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FAQ About LIC of India
Why should I choose the Life Insurance Corporation of India?
Life Insurance Corporation of India is the oldest and one the largest insurance providers in India. Life Insurance Corporation provides a wide range of Term Insurance, Endowment, Money Back and Whole Life Plans. Life Insurance Corporation has featured a high claim settlement ratio of 96.69% in the FY 2019-20.
What is the grace period of insurance plans offered by Life Insurance Corporation?
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.
Who receives the claim benefit?
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.
Can I file claims for LIC insurance plans online?
To file a claim for Life Insurance Corporation insurance plans you need to visit the LIC branch office for claim intimation and assessment.
What are the types of Insurance plans offered by Life Insurance Corporation?
Types of Life Insurance Corporation Insurance Plans are:
- Term Insurance Plans
- Endowment Plans
- Whole Life Plans
- Money Back Plans.
Claim Process at LIC of India
Claim IntimationIn the event of the death of the life assured, the insurance company should be intimated as early as possible.
Submission of DocumentsFor easy claim settlement, claim form, original policy document, death certificate and others documents should be submitted on time.
Claim EvaluationAfter successful submission of documents, the insurance company will thoroughly evaluate the claim filed.
Claim SettlementIf claim request is approved, claim is settled within 30 days. In case of additional investigation, claim process may take 120 days.
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