Info About Insurance

Life Insurance Corporation - India

Mission
"Explore and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development."
Vision
"A trans-nationally competitive financial conglomerate of significance to societies and Pride of India."

LIC Insurance Plans

• Jeevan Anurag
"LIC’s Jeevan ANURAG is a with profits plan specifically designed to take care of the educational needs of children .The plan can be taken by a parent on his or her own life."


• Komal Jeevan
"In the ever demanding and competitive environment , it is essential to provide the best education to your children which can be very expensive. Fortunately, the sooner you start investing for their education , the more flexibility you'll have and will enable your children to achieve proficiency in their career endeavors. This would make the children proud of their parent's effort and call them The Best Parents."


• Jeevan Kishore
"High bonus from day one. Child becomes owner of the policy automatically at the age of 18 years. Risk commences after 2 years of policy or on completion of 7 years of age, whichever is later. No medical examination of the child if age is less than 10 years."


• Jeevan Chhaya
"Ideal for parents having less than a year old child. Makes provision for education/ marriage of the child. Extra benefit of waiver of premium in case of death of the policy holder."


• Child Career Plan
• Child Future Plan
"This plan is specially designed to meet the increasing educational and other needs of growing children. It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). A number of Survival benefits are payable on surviving by the life assured to the end of the specified durations."


• CDA Endowment Vesting At 18
• CDA Endowment Vesting At 21
"This is an Endowment Assurance plan designed to enable a parent or a legal guardian or any near relative of the child (called proposer) to provide insurance cover on the life of the child (called life assured)."


• Marriage Endowment Or Educational Annuity Plan
"This is an Endowment Assurance plan that provides for benefits on or from the selected maturity date to meet the Marriage/Educational expenses of the named child."


• Child Fortune Plus
"LIC’s Child Fortune Plus is a unit linked plan which offers you a solution to meet your child’s educational and other needs."

• The Whole Life Policy
"This policy is suitable for people of all ages who wish to protect their families from financial crises that may occur owing to the policyholder’s premature death."


• The Whole Life Policy- Limited Payment
" This is the best form of life assurance for family provision since it enables the Life Assured to pay all the premiums during the ordinarily vigorous and most productive years of life. He need not pay any premium in the later stages of life if and when his conditions might become adverse. "


• The Whole Life Policy- Single Premium
"This is the best form of life assurance for family provision since it enables the Life Assured to pay the premium during the ordinarily vigorous and most productive years of life, relieving him from the necessity of making payments later in life when they might become a burden. Being a limited-payment life assurance policy, this plan is suitable for people of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise. "


• Jeevan Anand
"This plan is a combination of Endowment Assurance and Whole Life plans. It provides financial protection against death throughout the lifetime of the life assured with the provision of payment of a lump sum at the end of the selected term in case of his survival."


• Jeevan Tarang
"This is a with-profits whole of life plan which provides for annual survival benefit at a rate of 5½ % of the Sum Assured after the chosen Accumulation Period. "

For a complete list go to the LIC Insurance Plans section

LIC Services

Admission Of Age:

Age is the main basis of calculation of premium under life insurance policies. The following are accepted as evidence of age:

• Certified extract from Municipal or Local Body’s 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 records, if age or date of birth is stated therein.
• Certified Extract from Service Register in the case of Govt. employees and employees of Quasi-Govt. Institutions or
• Passport issued by the Passport Authorities in India.

Payment Of Premium:

• 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 BillDesk.
• 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, Vijaywada, Patna, Jaipur, Chandigarh, Trivandrum. 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.
   

Days Of Grace:

• Policyholder should pay the premiums on due dates. However, a grace period of one month but not less than 30 days will be allowed for payment of yearly/half-yearly/quarterly premiums and 15 days for monthly premiums.
• When the days of grace expire on a Sunday or a public holiday, the premium may be paid on the following working day to keep the policy in force.
• If the premium is not paid before the expiry of the days of grace, the policy lapses.

Revival Of Lapsed Policy:

• If the policy has lapsed, it can be revived during the life time of the life assured from the date of the first unpaid premium but before the date of maturity subject to certain conditions.
• The Corporation offers three convenient schemes of revival viz., Ordinary Revival, Special Revival and Installment Revival. Policies can also be revived under Loan-cum-Revival and SB-cum-Revival schemes.
• Request for revival may be made to the Branch Office servicing the policy.

