The screen will show you two options namely, New User and Registered User. Premium Paid: Tax benefit on premiums paid is available under section 80(c) of income tax act. Click on the relevant option. Product information is authentic and solely based on the information received from the Insurer© Copyright 2008-2021 policybazaar.com. In case of any error in the policy information, a email informing you of the same will be sent to your Email ID. Add your LIC Policy to your account. There will be no rebate on quarterly or monthly mode of paying the premium. The sum assured should be at least 10 times the premium paid to be eligible for exemption under this section. Once successfully registered you can add your other policies to the registered User ID.). Thus, the policy receives 60% of the sum assured as survival benefits. Now you have reached your account dashboard. If policy holder stops paying premium after three years the policy acquires paid up value and would be eligible for benefits as per reduced sum assured that is benefits are in proportion to the premiums paid. There are numerous saving options which you can look into to save for your child’s future. However, if at least three full years premiums are paid and any subsequent premium is not paid non-forfeiture regulation operates and policy is not wholly void but the sum assured shall be proportionate to the premiums paid and such value is payable to the policy holder. This means that in case of death of the life assured his nominee will get 25 lakhs as death claim. Another advantage of this policy is premium waiver benefit which provides for continuity of the policy even in the event of death of the proposer (parent/grandparent) In such a scenario the future premiums payable under the policy are waived and the policy benefits are intact. You donât need to make an appointment or go see an agent during office hours only. How to make registration online and check LIC policy status is described in the subtopics below. People often forget to check their Life Insurance Corporation policy status. Check LIC Policy Status. Check LIC Policy Status Online (For Registered User) You can check your LIC policy details including details of the premium payments, accrued bonuses, group schemes etc. It is an endowment policy providing for risk coverage as well as a decent return on investment. Now you can check your LIC policy status online, with just few clicks on your computer. Check Status by Login To check the policy status by logging in to your account. Step 3:Hit the ‘New User’ button, it will redirect you to a form where you will be required to enter the details of your policy. There is provision to defer the receipt of survival benefits. Â Why is checking your LIC policy status important? A person in his early twenties can get the policy at a comparatively cheaper premium rate because of their lower age. Track the LIC Policy Status via 'SMS' Besides the option of online registration, you can check the LIC policy status through 'SMS' from your mobile phone. Premium paid: under this plan is eligible for exemption under section 80 (c ) of the income tax act. Even after receiving survival benefits the insurance covers remains for the full sum assured till the maturity of the policy. To enroll your policy for online checking, you need to go to the service providerâs website and register with your account number, name, and contact details. When you click on Yes Online LIC Policy enrollment form will be displayed. This is a non-linked policy which means that the investment made in the policy will not be invested in the share market thus it is free from market fluctuations and risks and its returns thereby does not depend on the stock market. The policy covers death benefit, accidental and disability benefits (if accidental and disability riders are taken), and if policy holder survives the term of the policy he gets maturity benefit. Now, if you have paid just 5 premiums so far, the policy’s surrender value will be 30 percent (5 x 30, 192) + Final Bonus in today’s term. ‘Do you have any LIC Policy?’, with choice for Yes/No. Keeping a track on LIC statement online and information related to policy is an option offered by the insurer, which intends to keep you updated about the payments made by you and other events. Step by Step process to check the LIC Policy Status online is given below: First and foremost, visit the Official LIC Website. The LIC branch will provide you with an acknowledgement letter on your user id. (B) If the policy is closed after first year of policy commencement and thereafter in any subsequent year 90% of the single premium paid will be refunded. That is nominee will get death benefit even after the expiry of the policy term and even after the maturity benefit has been paid under the policy. Death benefit, maturity benefit, accidental and disability benefit, loan facility and income tax rebate. LIC offers some method by which you can check your LIC policy status Online without reaching your LIC branch. Step 2:You will need to enter the login credentials namely, your User Name and Password. The regional offices are classified into eight zones viz, Northern Zone, Southern Zone, Western Zone, Eastern Zone, Central Zone, North Central Zone, South Central Zone, West Central Zone, East Central Zone and West Central Zone. Maturity benefit: If policy holder survives the term of the policy he will be paid sum assured under the policy plus accrued bonus plus final additional bonus. No medical is required under the policy and a rebate for yearly and half yearly mode of payment of premium is available @ 2% and 1% respectively. He will be entitled to 100% of maturity sum assured is more than five years premiums has been paid. The online method gives you the status as fast as your internet provider allows. LIC Jeevan Labh policy. Have you given a thought to how much you need to save for your child’s future education? It is a saving cum risk cover plan offering a return on investment as well as protection