10 Good resion for Jeevan Anurag
As per the Census 2001,
children in the age group 0-14 years
constitute 35-40% of India’s population.
They are the future of the country
Children need
proper education from
reputed educational institutions to open the door of opportunities
in a highly competitive environment.
Not only are finances required
for university & professional education
but also for preparatory coaching
Helping fulfill financial needs
right from childhood days
will help build up a
long time trust and relationship.
The child grows with LIC.
Cost of higher education
has increased considerably over the years.
It will rise further in the years to come.
No parent shall want to compromise
their child’s education for lack of finances
Prudent parents will plan well in advance
to finance their children’s higher education.
Cost of living is ever increasing
These rising costs will put demands on
income of people.
Setting aside a lump sum
for future education
is difficult in today’s scenario.
Best alternative is to set aside
smaller amounts regularly
Apart from higher education
children may require financial support
for start-in-life or marriage.
Life is uncertain
Parents would like to ensure
good education and a bright career
for their children
despite life’s uncertainties.
Parents would desire to have
flexibility in their financial planning.
They would want to decide
the timing of the receipts
from their insurance plan
as per the requirements
of their child’s education.
When the parents’ dream
for their child is fulfilled
the agent will have great satisfaction
of having done a fine job as a
‘complete insurance advisor’
10 Good reasons for Jeevan Anurag
Blma Bachat ( Plan 175 )
Introduction Df LlC's Blma Bachat ( Plan 175 )
It has been decided to introduce LIC's Bima Bachat (plan no.175) with effect from 14th November, 2005.
1. INTRODUCTlON:
This is a single premium money back type plan where Single Premium paid under the policy shall be paid back to the policyholder along with Loyalty Additions, if any, on maturity. In addition, the survival benefit installments are payable on survival of the policyholder till the specified durations. The plan also provides for the payment of Sum Assured in case of death during the term of the policy irrespective of whether or not any survival benefits have been paid earlier. No rider benefits shall be available.
2. BENEFITS:
Death Benefit: On death of the Life Assured during the term of the policy, an amount equal to the Sum Assured ¬shall be payable.
Survival Benefit: In case the life Assured is surviving to the end of the specified durations the following benefit shall be payable:
Policy term 9 years: 15% of the Sum Assured at the end of 3rd & 6th policy year
Policy term 12 years: 15% of the Sum Assured at the end of 3rd, 6th & 9th policy year.
Policy term 15 years: 15% of the Sum Assured at the end of 3rd, 6th, 9th & 12th policy
year
Maturity Benefit: Single Premium paid excluding extra premium along with Loyalty Additions, If any, shall be payable in case of Life Assured surviving to the end of the term.
3. LOYALTY ADDITIONS:
This is a participating plan and the policy shall participate In the proms of the Corporation’s with-profits assurance business. The policy shall, however not be eligible for reversionary bonuses and shall participate to a share of profits in the form of Loyally Addition (one time) only payable on maturity. On the Life Assured surviving, the stipulated date of maturity, the policy may be eligible for payment of Loyalty Addition, if any, depending upon the experience of the Corporation at such rate and on such terms as may be declared by the Corporation.
4. LOAN:
Loan facility is available under this plan. The rate of Interest to be charged for loan amount would be determined from time to time by the Corporation. Presently the rate of interest is 9% p.a. payable half-yearly.
5. REBATES / INCENTIVE FOR HIGH SUM ASSURED:
High Sum Assured Rebates (As Percentage of Basic Tabular Premium):
Less than Rs.50,000 : NIL
Rs.50,000 to less than Rs.1,00,000 : 5%
Rs.1,00,000 to less than Rs.2,00,000 : 7%
Rs.2,00,000 and above : 8%
6. CEIS REBATE:
The rebate for eligible employees of the Corporation shall be @ 2% of the Tabular Premium for the basic plan.
7. MODES OF PREMIUM PAYMENTS:
Premium is payable once at the beginning of policy term.
8. ELIGIBILITY CONDITIONS AND RESTRICTIONS:
Minimum age at entry: 15 years (completed)
Maximum age at entry : 66 years nearer birthday
Maximum age at maturity: 75 years nearer birthday
Terms : 9, 12 or 15 years.
Minimum Sum Assured: Rs.20.000/-
Maximum Sum assured: No limit
Sum Assured will be in multiples of Rs.5,000I- only.
9. PREMIUM RATES:
As enclosed In Annexure 1.
10. EXTRA PREMIUM RATES:
As enclosed In Annexure 2.
11. CREDIT:
Commission to Agents, Corporate Agents and Brokers Is payable 0 2% of the Single Premium received. No Bonus Commission will be payable.'
Development Office’s Credit for Incentive: 5% of Single premium
12. UNDERWRITING, AGE PROOF AND MEDICAL REQUlREMENTS:
Same as Blma Nlvesh Plan.
