Now update your contact details online in your LIC policy

Now update your contact details online in your LIC policy

LIC, Life Insurance

Keeping your contact details updated in your insurance policy helps you to get important notification related to your policy on time. Till now you have to register your LIC policy on the LIC portal to update your contact details in your policy or send the request to servicing branch. But, in the recent initiative “Help us to serve you better” LIC of India now allowing the policyholder to update their contact details in their policies without registering on the LIC portal.

How to update your contact details in your LIC policy

To update your contact details you have to visit the website of LIC of India. On the home page of the website please look for the “Help us to serve you better”

 

 

Click on the link and you will be directed to a new page. Enter the required fields in the page which are, Full name, Date of Birth (DOB), Mobile number and your Email ID. Choose in how many policies you want to update your contact details, you can update in maximum 10 policies at a time. After entering all the details check the declaration and submit the form.

 

 

After submitting the form you will get the following screen. In the screen, you will see the name entered by you, date of birth entered by you, mobile number and the email ID you entered in the previous screen. Now you have to enter the LIC policy numbers in the provided field.

 

 

After entering the policy number click the “Validate Policy Details”. Please enter only your LIC¬†policy, not of your family member.¬†LIC server will validate the policy details with your name and date of birth you have provided and will return to the following screen.

 

 

In this screen, you will see your LIC Policy number and the request status in front of it. If the request is “Successful” then only your request will be sent to LIC for validation for that particular policy. You will also get this message below the “Send Request” button; “Kindly note that request will be generated only for policies showing request status as “Successful”. Click¬†the¬†“Send Request” button and your request will be sent to the LIC for the validation. After successful submission, you will get the following screen with your “Request Number” and the “Request Date”.

 

 

This request will be sent to the LIC officials for the verification. You will receive a verification call from the LIC to verify the details provided by you. After the successful verification, your contact details will be updated in your policy master. You will also receive the SMS and email after the successful verification of your contact details in the policy.

 

LIC declared one time Diamond Jubilee Bonus

LIC declared one time Diamond Jubilee Bonus

LIC, Life Insurance

Life Insurance Corporation of India has declared the Bonus rates for the valuation period 1st April 2015 to 31st March 2016. Along with it, LIC has also declared the one time Diamond Jubilee Bonus for its policyholders. Diamond Jubilee Bonus is declared from Rs. 5 per thousand sum assured to Rs. 60 per thousand sum assured. It mainly depends on the time of inception of the policy.

Diamond Jubilee Bonus

One time Diamond Jubilee year special Reversionary bonus rates

Which policies are eligible for One time Diamond Jubilee Bonus?

The One Time Diamond Jubilee Year Special Reversionary Bonus Rates payable per Rs. 1000/- Sum Assured [Cash Option in case of New Jeevan Suraksha I (Plan 147) and New Jeevan Dhara-I (Plan 148), Death Benefit Sum Assured in case of Jeevan Madhur (Plan 182) & Premium Paid for Jeevan Amrit (Plan 186)] for policies in force as on 31.03.2016 and subject to below conditions are as under:

  1. The One Time Diamond Jubilee Year Special Reversionary Bonus Rates will be applicable for policies which were in force on 31.03.2016 by payment of full premium and eligible for regular reversionary bonuses and continuing in the books of the LIC of India on or after 01.09.2016. Therefore, One Time Diamond Jubilee Year Special Reversionary Bonus will not be payable to policies during the free cover period if free cover period started before 31.03.2016 even though policies are in force in such period.
  2. One Time Diamond Jubilee Year Special Reversionary Bonus will be decided in the same manner as simple Reversionary bonus rates are decided for the plan.
  3. One time bonuses (or their surrender value in case of surrender) will be payable under policies maturing or becoming death claim or surrendered on or after 01.09.2016. The date of death or the date of receipt of application of surrender will be taken to decide eligibility condition for One Time Diamond Jubilee Year Special Reversionary Bonus. The deaths occurring prior to 01.09.2016 and intimated later, policies maturing before 01.09.2016 and settled after 01.09.2016 and surrender applications received prior to 01.09.2016 but pending or settled on or after 01.09.2016 are not eligible for this One Time Diamond Jubilee Year Special Reversionary Bonus. Further, One Time Diamond Jubilee Year Special reversionary Bonus will not be payable for policies discounted back prior to 01.09.2016.
  4. Policies which are in paid-up condition or have lapsed without acquiring paid-up value as at 31st March 2016 will also be eligible for this One Time Diamond Jubilee Year Special Reversionary Bonus if they are later revived for full sum assured and otherwise eligible for reversionary bonus as per terms and conditions of the policy.
  5. The One Time Diamond Jubilee Year Special Reversionary Bonus is not payable to without profit policies, the policies under which guaranteed additions have been added during the inter-valuation period and policies under which loyalty additions are payable as per terms and conditions of the plan.