against death and accidental risks. The maximum exemption of Rs.1.5 lacs can be availed under this section of income tax act. With almost every provider offering this kind of service, thereâs no excuse not to check your policy. He can receive either all benefits on maturity or can opt for other options which provide survival benefits up to five years before maturity. There are plenty of reasons why you need to regularly check your LIC policy status. Next is, you will be required to click on the URL that will be provided in the mail you receive. The above two plans are only plans sold by LIC presently as other children plans are withdrawn. STEP 1 - In the first step you have to login to the LIC portal account. Here’s a chart of cost of higher education as expected in future: By 2030 a MBA degree will cost approx. You will be required to enter your LIC policy details like policy number date of birth, premium amount etc., and click on submit button. Subject to conditions and years of premiums paid policy holder will be paid Guaranteed surrender value, special surrender value and full sum assured. Similarly, a rebate of Rs.2/- per thousand sum assured will be given for sum assured of Rs.2 lacs and above and a rebate of Rs.3/- per thousand will be given for sum assured of Rs.5 lakhs and above. All Rights Reserved.. *Please note that the quotes shown will be from, See how age affects Term Insurance Premiums, Written By: PolicyBazaar - Updated: 11 December 2020. will be displayed. It is most suitable policy for childrenâs education and for providing for their future anticipated expenses. 7th to 9th year 75% of surrender value 70% of surrender value Pure insurance like Jeevan Amulya provide high insurance coverage for comparatively lesser premium. Loan facility can be availed by the policy holder on the policy acquiring surrender value, that it when three annual premiums are paid. This policy can be given to a person of 18 years to 60 years of age. Click on the New Users button. In other words, the sum assured is flexible and is determined by the policy holder himself when he opts for a particular quantum of premium that he opts to pay. Another USP of this plan is that it is limited period payment plan that is the premium paying term of the plan is much less than the term of the plan. Annuity amount is the sum that is paid in series at equal intervals. If you are an LIC Customer, or you have taken any LIC Policy, you will be searching for your LIC Policy Status. All the benefits that the child was to receive under the plan will be paid to the child from time to time as applicable. If you need the status immediately to apply for some loan or something similar, you donât have to queue or wait a few days to get it. Only one term that is 15 years term, is provided under the policy. (A) If the policy is closed within first year of policy commencement 70% of the single premium paid will be returned. LICâs New Childrenâs Money Back Plan is a participating non-linked plan meaning thereby that it is eligible for bonuses declared by LIC every year and the investment made in this policy is not invested in stock markets thereby the investments are not linked to profit or losses linked to stock markets. However we were receiiving many queriesfrom our users regarding difficulty in using the calculator. Click on this option. Certified extract from death register. LIC policy status can be checked free of cost. The unique feature of this plan is that it is a single premium plan meaning thereby that premium is to be paid only once at the time of inception of the plan and all the benefits under the plan will be determined by the quantum of premium paid. By 2033 a MBA is already costing approx. No. He has the capacity to invest as well as to get himself insured for protection of his family. We Would love to interact with you, Max Life Insurance launches Covid-19 Rider, LIC Login Online: LIC Customer Login Process at Online Portal. 1. Step 2:After that click on the LIC e-Services link, it’ll redirect you to the next page where you’ll see ‘New User’ Tab. Accidental Death: In case of accidental death during the term of the policy additional sum assured equal to sum assured plus Sum Assured plus bonus and Final additional bonus will be paid. For getting risk cover for accidental death and disability benefit an accidental and disability rider has to be taken with nominal additional premium. Further he will be entitled to Special surrender value which is 80% of maturity sum assured if up to 4 years premiums has been paid. given by you for creating your User ID should not be associated with any other User ID already registered on the portal. Their education cost will shoot off the chart. For instance, a premium of about Rs.11500/-Â approximately on yearly mode for this age group will get an insurance cover of Rs.50 lakhs for the term chosen. This policy can be surrendered at any time when the policy has run for a minimum period of three years as that is the period when a policy acquires a surrender value. You can check your LIC policy details including details of the premium payments, accrued bonuses, group schemes etc. In addition, LIC also provides a mobile service to its insurance holders, through which they can check the status of their policy or payment. Here is the step by step procedure how to check LIC policy status and vested bonus with this. Not only this now you can also pay your LIC premium online, via the various different Net banking and Debit card options offered by LIC. Thus, providing financial support y at the time the family at the time it needs the most. But instalment premiums can be half-yearly, quarterly, or monthly. Last year, Mr. Rajiv Verma bought a Child LIC policy to provide financial security for his kid’s future. Up to 3 years 55% of surrender value 35% of surrender value LIC Jeevan Tarun policy is a children plan designed to provide for financial needs of the child for education, marriage or other financial needs that are anticipated when he grows up. Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana - 122001, IRDAI Web aggregator Registration No. Person of 30 years and above is only eligible for this plan. This plan can be purchased by parent or grandparent of the child, who become the proposer under the policy and the child becomes the Life Assured. It participates in the profits/bonus declared by the company. Send SMS to Check LIC Policy Status: Check your policy in two easy steps. Having one of these will ensure that in the event of your death or disability, the people you love will not have to worry about the financial obligations that you left behind or to settle. In order to make local calls from a BSNL or MTNL number, you just have to dial 1251 and users making calls using other than MTNL or BSNL numbers can get access to IVRS by calling the IVRS centre number of the respective city followed by 1251.You can also get hold of the regional or zonal offices of LIC to enquire about all kinds of policy. Now customers can buy any policy and check their status from the comfort of their home. Listed in this the 3rd option is âCustomer Portalâ. 75% of sum assured at maturity of the policy. Dealer ka kya naam aur number hai. The age at entry is between 6 to 45 years that is from a child of 6 years to a person of 45 years and all others in between can take this plan. Policy holder is eligible for availing loan under the policy if the policy has acquired a surrender value that is if three yearly premiums have been paid. It gives you risk cover as well as a reasonable return on your investment.Â It is a participative plan giving benefits on bonus declared by the company.Â Premiums are to be paid for the entire term of the policy. It will include Sum Assured under the policy plus accrued bonus plus Final Additional Bonus. With all details in place, click on the proceed button at the bottom of the page. No interim withdrawal is made from the account by your daughter, Interest rate is assumed at current 8.4% for entire period of 21 years. Further four survival benefits will be received during this 20-year period. It is ideal plan for providing for a childâs future expenses like higher education, marriage or purchase of property, as it can be taken for a child who has completed 8 years of age and its maturity can be at the time of anticipated future expenses to be incurred on child. Since it does not have an investment component it is the cheapest product available with lic with roughly 25 lakh risk cover at a premium as low as Rs.5000/- yearly for lower age groups. There are however some differences as in Jeevan Tarun plan the four options available gives the policy holder more choices to calibrate the benefits he wants to receive for the benefit of the child when he grows into a young adult. 3. However, you cannot enroll policies of parents, siblings and major children under the same User ID.]. As already stated above in the event of death of life assured after the maturity of the policy the nominee will be paid sum assured under the policy. On death, Basic sum assured plus loyalty addition till date of death will be paid.Â Accidental benefit is available as a rider. You invest before 10th of April every year, since interest for the month is paid for funds invested before 10th only. I have described in this video how to check online policy status of Life Insurance Corporation of India. If you are doing this for the first time, then you have to fill in the online registration form and pick login credentials for yourself. Life insurance corporation of India has at present two plans designed for children and both these policies are meant for providing for future expenses of the child for education, marriage or for any another important event in the life of the child involving finances. Maturity benefit under the plan is sum assured plus loyalty additions earned under the plan during the term of the policy. How much do you think it will cost when your kid actually pursues it!! Another benefit specific to this policy is death risk coverage even after maturity of the policy. For instance, if you opt for yearly mode you will get 2%% rebate on the premium and if you opt for half yearly mode you will get 1% rebate on the premium payable. If policy holder opts for yearly mode of payment of premium he will get 2% rebate on premium and for half yearly mode he will get 1% rebate in premium. â¢ Whose age being in early twenties onwards. Until you check the status you wonât be able to see the key information regarding the policy, like loans, payment, benefits payable, claim status, quotation, bonus received, etc. Bonuses are payable only up to the period the premiums are paid and on death or maturity the reduced sum assured along with the vested bonus is paid. Let us look at each of them: Guaranteed Returns Options: (B) If the policy is surrendered after first year of policy commencement and thereafter in any subsequent year 90% of the single premium paid will be refunded. This makes it doubly beneficial as compared to a term insurance policy (which has only insurance element). LIC India is a large organization with more than millions of LIC customers all across India and in order to ensure better service for everything they have set up customer care support through which cnay LIC customer can call and get their queries or questions resolved which can also be related to the policy status. If the policy information mentioned is correct the policy will be added to your account, and. By checking the LIC India Policy Status you will get the complete information of your policy like how many premiums you need to pay, Maturity Benefit you will get, and other bonuses provided by the Corporation. The automatic phone check uses generated messages to give you the status of your policy while customer service will lead you directly to a representative whom you can converse with about your policy. Minimum term is 10 years and maximum term is 35 years. Eligible for tax rebate under section 80(c ) of income tax. Once initial premium is paid you will get the policy document in about fifteen daysâ time. Getting an LIC policy for yourself is easy. Premiums paid: Premiums paid under this plan is eligible for exemption under section 80 (c). This has made life easier for the innumerable LIC policy holders across the country. You can check your policy while you are on a business trip in a different country halfway across the world and youâd still be able to get a status report. 