Change Of Address And Transfer Of Policy Records:

• The policyholder should immediately intimate the change of his/her address to the Branch Office servicing the policy. The correct address facilitates better service and quicker settlement of claims.
• Policy records can also be transferred from one Branch Office to another for servicing, as requested by the policyholder.

Loss Of Policy Document:

• The Policy Document is an evidence of the contract between the Insurer and the Insured. Hence the policyholder should preserve the Policy Bond till the contracted amount under it is settled.
• Loss of the Policy Document should be immediately intimated to the Branch Office where it is serviced.

Loans:

• Loans are granted on policies to the extent of 90% of Surrender Value of the policies which are in force and 85% of the Surrender Value in case of policies which are paid-up, inclusive of the cash value of bonus. The rate of interest charged at present is 9% p.a. payable half-yearly.
• Loans are not granted for a period shorter than six months. The Conditions and Privileges printed on the back of the Policy Bond states whether a particular policy is with or without the loan facility.

Relief To Policyholders:

• The Corporation generally allows concessions on payment of premiums, settlement of claims, issue of duplicate policies, etc when the policyholder are affected by natural calamities such as droughts, cyclones, floods, earthquakes, etc.

Nomination:

• Nomination is a right conferred on the holder of a Policy of Life Assurance on his own life to appoint a person/s to receive policy moneys in the event of the policy becoming a claim by the assured’s death. The Nominee does not get any other benefit except to receive the policy moneys on the death of the Life Assured. A nomination may be changed or cancelled by the life assured whenever he likes without the consent of the Nominee.
  Ensure nomination exists in the policy for easy settlement of claims.

Assignment:

• Assignment means transfer of rights, title and interest. When an assignment is executed, all rights, title and interest in respect of the property assigned are immediately transferred to the Assignee/s and the Assignee/s become the owner/s of the policy subject to any lawful condition made in the assignment.
• Assignment can be either conditional or absolute. On assignment (other than to LIC), Nomination automatically stands cancelled. Hence, when such a policy is reassigned, the policyholder will have to make a fresh nomination to avoid delay in settlement of claim.

Survival Benefit/Maturity Claims:

• LIC settles survival benefit/maturity claims on or before the due date.
• Policyholder are intimated well in advance by the Branch Office which services the policy regarding the payment, and the necessary Discharge Voucher is also sent for execution by the assured. In case the policyholder does not get any intimation from the Branch Office concerned, he/she should contact them, quoting the Policy Number.
• Survival Benefit payment up to Rs.25,000/- are settled without insisting for Policy Bond and Discharge Voucher.

Death Claims:

• If the life assured dies during the term of the policy, death claim arises. The death of the policyholder should be immediately intimated in writing to the Branch Office where the policy is serviced along with the following particulars:
  1. The No./s of the policy/ies
  2. The name of the policyholder
  3. Death Certificate issued by concerned Authority
  4. The date of death
  5. The cause of death and
  6. Claimant’s relationship with the deceased
• On receipt of the intimation of death, necessary claim forms are sent by the Branch Office for completion along with instructions regarding the procedure to be followed by the claimant.
• The claims which have arisen after a period of three years are treated as non-early claims and settled within 30 days from the date of receipt of all requirements.
• The claims that have arisen within a period of two years from the date of commencement of the policy, are treated as early claims and investigation is compulsory in such cases.
• The claim is usually payable to the nominee/assignee or the legal heirs, as the case may be. However, if the deceased policyholder has not nominated/assigned the policy or if he/she has not made a suitable provision regarding the policy moneys by way of a Will, the claim is payable to the holder of a Succession Certificate or some such evidence of title from a Court of Law.
• The Corporation grants claims concessions under certain Plans whereby payment of full sum assured is made, subject to the deduction of unpaid premiums with interest till the date of death and unpaid premiums falling due before the next anniversary of the policy, in the event of the death of the life assured within a period of six months or one year from the date of the first unpaid premium, provided premiums have been paid for at least three years and five years respectively.

