Special revival campaign of LIC now extended

Special revival campaign of LIC now extended

Life Insurance

Special revival campaign of Life Insurance Corporation of India for revival of lapsed policy which was earlier launched from 01/09/2015 to 31/10/2015 has been extended up to 30/11/2015. This will help the policy holders to revive their policies with concession in late fee. During this campaign policy holders of Life Insurance Corporation of India will get the concession in late fee up to 30% and relaxation of some health requirements.

Also Read: Special Campaign For Revival Of Lapsed Policies Of LIC Of India

Policy Holders can revive their policy from any branch if the there is no health requirements other than DGH (Declaration of Good Health) of FMR (Full Medical Report). If there are any other health requirement then customer has to visit the servicing branch to revive the policy.

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Individual Policies and Health Policies which are eligible for revival in this revival campaign

  1. Lapsed policies under all type of plans are eligible except Micro insurance Plans. ULIP policies under Plan 802,803,804,811 which are discontinued as per policy conditions are eligible for revival.
  2. Policies which are in lapsed condition for more than 6 months from FUP as on date of revival.
  3. Policies issued through all distribution channels.
  4. Policies which are in lapsed condition during the premium paying term and not completed policy term as on the date of revival.
  5. Policies under Plan 805 and 806 can be revived within 1 year from FUP.
  6. Revival of policies with FUP more than 5 years as on the date of revival will be done as per the rules. However such policies will be eligible for late fee concession.
  7. Policies under all types of Health plans are allowed under this revival campaign.
  8. Policies which are in lapsed condition for more than 15 days for Monthly mode/ECS mode and One month for policies with other than monthly mode, but less than 2 years from FUP as on 01.09.2015 will be eligible.

This is very good opportunity for policy holders, and must take benefit of this revival campaign

LIC may soon withdraw Jeevan Akshay VI

LIC may soon withdraw Jeevan Akshay VI

IRDA Updates, Life Insurance

After the gazette notification issued by Insurance Regulatory and Development Authority of India (IRDAI) on 14/10/2015 for annuity plans offered by Life Insurers, LIC of India may soon withdraw or relaunch (with modifications) its Immediate Annuity Plan Jeevan Akshay VI.

The Authority may issue separate instructions for withdrawing the products which are not in compliance with these Regulations but are currently offered by the Life Insurers and which are approved by the Authority prior to the date of notification of these Regulations.-F. No.IRDAI/Reg/14/104/2015

In the gazette notification IRDAI restrict an insurer to pay or undertake to pay an amount of benefit excluding any profit or bonus on any policy of insurance issued, less than:

  1. Annuity of 1,000 per month
  2. Gross sum of 5,000 (Except under Micro Insurance and Health Insurance Business)
  3. Gross sum of 1,000 for Micro Insurance and Health Insurance Business:

Jeevan Akshay VI is a immediate annuity plan of LIC of India, where annuity/pension is payable for life as per the option and  immediately after a month or whatever the mode chosen by Annuitant. Jeevan Akshay VI policy is available for the age group between 30 to 85 years, with minimum premium of 100000 for policy taken offline and 150000 for policy taken online (Excluding Service tax). Monthly Pension in Jeevan Akshay VI policy on minimum amount ie 100000 is mentioned below

Monthly annuity amount under options on min amount of Rs. 100000 in Jeevan Akshay VI

 Options mentioned above are

    1. Annuity payable for life at a uniform rate.
    2. Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
    3. Annuity for life with return of purchase price on death of the annuitant.
    4. Annuity payable for life increasing at a simple rate of 3% p.a.
    5. Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
    6. Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
    7. Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.

To know more about the Jeevan Akshay VI plan and its benefits contact you LIC agent or visit your nearest branch. You can know more about Jeevan Akshay VI policy and buy it online Click Here

To read and download the gazette notification of IRDAI please Click Here

Get all your LIC policy payments directly into your account through NEFT

Get all your LIC policy payments directly into your account through NEFT

Life Insurance

Life Insurance Corporation is now sending all the payment to it’s policy holders through NEFT payment system. The payment under your policies will be credited directly to your Bank account through electronic mode of payment only. For this purpose, you require to submit your bank details to LIC for making the policy payment through NEFT (National Electronic Fund Transfer). The details of NEFT are described below. Submit your NEFT mandate form (You can download the NEFT form from the link given below) with a canceled cheque with name pre-printed on it  or Copy of front page of your bank passbook mentioning IFSC code and bank account no. After the Govt. of India’s orders LIC has stopped making payment through cheques, submit your bank details now to avoid unnecessary delay in you payments. You can submit it in any nearest branch or LIC customer zone.

What is a NEFT ?

It is a nationwide system that facilitates to transfer a fund from one account of any bank branch to another account of any bank branch. This system is operated by Reserve Bank of India. For transfer of funds the participating banks have to be NEFT enabled. At present around 74000 Banks all over India are participating under NEFT system. For details please refer to RBI website

Advantages of NEFT system for LIC Policy holders / Annuitants

  1. The policy holder / claimant will get the credit in his own account on the due date of payment irrespective of the location of his bank.
  2. NEFT will ensure speedier and secure mode of payment.
  3. There will be no extra charges to the policy holders / claimant.
  4. SMS and E-mail alerts may also be provided wherever the policy payment is made to the policyholder/ claimants’ account through NEFT.
  5. Each payment from LIC through NEFT will create one UTR(Unique Transaction Reference) number. If there is any problem in credit to the account, policy holders / claimant can confirm from their bank by quoting this UTR no. In other words it is easy to track a transaction of NEFT, using UTR number

Important information to the Policy holder / claimants opting for NEFT

  1. All the items mentioned in the mandate form should be filled correctly. This mandate can be used for 6 different policy numbers of the same policyholder..
  2. The completed mandate for NEFT should be sent to Branch, servicing at least one of the policies, listed in the mandate.
  3. The policy holder / claimant should also submit either a cancelled blank cheque leaf or the photo copy of the page of the passbook / cheque book where details of the Bank account are mentioned.
  4. If within two days of the due date, the amount is not credited to your Bank Account, then you may contact the branch where you have submitted the NEFT mandate.
  5. The account of the policy holder / annuitant should be operational at the time of receipt of policy payment.
  6. Before submitting the mandate form, the policyholder/ claimant should confirm from his bank that it is NEFT enabled.
  7. Policy holder’s/ claimants’ name under the policy should match with that of Bank A/c, else it is likely to be rejected.
  8. NRI accounts are guided by FEMA regulations; LIC has decided not to include NRI accounts for fund transfer. So policy holders / annuitants are requested not to submit their NRI account details.
  9. After submission of NEFT details, if there is any change in bank details then fresh mandate form will have to be submitted.
  10. If you are getting the annuity payments through ECS mode from our IPP cells, you may opt for payment by NEFT by submitting the mandate or continue to receive the annuity payment in the existing ECS mode.

Please CLICK HERE to download the NEFT mandate form