The LIC policy can only be surrendered at the branch, where it's currently being served (i.e. Servicing Branch). So you need to change the policy servicing branch first, before surrendering it. This will add time for the surrender process. But you can now surrender LIC policy by … [Read more...] about How to Surrender LIC Policy by Post?
PMJJBY is a life insurance policy available to people in age group 18 to 50 years with bank account. The maximum cover available is Rs. 2 lakh for an annual premium of Rs. 330. Documents you need: 1. Claim Form & Discharge Receipt 2. Death Certificate or Original FIR or … [Read more...] about How to File Claim under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
PMSBY is a personal accident and death insurance policy available to people in age group 18 to 70 years with bank account. The sum insured is Rs. 2 lakh for an annual premium of Rs. 12. Documents you need: 1. Claim Form & Discharge Receipt 2. Death Certificate or … [Read more...] about How to File Claim under Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
As per Section 39 in The Insurance Act, 1938, Nomination is a right to the insured to appoint a person/s to receive the policy moneys in the event of the claim by the insured’s death. Nomination can be effected by the life assured only and not by any other title holder or … [Read more...] about What is Nomination in Life Insurance?
Please note that as per IRDA New Rules - 2013 (the process of filing claims for people holding multiple health covers), the individual can file claim with either of the health care polices possessed by the individual in case the claim is less than or equal to the amount insured. … [Read more...] about How to Claim under Multiple Health Insurance Policies from Multiple Insurers?
LIC has introduced Agent Portability. But the agent portability is currently only applicable to LIC Orphan policies. What is an "Orphan policy"? The policies initially effected by an individual agent, whose services were subsequently terminated or removed from LIC, are … [Read more...] about LIC’s Agent Portability : How to change your LIC Agent?
An individual, who has bought a plan at any of LIC's international offices, can ask for a transfer of the policy when he decides to permanently return to India. The overseas bought policies are repatriable to any of the 2,048 branches of LIC of India, once the customer returns to … [Read more...] about How NRIs can transfer/port Overseas LIC policies to LIC India?
As per IRDA Annual Report for Financial Year 2014-15, Life Insurance Corporation of India (LIC) has got – 98.19%, the highest claim ratio, followed by Max Life – 96.03%. Lowest claim ratio is – 57.14% of Edelweiss Tokio Life, seconded by DLF Pramerica Life – 57.19%. Maximum … [Read more...] about Life Insurer’s IRDA Claim Settlement Ratios for Financial Year 2014-15
Telecom services provider Telenor is offering free life insurance cover with every rechange for its customers in partnership with Shriram Life Insurance. How much Life Insurance Cover provided? The Telenor is giving 100 times insurance cover of the previous monthly recharge … [Read more...] about How to get Free Life Insurance with Telenor Mobile Recharge?
Life Insurance Corporation of India (LIC of India) declares bonus and final addition bonus (FAB) rates every year. This is added in the LIC policy account of respective policy holder. Bonus rates are declared based on valuation of LIC’s business. What is a Bonus? Bonus is the … [Read more...] about What is LIC bonus and how it’s paid?