Online, this is the term which today’s generation has come to recognize as a way of living. Buying a book, shirt, medicines, or even vegetables online is a common practice. Posts on social media range from trivial to issues of national importance.
People prefer the online way as it is convenient. Not leaving the comfort of your home and getting things done with a click of a button is a part of most people’s daily routine.
Every industry needs to change with growing digitization pace and adapt to better serve their customers. Insurance is one field which is on the path of digitization to improve their customer service experience. You can now apply for a life insurance online. LICs website has a great deal of information available, wherein you can read and decide on the type of life insurance plan suited for your needs. There are also different LIC online payment methods offered, which make the process a lot easier.
Select the Apply Now tab on LICs website which will then prompt you to fill in your generic details like name, date of birth, annual income, number of dependents and other contact information. You can fill these details online, without stepping a foot outside your home, and after verifying the information an LIC representative will contact you to assist you in purchasing an LIC policy.
The LIC website includes various other tools that you can benefit from
Premium Calculator
You first click on Plan; depending on the selection other options like Age, Term and Sum Assured become available. You will also see an Accident benefit checkbox, upon checking it the condition will be added to the premium calculation.
Tax Benefits
A detailed document entailing the tax benefits from life insurance and the rates for the current assessment year is made available.
Online Forms
Different aspects related to a life insurance policy like claim, maturity, renewal require forms to be filled and other documentation to be completed. These forms are now available on LICs website and can be downloaded in PDF formats. The different forms available are:
• Death claims
• Maturity claims
• Survival Benefit claim forms
• Proposal forms
• Mandate forms for payment through ECS
• Revival forms
• Certificate of Existence
• Heath insurance forms and more
NRI Center
NRIs and PIOs have additional rules and regulations as follows when it comes buying a life insurance policy. You can browse through LICs website for different conditions to be met before you decide on an LIC product. Some of the requirements are as follows:
• An NRI should be holding a valid Indian Passport
• They should not be a green card holder nor should they have applied for obtaining a citizenship in the country they are currently residing in.
• As an NRI you can either complete the insurance policies during your visit to India, or you can complete them from your residing country with the help of the process known as the ‘Mail Order Business’. Please note that the sum insured with the Mail Order Business process is limited to Rs One Crore.
• Maximum entry age is 45 years.
Premium Payments Now Made Easy With Different Online Platforms
LIC online payments for premiums are hassle-free and you as a policyholder have a variety of online channels to choose from.
• Through the LICs own website, you can now pay your premium through a credit card, debit card or use the net baking option. You need to register with the correct policy details on the LIC website to acquire the corresponding login credentials and make LIC online payment. Browse through the list of authorized banks available for net banking. Post payment, you can take a printout of the premium receipt displayed on the screen (the receipt will also be emailed to you).
• LIC also has a tie-up with a number of banks that are authorized service providers. The list of banks includes AXIS, ICICI, HDFC, Corporation, Federal and Citi Bank. The advantage of paying through this mode is that LIC pays service charges to these banks with a pre-decided rate, so the service becomes absolutely free for the customer.
• There are different franchises you can connect with to make a payment like the AP Online, MP Online, Suvidha Infoserve and Easy Bill Pay. AP Online is the official website of the Andhra Pradesh government and can be used to make LIC online payments in Andhra Pradesh only. Similarly, MP Online is for the state of Madhya Pradesh.
• The last option would be through Merchants like Premium Point, Life – Plus, Retired LIC Employee Collection. This isn’t a completely online mode of payment; through this mode, an authorized agent will collect the premium from your place which can either be cash or cheque.
LIC still has its offline options open for policyholders not familiar with how to pay online premiums. Do check for the service charges involved in making online premium payments.
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