• 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.
• Following type of complaints fall within the purview of the Ombdusman
  a) any partial or total repudiation of claims by an insurer;
  b) any dispute in regard to premiums paid if payable in terms of the policy;
  c) any dispute on the legal construction of the policies in so far as such disputes relate to claims;
  d) delay in settlement of claims;
  non-issue of any insurance document to customers after receipt of premium.
• Policyholder can approach the Insurance Ombudsman for the redressal of their complaints free of cost.

Initiatives In Policy Servicing Areas:

• All 2048 Branches of LIC are fully computerized covering all policy servicing aspects to give prompt computerized services from new policy introduction, acceptance of renewal premium, revivals, loans, etc to final claims settlement.
• Green Channel facility has been introduced for the speedy completion of proposals.
• 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,Citi Bank, Corporation Bank, Federal Bank and Billdesk.

Grievance Redressal Machinery:

• A machinery for redressal of policyholders’ grievances exist in all the offices of the Corporation. These are headed by designated Officers who are available at their respective Offices every Monday between 2.30 pm and 4.30 pm. except holidays. Policyholder can approach these officers to get their grievances redressed.
• The Designated Officers at the various offices of the Corporation are :
  At Branch Office --- Sr./Branch Manager
  At Divisional Office --- Marketing Manager
  At Zonal Office --- Regional Manager (Mktg)
  At Central Office --- Executive Director (Mktg/IO/CRM)

Citizens’ Charter:

• Citizens' Charter was presented to the Nation in November, 1997. In the Charter the bench marks were prescribed for 30 servicing areas.

How To Become An Agent

Become an LIC agent today,read below to know why

Working Conditions


• Most insurance sales agents are based in small offices, from which they contact clients and provide information on the policies they sell. However, much of their time may be spent outside their offices, travelling locally to meet with clients, close sales, or investigate claims. Agents usually determine their own hours of work and often schedule evening and weekend appointments for the convenience of clients. Although most agents work a 40-hour week, some work 60 hours a week or longer. Commercial sales agents, in particular, may meet with clients during business hours and then spend evenings doing paperwork and preparing presentations to prospective clients.

Employment


• Insurance sales agents held about 11,00,000 jobs in 2005. Although most insurance agents specialize in life or general insurance, a growing number of “multi-line” agents sell all lines of insurance.

Training, Other Qualifications, And Advancement


• For insurance sales agent jobs, most companies and independent agencies prefer to hire college graduates—especially those who have majored in business or economics. High school graduates are occasionally hired if they have proven sales ability or have been successful in other types of work. In fact, many entrants to insurance sales agent jobs transfer from other occupations. In selling commercial insurance, technical experience in a particular field can help sell policies to those in the same profession.

Here a simple step-by-step guide on how to become an LIC agent

Eligibility:

12th standard pass
Age 18 and above

Process:


• Contact your nearest Branch Office and meet the Development Officer there.


• The Branch Manager (I/C) will conduct an interview, and if found suitable, you will be sent to training at Divisional/Agency Training Centre.
  
• The training is for 100 hours and covers all aspects of Life Insurance Business.


• After successful completion of training you will have sit for Pre-Licencing examination conducted by the Insurance Regulatory and Development Authority (IRDA).


• After successful completion of the examination you will awarded a Licence by the IRDA to work as an insurance agent.


• You will be appointed as an agent by the Branch Office and you will be a part of the team under your Development Officer.


• The Development Officer will impart you field training and other valuable inputs which will help you in the market place.

You certainly can if -


• You are outgoing and like meeting people
• You are ambitious to own a business
• You only want your clients to be your bosses
• And you want to decide your working hours

Unlimited earning potential; A clear career path; all round support through exclusive advertising, your own in-house consultant, and world-class training:

• A comprehensive benefit package
• Training
• Careers
• Rewards & Recognition

They are a key source of business for the organization, and are the continuing link with our clients. That is why; we take a lot of care in recruiting and developing our agency force, so that we continue to set higher standards of quality in service and salesmanship. To cater to the needs of the knowledge-oriented marketplace, we look for graduates who are service-oriented, good communicators and enjoy meeting new people. Prior sales experience is an added benefit.

• Self-motivation
• A master communicator
• A go-getter
• A graduate