jeevan Saral. LIC Jeevan Nidhi. LIC Jeevan Anurag. Jeevan Pramukh. Bima Nivesh LIC Bima Bachat. LIC Amulya Jeevan. LIC Jeevan Tarang. LIC Jeevan Amrit. LIC Jeevan Arogya. LIC Jeevan Ankur. LIC Jeevan Vriddhi.

LIC Jeevan Vaibhav. LIC Jeevan Sugam. LIC e -Term. LIC Jeevan Rakshak. LIC Jeevan Shagun. LIC Jeevan Sangam. These additional forms are required to satisfy ourselves on the genuineness of the claim, i. Further, these forms also help us at the time of investigation by the officials of the Corporation.

Double Accident Benefit is provided as an additional benefit to the life insurance cover. For this purpose an extra premium of Rs. A is charged. For claiming 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. 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 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. This has helped providing transparency and confidence in our operations and has resulted in greater satisfaction among claimants, policyholders and public.

Non-forfeiture regulations: If the policy has run for atleast 3 full years and subsequent premiums have not been paid the policy shall not be void but the sum assured will be reduced to a sum which will bear the same ratio as to the number of premiums paid bear to the total number of premiums payable.

Forfeiture in certain events: In case of untrue or incorrect statement contained in the proposal, personal statement, declaration and connected documents or any material information with held, subject to the provision of Section 45 of the Insurance Act , wherever applicable, the policy shall be declared void and all claims to any benefits in virtue thereof shall cease. Suicide: The policy shall be void, if the Life Assured commits suicide whether sane or insane at the time at any time or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of the policy.

Salary Saving Scheme: The rate of installment premium shown in the schedule of the policy will remain constant as long as the employee continues with the employer given in the proposal. 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.

Duplicate Policy: A duplicate policy confers on its owner the same rights and privileges as the original policy. However, the requirement of advertisement and Indemnity Bond may be 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 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.

Nomination: The nominee is statutorily recognized as a payee who can give a valid discharge to the Corporation for the payment of policy monies. Assignment: An assignment has an effect of directly transferring the rights of the transferor in respect of the property transferred. Re-assignment: An assignee may during the term of policy reassign the interest in the policy to the assignor. Concessions for claims during the lapsed period: 1. Revivals: If the premium under a policy is not paid within the days of grace the policy lapses.

Survival Benefit- cum- revival Policy Loans: The Corporation can grant a loan to the policyholder against his policy as per the terms and conditions applicable to the policy. Claims settlement procedure: The settlement of claims is a very important aspect of service to the policyholders. 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.

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. Double Accident Benefit Claims: Double Accident Benefit is provided as an additional benefit to the life insurance cover.

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. Insurance Ombudsman »The Grievance Redressal Machinery has been further expanded with the appointment of Insurance Ombudsman at different centers by the Government of India.

At present there are 12 centres operating all over the country. Back to top. Things you must know.