new policy check list

Got new LIC policy? Check these things first

Congratulations on getting a new life insurance policy from LIC of India. A life insurance policy is a life cover for you and a assurance of secure future for your loved ones. There are certain basic things that a policy holder must do to ensure that LIC of India is able to give him he service on time and he is secure from any fraud.

As soon as you receive you policy make sure:

Check the policy details

Check the policy name, table number, term for which you have subscribed the policy for. Also make sure the premium mentioned on the policy matches to the proposal that was made to you while selling the policy. And the most important this sum assured, Sum assured is the amount that a nominee will receive in case of death of the policy holder.

Your contact details

Ensure that your name, phone, address, email etc. are mentioned correctly even a small mistake should be immediately brought to the notice of the LIC office via, agent, personal visit, or in writing.

Nominee details. Update them

You can have one or multiple nominees in your LC policy. You can have even a minor as your policy beneficiary. A nominee in the policy can be changed anytime during the course of the policy by just writing a simple letter to LIC branch or via your LIC agent.

Other details

Servicing branch, agent’s contact information.

Register you policy online at LIC site

As soon as you receive your policy make sure to register it online at www.licindia.in. You would be required to sign up with your mobile number and mail id. The signup process is hassle free and takes just 5 minutes. Once registered you can see all your policy details online and do multiple tasks online at the site like pay premium, take out tax certificate, apply loan, check surrender value, etc.

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Free look up period

Any LIC policy can be returned to LIC and your full premium paid will be refunded without any question. Make use of the free look up period to review the policy thoroughly and if required surrender the policy. Usually the free look up period is 15 days after you receive you policy documents.

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