LIC Life Insurance FAQs

If the nominee dies or is not mentioned in the policy, your family members will have to produce proof establishing their right to claim the policy benefit.

You should choose the policy that best suits your needs depending on your insurance objectives, your income, your existing policies (if any), your assets, liabilities, your expenses.

You can avail of the facility to take a loan against the LIC life insurance policy only if it is a money-back/endowment plan that offers this facility.

A claim can be denied if it is a case of fraud or suicide. After intimating the insurance provider a claim is assessed to make sure the claim raised is genuine.

You can download the claims forms from Life Insurance Corporation official website by following simple steps:

Step 1: Visit the Life Insurance Corporation website and click on ‘LIC Online Service Portal’
Step 2: Click on ‘Claim forms’ on the right menu under ‘LIC Online Service Portal’
Step 3: Choose the claim form as required according to your claim and download the form.

Toll-free helpline number of Life Insurance Corporation is 022 68276827.

The following documents can be considered for ID and Address Proof while applying for an insurance policy:

• PAN Card Passport
• Aadhar Card
• Driving License
• Bank Account Statement
• Voter Identity Card.

One needs to inform the insurance provider regarding a claim at the branch office. The claims are handled at the LIC branch office only.

LIC offers 15 days of grace period for the policies with monthly premium payment mode and 30 days for policies with quarterly/half-yearly/yearly premium payment mode.

The claim benefit is payable to the nominee in case of an unfortunate demise of the life assured. In case the life assured has assigned the policy to someone, the assignee will be entitled to the benefits payable under the life insurance policy.

To file a claim for Life Insurance Corporation insurance plans you need to visit the LIC branch office for claim intimation and assessment.

Types of Life Insurance Corporation Insurance Plans are:

• Term Insurance Plans
• Endowment Plans
• Whole Life Plans
• Money Back Plans.

The policy that best suits your needs depends on your insurance objectives, your income, your existing policies (if any), your assets, liabilities, your expenses.

LIC offers 15 days of free-look period in case the life assured is not satisfied with the life insurance plan or does not comply with terms and conditions of the insurance policy.

The riders offered for LIC term insurance plans are LIC Accidental Death Benefit, LIC New Term Assurance Rider, LIC Linked Accidental Death Benefit Rider, LIC Accidental Death, and Disability Benefit Rider, LIC New Critical Illness Benefit Rider, and LIC Premium Waiver Benefit Rider.

Accidental Death Benefits is an optional additional rider that provides a death benefit only if the policyholder’s death is caused by an accident.

A basic life insurance plan can be purchased from 20 years of age to 60 years of age.

Yes, consumption of tobacco/alcohol affects the premium calculation as consumption of tobacco/alcohol is injurious to health, people who consume either of both are considered at high risk. When you declare that you consume tobacco/alcohol on a regular basis, the premium amount rises.

Yes LIC insurance policies now cover death caused due to COVID-19.

The renewal premium payments can be made online on the LIC website through net banking, credit/debit card, BHIM and UPI.