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FAQ

Most Discussed Questions

What Is Life Insurance?

Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.
The contract is valid for payment of the insured amount during:
    The date of maturity, or
    Specified dates at periodic intervals, or
    Unfortunate death, if it occurs earlier.
 Among other things, the contract also provides for the payment of premium periodically to the Insurer by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates ‘risk’, substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of breadwinner..

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A good insurance adviser always thinks about the benefits of his/ her client because customer satisfaction should be main objective of LIC agent, if your customer would be satisfied, your business will grow. So don’t think about your benefit, if your customer would be in profit, you will get earning for sure

Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest.

Policies can also be taken, subject to certain conditions, on the life of one’s spouse or children. While underwriting proposals, certain factors such as the policyholder’s state of health, the proponent’s income and other relevant factors are considered by the Corporation.

General Questions

LIC’s biggest strength lies in its Sovereign Guarantee, which in simple terms means that all Investments in LIC including Sum Assured and declared bonuses are guaranteed for payment in cash by the Govt. of India. Today LIC has more than 30 crore policy holders with Life Fund of more than Rs. 20 lac crore. Every second LIC settles a claim with a record performance of more than 99% claim settlement record which is why LIC has been awarded the No.1 Service Brand of India in the field of Insurance.

Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest.

Policies can also be taken, subject to certain conditions, on the life of one’s spouse or children. While underwriting proposals, certain factors such as the policyholder’s state of health, the proponent’s income and other relevant factors are considered by the Corporation.

An insurance policy can be ‘with’ or ‘without’ profit. In the former, bonuses disclosed, if any, after periodical valuations are allotted to the policy and are payable along with the contracted amount.

In ‘without’ profit plan the contracted amount is paid without any addition. The premium rate charged for a ‘with’ profit policy is therefore higher than for a ‘without’ profit policy.

The annual bonus added to insurance or pension plans with profits. Based on the performance of the company, LIC declares bonus for policy holders every year. Once added it cannot be taken away. The policyholder can get this amount after the end of policy term. This is offered purely at the discretion of the Corporation and depends on the profits made that year.

Life insurance is normally offered after a medical examination of the life to be assured. However, to facilitate greater spread of insurance and also to avoid inconvenience, LIC has been extending insurance cover without any medical examination, subject to certain conditions.

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Service Questions

Investing in LIC policies helps people in following ways:- It’s helps you to achieve long-term goals, A tools for forced saving. Looking after your loved ones even after you’re gone,save on tax.

This policy provides yearly survival benefits from the end of the premium paying term until maturity. Additionally, it pays out a lump sum amount at the time of maturity or on the demise of the life assured during the policy period.

Basic details including Date of Birth, mobile no, e-mail id provided at the time of registering as a Portal user will be automatically incorporated in the registration form. Provide PAN Card details.

Yes. You can buy online for some plans. But one thing you should know before going for the same without the help of any LIC Agent. Offline -KYC, Purchase, Payment can be made and it is common.

You can borrow a loan against the surrender value of your policy after 3 Years. You will only be able to borrow up to 70% to 90% of the policy’s surrender value

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Product Questions

Bonus is payable on all with profits policies of LIC  The amount of bonus for each Rs.1000/- sum assured in respect of Whole Life with Profits policies is 125 percent of corresponding bonus amount for Endowment Assurance with Profits policies . Bonus is payable once a policy has been in force for the full sum assured for a period of 5 years from the date of commencement of the policy. However, in case of a death claim within 5 years, bonus is payable if the policy is in force for the full sum assured.

In addition to the Guaranteed Additions and Reversionary Bonus, for certain policies the Life Insurance Corporation declares further addition at the end of specified term or on maturity or unfortunate death of policyholder. This is usually an amount declared per thousand of sum assured depending on the Corporation’s performance. This is known as Final Additional Bonus (FAB).

In case of some policies, the Life Insurance Corporation provides the policyholder with the bonus or the profits declared as a certain amount per thousand of sum assured. This assured bonus will be given to the policyholder whatever be the performance of the corporation for the period in question. These are Guaranteed Additions and are paid at the end of the term of the policy or in case of the early death of the policyholder.

In place of Reversionary Bonus that is added every year to with-profit policies, the Life Insurance Corporation declares single lump sum  addition for certain policies at the end of specified term or on maturity or unfortunate death of policyholder according to completed policy term. This is usually an amount declared per thousand of sum assured depending on the Corporation’s performance. This is known as Loyalty Addition.

Upon payment of an additional premium of only Re.0.5/1.0 – per annum against a sum assured of Rs.1000/-, a policyholder could opt for a very attractive Double Accident Benefit.

The benefit provides for the payment of an additional amount equal to the sum assured in case of death of policyholder owing to any accident. The death claim under Double Accident Benefit becomes double of the normal claim.

If owing to an accident, a permanent and total disability occurs to the life assured, all the subsequent premiums are waived off and the policy is still kept in full force. Additionally, LIC will pay the policyholder an amount equal to the original sum assured through monthly instalments spread over 10 years. Upon maturity of the policy, the sum assured and the accumulated bonus amount is payable as well.

To be eligible for this benefit, the policy should be in full force for the full sum assured before the policy anniversary and the life assured must not be over 70 years of age either.

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