Disclaimer: For any ambiguity in details and confusion related to eligibility of one-time diamond jubilee bonus in your policy, please contact your concerned LIC servicing branch or contact any of these LIC Customer Zones.

 

Loyalty Addition in Jeevan Saral policy for 2016-17

Loyalty Addition in Jeevan Saral policy for 2016-17

LIC, Life Insurance

Bonus rates of LIC of India for the year 2016-17 has been declared on 1st September 2016 for all its participating policies. Loyalty Addition (LA) of all the eligible policies are declared too, including Jeevan Saral (Plan No. 165). Loyalty addition in Jeevan Saral Policy is available when the policy exit through death, maturity or surrender after 10 years.

Loyalty Addition (LA) in Jeevan Saral (Plan No. 165) of LIC of India

Loyalty Addition (LA) in Jeevan Saral policy depends on the duration of the policy completed with full sum assured and, the annual premium band of the policy. An annual premium band can be calculated on the basis of monthly premium in Jeevan Saral. Higher the premium, higher is the loyalty addition in Jeevan Saral. In the case of the partial surrender annual premium band must be calculated on reduced premium.

This year loyalty addition declared in Jeevan Saral is more than the loyalty addition declared last year, you can compare both the rates are given below.

Loyalty addition rates declared previous year (2015-2016) are given below

Loyalty Addition in Jeevan Saral  Policy (Plan No. 165) for the year 2015-2016

For the purpose of determining the rate of loyalty addition for exits by death or surrender or maturity the duration in completed years for which premiums have been paid shall be considered. In the case of partial surrender in policy, the benefits will be proportionately reduced.

How to calculate Loyalty addition in Jeevan Saral

There are two types of Sum Assured in Jeevan Saral a) Death Sum Assured, b) Maturity Sum Assured. To calculate loyalty addition in your policy refer your policy bond to know the Maturity Sum Assured. Also refer premium of your policy and calculated annual premium of your policy (if other than yearly Mode).

Formula to calculate loyalty addition: (Maturity Sum Assured/1000)* Rate of Loyalty Addition as per                                                                                                                                         annual premium band

Note: Maturity Sum Assured on policy bond is written according to the term you have chosen at proposal stage. It will not be used to calculate loyalty addition while surrendering the policy before term.

Under Plan 165, provided at least 10 years premiums have been paid under the policy and policy has been in force for at least 10 years, the loyalty addition is payable on exits by maturity or death or surrender per thousand maturity sum assured for the complete duration for which the premiums have been paid.

Where a policyholder discounts the policy within one year preceding the date of maturity, the policy will be eligible for Loyalty Additions provided other qualifying conditions are satisfied

LIC of India’s Bonus rates declared for 2016-17

LIC of India’s Bonus rates declared for 2016-17

LIC, Life Insurance

This year LIC of India has declared Bonus rate for all its with profit policies before the usual time as LIC is celebrating its Diamond Jubilee year. Every year Actuarial Department of LIC do the valuation and declares the bonus rates. These bonus rates are applicable for policy year entered upon during the inter-valuation period i.e. 01/04/2015 to 31/03/2016 and in force for full sum assured as on 31/03/2016. It will be applicable to policies resulting from claims by death or maturity (including those discounted within one year of maturity) or surrendered on or after 01/01/2016.

Life Insurance Corporation of India has also declared the One time Diamond Jubilee Bonus.

Latest: LIC of India’s Bonus rate declared for 2017-18

Final additional bonus (FAB) and Loyalty addition (LA) are also declared with reversionary bonus rate. FAB and LA are not applicable to each policy. They are paid as per the policy conditions and depend on the Sum assured and policy term.

How to calculate Bonus in your policy

Example: If you have a New Jeevan Anand Policy (Table No. 815), Sum Assured: Rs. 500000, Term: 21 years.  Bonus calculations Formula: (Sum Assured/1000)*Bonus rates

Bonus in above mentioned plan: (500000/1000)*49 = Rs. 24500.

Bonus Rates declared by LIC of India

The rates of Simple Reversionary Bonus declared in respect of participating policies issued by Life Insurance Corporation of India are as given in the table below

The above reversionary bonus rates are applicable for policy year entered during the inter-valuation period i.e. 01/04/2015 to 31/03/2016 and in force for full sum assured as on 31/03/2016. Bonus rates will be applicable to the policies resulting from claims by death or maturity (including those discounted within one year of maturity) or surrendered on or after 01/01/2017.

No cash bonus rate has been declared in respect of New Jeevan Akshay – I (Plan 146).

For General Annuity / Pension policies (Plans 147, 148 & 169), the bonus rates are applicable only during the deferment period. The bonus rates in case of Plan 147 & 148 are not applicable for policies exiting by death during the deferment period. However, the cash value of bonuses is payable in case of surrenders during the deferment period.

No bonus has been declared for any other General Annuity or Pension plans.

Disclaimer: I have taken utmost care while entering the bonus rates, but in the case of error or any ambiguity please consult your LIC Branch.