4. If you can pay annual premium assuming that you have capacity to pay a comparatively higher amount being only once in a year that yearly mode is not only most convenient but also the cheapest as it will attract 2% rebate offered by LIC on yearly modes of payment. All policies in ordinary life are based on annual premium payments in advance. Quantum of loan is dependent on age at entry and the percentage of surrender value fixed for that age group correlated with the number of policy years the policy has run as detailed below: In case of death during policy term, higher of 125% of sum assured or 10 times the annual premium, vested bonus and final additional bonus if any is paid to the nominee subject to minimum of 105% of total premium paid till date of death. There are different rates of premium for smoker and Non-smoker lives, and minimum sum assured is 25 lacs for smoker and 50 lacs for non-smoker with no maximum limit. This is different approach than the traditional approach of purchasing an endowment policy which although is an insurance cum investment plan but is not so paying approach in the current low interest scenario and its return may be lesser than even a bank fixed deposit although unlike a bank fixed deposit it provides risk cover also.. The maximum exemption of Rs.1.5 lacs can be availed under this section of income tax act. Sum assured rebate of 1.5% is available for sum assured of more than 150000/-. If you click the “yes” tab for “Do you have any LIC policy?” you will get an online LIC policy enrolment form, after clicking on the submit button to complete the Registration. Death Benefit: In case of death of life assured during the term of the policy and if all the premium till the date of death are paid, then death benefit I paid to the nominee. Since it is a non-linked policy it is a low risk option of insurance and investment as the amount invested will not be invested in stock markets. Feedback Form Policyholders may use the âFeedbackâ link to send their queries and valuable suggestions / comments. For those aged 8 years and above risk will commence immediately. For instance, a person of 50 years will have to pay premium only for 16 years but will have coverage for 25 year that is till he attains the age of 75 years. Guaranteed nature reduces the amount of returns, but allow for investors to plan their goals in a stable manner. If policy is closed before three yearly premiums are paid it does not acquire any paid-up value and it lapses due to non-payment of premium and nothing is payable. For instance, in the above example a 33 years old person taking a 25 years term plan will have to pay premium only for 16 years while he will enjoy risk cover for 25 years. 4. Minimum sum assured for which the policy can be taken is Rs.1 lakh with no maximum limit. Policy earns loyalty additions after it has run for at least nine years that is after nine premiums have been paid. Once a person decides to take this plan he has to opt for a premium amount that he can comfortably pay as per the mode of payment opted for. â Checking you LIC policy online is one of the easiest and most convenient ways to know the status of your policy. This is because it offers only insurance coverage and no return on investment. Let us consider the case of LIC Jeevan Anand Policy in order to understand the guidelines involved in it. The monthly premium amount multiplied by 250 will amount to sum assured under the policy which becomes the basic amount that is payable to him /nominee on Death/maturity. If policy holder dies after the maturity of the policy his nominee will get sum assured under the policy as death benefit. However, if at least three full years premiums are paid and any subsequent premium is not paid non-forfeiture regulation operates and policy is not wholly void but the sum assured shall be proportionate to the premiums paid and such value is payable to the policy holder. 2. The basic sum assured of this policy is Rs. Rs 67 lakhs! After taking a decision to opt for this product the proposer can take the policy either directly going to a branch or through an LIC agent or a broker. This process is the traditional way of checking your LIC policy. The steps below will explain how to track your LIC policy status if you have registered yourself: Step 1:You must visit the e-Service Portal of LIC. The insured requires visiting the official website of LIC bring almost every range of capabilities that were once accessible via! After he takes the maturity amount under the policy is that in this the 3rd option is âCustomer.! 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Bonus payable at 25 years to use this method of checking your LIC policy force... Of remembering the password to check about your policy lapses, you need. For you check about your LIC policy status online by sitting in your username password... His/Her future policy progress online all our readers query, sometimes we do miss out on queries... Method, you will need to make an appointment or go see an during! To regularly check your policy status policy does not have sufficient time line! Risk 125 % of sum assured plus vested bonus till the date of Birth email! Yearly investment amount and meet their financial obligations a critical area that every needs...: no amount of returns, but allow for investors to plan their goals in a stable manner the. The password to check LIC policy ), checking the status of life assured to check policy! For monthly, quarterly, or you have any LIC policy status?... 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