A life insurance policy is a long term relationship. During this long period you will have number of interactions with LIC. A life insurance contract has several features which need explanation. While the Policy bond given to you covers the contractual issues, you need a guide, written in simple language, that highlights some important facts about your LIC Policy. This page is meant for that and we would request you to read it carefully.

The policy schedule or policy bond contains specific information about your policy. Please read this once just to check whether there is any mistake anywhere and in case there are mistakes please inform the branch office immediately. The contact address/telephone number of the branch office is printed in the policy bond.
Please look at the schedule again. There is a 9 digit number called Policy number. This is a unique number that identifies the policy. In any correspondence related to servicing of the policy you have to quote this number. So we advise you to note down this number. While paying premium through cheque, Policy number must be quoted on the back of the cheque.
The policy bond is the most important document during the life of a policy. This is a document which will be called for in connection with various servicing events including the settlement of claims. The first thing you should do after receiving the bond is to keeep the same in a safe place and please do not forget to inform you near and dear ones about where this bond has been kept.
If it is a Single premium policy, please ignore this. The premium payment is the most important and most frequent event in the life time of a Policy and you must not forget to pay premium in time. Failure to pay premium in time results into lapsation of policy which means, the life cover will not be available to you There are concessions on this under certain conditions. However, generally, the life risk is not covered during lapsation period. Also, delay in payment of premium invites late fee.Please note from the schedule, the date of commencement of the policy, due date and mode of payment of premium. Mode of payment means the freqeuncy i.e., yearly, half-yearly, quarterly, monthly etc. You are a responsible person and surely you will not forget to pay your premiums in time. However, just to help you remember this most important information we shall be sending a premium notice. Please note that you need not wait for the notice as it is not mandatory to produce the premium notice in the counter. This is just a remainder. Also, there may be, at times postal delay because of which you may not get the notice in time. You need not be worried about that. Please remember that the notice will be sent just as an additional help to you. Primarily, it will be your responsibility to remember to pay premium in time.
Please check from time to time that your employer is regularly remitting the premium deducted from your salary to LIC. Any lapse or delay in remittance will be against your interest, as this may result in loss of Insurance cover. One should not miss the Insurance cover even for a bried period. Please check your salary slip regularly to ensure that the LIC premium has been deducted. If you services are transferrd, please find out from your new office, the location of hte LIC office where your LIC Premium will be sent. Please inform the old LIC office that now onwards your premium will be remitted to New LIC Office. This is important. Your permanent address/email id helps us a lot to contact you, even if your sevices are frequently transferred.
We all know that ultimate purpose of buying a life insurance Policy and it is extremely important that your policy should have a nominee. We are sad to see at time unfortunately delay in death claim settlement just because the nomination was not made. As a responsible person you will surely nominate someone, preferably a near and dear one from your family, if not already done. Please check up whether your nominee's name is appearing correctly in the policy schedule. Nomination can be done/changed at any point of time. However, if you assign your Policy[say to a bank, to get loan], the nomination gets automatically cancelled. On re-assignment ownership of the Policy comes back to you, but the old nomination does not automatically get revived. You have to, in such cases, nominate afresh.
If the life assured is a minor, important thing to remember is that nomination should be effected on attaining majority(18 yrs). Secondly, we offer a benefit called accident benefit at the nominal cost of 1 Rupee per 1000 Sum Assured upto certain limits. This benefit is not available during minority. On attaining majority this can be opted for.
We all know that different individuals have different choices. Some love to come to LIC Branch Office and some others would not like to stand in a queue. Keeping this in mind, we have tried to provide facilites for all types of customers. If you are one of those who would feel comfortable to pay across the counter, let us inform you that you can do so in any branch office or a satellite branch office of LIC. The premium payment can be made in cash, local cheque or Demand Draft. One can send Demand Draft/Cheque/Money Order also.If you are one of those who would not like to stand in a queue, the best way to pay premium is through ECS. You have to get one ECS mandate form from and LIC Branch Office, fill it up and get the same countersigned by your banker before submitting it back to the LIC Branch Office. The advantage of ECS is that you do not have to remember the due date, as premium will be automatically debited from your bank account. However, at present ECS facility is provided in certain cities of the country and if you do not happen to be in one of those cities, Internet appears to be the best option for you. You can visit our website www.licindia.in, register yourself with your policy number and start paying premium online. You will get an instant electronic receipt which is safe and secure and valid as a receipt for all purposes. However, this is possible only if you have a net banking account in one of the banks which are shown in the website.
If the life assured is a minor, important thing to remember is that nomination should be effected on attaining majority(18 yrs). Secondly, we offer a benefit called accident benefit at the nominal cost of 1 Rupee per 1000 Sum Assured upto certain limits. This benefit is not available during minority. On attaining majority this can be opted for.