LIC services have vastly improved now.
Claims are settled with out squabbles, provided we submit all the Documents.
In private Insurance companies. you are being asked(especially Reliance) to submit your copy of the Application form for signature verification.
It is prudent to have your signature verified by your Bankers for hassle free settlement of claim settlement.
Also have your change of address notified and confirmed as this would help avoid payment of Claims.
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 our further action.
There are different types of alterations that are allowed on our life insurance policies( Click here to know more about alterations)….
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 (Click here to know about obtaining duplicate policies). ..
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 (Click here to find out the certificates of age that LIC accepts.)..
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( Click here to know more about nomination)..
http://www.licindia.in/policy_guidelines.htm#2
- A copy of your LIC Policy
- Necessary information in case of a life event
Steps
Maturity Claims:
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 by post so as to reach the policyholder before the due date.
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 more than Rs.60,000/-, cheques are released after ,calling for the Discharge Receipt or Policy Document. 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:
- Claim form A Claimant’s Statement giving details of the deceased and the claimant.
- Certified extract from Death Register
- Documentary proof of age, if age is not admitted
- Evidence of title to the deceased’s estate if the policy is not nominated, assigned or
- issued under M.W.P. Act.
- 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.
- Claim Form B Medical Attendant’s Certificate to be completed by the Medical Attendant of the deceased during his/her last illness
- Claim Form B1 if the life assured received treatment in a hospital
- Claim form B2 to be completed by the Medical Attendant who treated the and signed by a person of known character and responsibility
- Claim form E Certificate by Employer if the assured was employed person.
- 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. For claiming the benefits under the Accident Benefit the claimant has to produce the deceased life assured prior to his last illness.
Claim Form C Certificate of Identity and burial or cremation to be completed 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.
- Please do not hand over the claim papers or the policy documents to strangers who offer to help.
- Do not give the papers even to the LIC agent unless he or she is very much known to you. Go along with them personally.
- There are many occasions when the papers are handed over to the unknown agent or broker and the money is claimed by them and the family suffers.