Monday, February 8, 2016

Five things you should know about Electronic Clearance Service (ECS) mode of payment in LIC

ECS or Electronic Clearance Service is a comparatively newer mode of payment which is really convenient if the payment is periodic and repetitive in nature.

So naturally it has become one of the most accepted and popular payment mode for insurance policies also.

Advantages


  • ECS Debit mandates will take care of automatic debit to customer accounts on the due dates without customers having to visit bank branches / collection centres of utility service providers etc.
  • Customers need not keep track of due date for payments.
  • The debits to customer accounts would be monitored by the ECS Users, and the customers alerted accordingly.
  • Cost effective.

But to take the full advantage and convenience of ECS mode of payment, it is  better to know these five frequently asked questions (FAQs).

Monday, February 1, 2016

How to use LIC's e-Services

Paying premium of policies, Calculate the loan available and loan availed,
view the policy image, know the bonus, loan and claim status of policies, getting revival quotations.

All these and more from the comfort of your house and that is what LIC's e-services is intended.

e-Services is a new initiative from LIC of India which makes policy servicing easier and faster.

e-Services empowers customers to do a variety of policy servicing related activities
without the need of visiting branch office or getting the help of an agent.

This service will be a boon to many customers including NRI's who cannot visit the branch office that often.

Some of these services were already available through customer portal but now LIC has decided to streamline the customer service operations and take it to the next level.

Linking LIC's prestigious project, Enterprise Document Management System (EDMS) with customer portal is also expected to make the servicing of polices a cake walk. 

 How can you avail the e-services for your policies.

 First and foremost thing to use this service is to register and enrol for these services.

Registration is a one time process which can be completed in few minutes of time.

Before starting the registration process just follow the check list given below for easier  and uninterrupted registration.

Requirements

Wednesday, January 20, 2016

LIC Policy Revival Amount Calculator Free Download

Insurance policies are intended to protect you and your dear ones at difficult times.

A policy lapses when premium is not paid even after the grace period. Generally the grace period is thirty days from the first unpaid premium. A lapsed policy generally ceases to get the insurance coverage. Policy can be brought back to live condition by paying the premium along with the interest.

But if the policy remains lapsed for more than six months from the due date, it has to be revived. Revival requires submission of Declaration of Good Health (DGH) along with premium and interest.

A lapsed policy will not help the unfortunate family to tide over the difficult situation. Hence all efforts should be taken to see that all your insurance policies are fully in force all the time.

LIC Policy Revival Amount Calculator is a free software to calculate the amount required to revive your existing insurance policy which is in lapsed state. Revival Amount Calculator can be downloaded from here or from the the link provided at the bottom of this post.

 How to revive your lapsed insurance policy?

Generally you can revive your lapsed policy any time within five years from the date of last premium payment, subject to the condition that health of policy holder is good enough at the time of revival.
Forms required to revive a lapsed insurance policy from LIC can be downloaded from here.

Let us see the revival methods available to revive a lapsed policy in LIC

Friday, January 15, 2016

LIC's New Endowment Plus (T-835) Features, Premium and Benefit Calculator

New Endowment Plus is a Unit Linked Insurance plan (ULIP) from Life Insurance Corporation Of India which offers investment and insurance in a single plan. The main advantage of Endowment

plus is the flexibility it offers in choosing the investment options depending on the investment needs and risk appetite of the policy holder. Investment in the plan can be controlled by the policy holder to some extend as it has four fund options which can be opted and at the time of taking policy. Added advantage is that fund options can be changed even after taking the policy depending on the market changes through switching of funds.

Salient Features

Age at Entry - 90 days to 50 years of Age.
Term available - 10 to 20 years
Insurance Coverage - 10 times of annualised premium

Who can go for New Endowment Plus

New Endowment Plan is generally suitable for young professionals  and salaried class who are looking for high returns, Insurance Coverage and Income tax benefit at a single go. Income tax benefit is available under this plan under section 80C for the premium paid. A software to calculate your income tax liability can be downloaded from here.