How To Check Life Insurance Policy Status Online?

Do you find yourself wondering about the progress of your life insurance policy? You are not the only one! A good number of policyholders are often left asking how they can check on their insurance status and make sure everything is alright. 

The good news is that checking your life policy status is very simple. In this blog, we will take you through the easy steps of how to check your policy information online!

We will also look into other helpful ways, like via SMS and customer care so that you will be covered with all the useful information.

Let's get started!

What Are The Four Main Ways to Check The Status Of Your Insurance Policy?

Monitoring the status of your insurance policy is to manage your finances and make better plans for the future. Be it speedy access via the internet or a more manual way of making inquiries, there are very easy ways of looking up your insurance policy. Here are the best four ways to do it:

• Checking Policy Status Online
• Visiting the Nearby Branch
• Via SMS
• Via Customer Care

How To Check Policy Status On The Website Of A Life Insurance Company?

Checking your life insurance policy online is straightforward and easy. In only a matter of seconds, you can obtain all the information that you need —

Step 1: Visit your insurance company's official website.

Step 2: Log into your registered account – tap the 'Login' or 'My Account' button. Most often,  these buttons are located at the top right of the page.

Step 3: Go to the login page and provide your credentials, such as username/email/policy number/password/date of birth, etc.

Step 4: Access your policy account and follow the steps accordingly to check the policy status.

By following these steps, you can easily stay up-to-date with your policy's status and important details.

How To Track The Status Of The Policy Via SMS?

Checking the status of your policy through SMS is super fast! Most insurance companies have SMS numbers that serve this purpose. 

Here's how you can check policy status with SMS: 

Send an SMS in a particular format from your registered mobile number to the mobile number assigned by your insurance provider. For example, in case you are with LIC, you just have to write LICHELP <policy number> and send it to 9222492224. 

In a short while, you will receive a message with relevant details of your policy directly on your mobile device. 

This easy process is useful, especially when you want some information fast without the need to log into an application or a web page. However, please confirm the specific SMS format and number with your insurance company.

How To Track The Status of The Policy By Contacting Customer Care?

All insurance companies offer policyholders various options for contacting customer support services. You need to go to your insurance provider's official site and click the customer care section. You will be provided with all relevant information, including the local and NRI toll-free numbers, email addresses, and support desk links. 

After calling the provided toll-free number, the help desk team will assist you with checking your policy status. It is an easy way of getting help on a one-on-one basis and at any time.

Here are the customer care numbers of some common insurance providers in India –

Insurance Provider	Customer Care Number
HDFC Life	022 6234 6234
Bajaj Allianz	020 3030 5858
LIC	+91 22 6827 6827
ICICI Prudential	1800 2666
SBI	1800 102 1111

How to Check for Surrender Value?

In insurance, the term 'surrender value' refers to the amount of money which an insured person would get from the insurance company in case the insured person wants to close the policy before the maturity period. 

Types of Surrender Value

There are two major types of surrender value: 

1. Guaranteed Surrender Value

This is the sum assured available after a minimum of three years of the policy has elapsed. This value is derived from the calculation of all the premiums paid less than the first-year premium, rider premiums, and any other bonuses. The Guaranteed Surrender Value is calculated by the total premiums paid multiplied by a surrender value factor, which is a percentage fixed by the insurance company.

For instance, let's assume the surrender value factor is 30%; then, the Guaranteed Surrender Value is 30% of the premiums paid by the policyholder.

2. Special Surrender Value

In the case of paid-up policies, where premiums have stopped yet the policy remains in effect at a lower cover called the paid-up value, a special surrender value is calculated. 

The surrender value factor is computed as the sum of the paid-up value and the total sum of bonuses earned.

Let's say you pay ₹30,000 per year for a risk cover period of twenty years with a total insured sum of six hundred thousand rupees. After making payments for four years, you decide to stop paying any further premiums, having an accrued bonus of ₹60,000 and a fourth-year surrender value factor of 30%. In this case, the Special Surrender Value will be:

(30%×((6,00,000×420)+60,000))=₹54,000(30% times ((6,00,000 times frac{4}{20}) + 60,000)) = ₹54,000(30%×((6,00,000×204​)+60,000))=₹54,000  

Checking Your Surrender Value

For the most accurate information regarding your surrender value, it is best to consult your insurance company. They will provide you with a calculation based on various factors such as policy specifics, payment history, and current surrender. It is advisable to check on these factors if you are considering surrendering your policy.

Parting Words!

To sum up, it's important to keep track of your life insurance policy status for good financial management. Whether you decide to do so online, through an SMS or by calling customer service, all these options are easy and readily available. 

Frequently Asked Questions

Ques 1. What are the most common methods to check the status of an insurance policy? 

Ans. You may check through the internet, SMS, contact customer support, or go directly to the nearest office.

Ques 2. How can I verify the status of my insurance policy online through the insurer's website? 

Ans. Once you are on the insurer's website, sign in to your account and view the status of your insurance policy on the dashboard.

Ques 3. How do I check policy status through SMS? 

Ans. Using the registered mobile number, text the policy number in the required format to the insurance provider's designated SMS line.

Ques 4. How do I check policy status through customer service? 

Ans. You may need to call the insurance company's care centre to obtain information about your policy. You will find the contact number on the official website. 

Ques 5. Can I visit the insurer's branch to check my policy status?

Ans. Yes, you can go to the nearest insurance company branch, where you can talk to an agent who will check your policy status and assist you further.