13. SURRENDER VALUES (G8V,SSV):
The policy can be surrendered for cash after completion of at least one policy year. The Guaranteed Surrender Value is equal to 90 per cent of the Single Premium paid excluding extra premium paid and the survival benefits paid earlier.
For calculation of Special Surrender Value, the amount of Single Premium paid excluding any extra/optional premium shall be taken as paid-up value and Surrender Value Factors for quarterly elapsed durations are given In Annexure 3.
14. NORMAL REQUIREMENTS FOR CLAIM:
The normal documents which the claimant shall submit while lodging the claim in case of death of the policyholder shall be the claim forms, as prescribed by the Corporation, accompanied with the original policy document, proof of title, proof of death, proof of accident/disability, medical treatment prior to death, employer's certificate, whichever is applicable, to the satisfaction of the Corporation. If the age is not admitted under the policy, the proof of age of the Life Assured shall also be submitted.
Where the policy results into a maturity claim or in case of surrender of the policy, the Life Assured shall submit the discharge form along with the original policy document besides proof of age, If the age Is not admitted earlier.
15. COOLING-OFF PERIOD:
If a policy holder is not satisfied with the "Terms and Conditions” of the policy, he/she may return the policy to the Corporation within 15 days from the date of receipt of the policy.
16. BACK DATING INTEREST:
The policies can be dated back within the financial year, as usual. Back- dating interest will be charged al the rate of 9% p.a. for dating back in excess of one month. This rate is subject to revision. The Interest shall be charged even where the policy is beck dated to a lean month. .
17. POLICY STAMPING:
Policy stamping charges will be 20 paise per thousand Sum Assured.
18. REINSURANCE:
There will be no reinsurance under this plan.
19. ASSIGNMENT / NOMINATIONS:
Notice of assignment or change of nomination should be submitted for registration to the office of the Corporation, where this policy is serviced. In registering an assignment or nomination the Corporation does not accept any responsibility or express any opinion as to its validity or legal effect.
20. PROPOSAL FORM: Proposal Form No. 300 or 340 will be used for the plan.
21. POLICY DOCUMENT: A specimen copy of the Policy Document is enclosed as
Annexure 4.
Chief (Actuarial)
ANNEXURE - 1 ANNEXURE - 3
Single Premium for 1000 SA S.S.V. Factors
Age / Term 9 12 15 Completed Duration in Years S.S.V. Factor As % of Paid-up Value
14 718.20 771.20 803.80 1.00 90.25
15 716.40 771.35 804.00 1.25 91.50
16 716.80 771. 50 804.10 1.50 92.75
17 718.80 771.60 804.20 1.75 94.00
11 716.95 771.70 804.25 2.00 95.25
19 717.05 771.80 804.35 2.25 95.50
20 717.20 771.85 804.40 2.50 97.75
21 717.30 771.95 804.50 2.75 99.00
22 717.35 772.00 804.50 3.00 84.00
23 717.40 772.05 804.65 3.25 85.25
U 717.50 772.15 804.80 3.50 86.50
25 717.55 772.25 804.95 3.75 87.75
26 717.65 772.40 805.10 4.00 89.00
27 717.75 772.55 805.30 4.25 90.25
28 717.95 772.75 805.55 4.50 91.50
29 718.15 773.00 805.80 4.75 92.75
30 718.45 773.35 806.10 5.00 94.00
31 718.80 730.70 806.45 5.25 95.25
32 719.25 774.10 808.90 5.50 96.50
33 719.75 774.60 807.40 5.75 97.75
34 720.40 775.156 807.95 6.00 83.00
35 721.05 775.75 808.55 6.25 84.25
36 721.80 776.45 809.25 6.50 85.50
37 722.85 777.25 810.05 6.75 86.75
38 723.60 778.15 810.95 7.00 88.00
39 724.85 779.15 811.90 7.25 89.25
40 725.80 780.25 812.95 7.50 90.50
41 727.15 781.50 814.10 7.75 91.75
42 728.80 782.80 815.35 8.00 93.00
43 730.25 784.25 816.65 8.25 94.25
44 732.10 785.90 818.10 8.50 95.50
45 734.10 787.60 819.60 8.75 95.75
46 736.30 788.45 821.20 9.00 82.00
47 738.85 791.40 822.95 9.25 83.00
ANNEXURE - 1 ANNEXURE - 3
Single Premium for 1000 SA S.S.V. Factors
Age / Term 9 12 15 Completed Duration in Years S.S.V. Factor As % of Paid-up Value
48 741.20 793.45 824.80 9.50 84.00
49 743.85 795.80 828.80 9.75 85.00
50 746.60 787.90 828.95 10.00 88.00
51 748.45 800.40 831.25 10.25 87.00
52 762.40 803.00 833.8O 10.50 88.00
53 755.60 805.85 836.10 10.75 89.00
54 758.00 808.90 838.80 11.00 90.25
55 762.65 811.95 841.75 11.25 91.50
56 768.85 816.20 844.90 11.50 92.75
57 770.85 818.75 848.20 11.75 94.00
58 775.10 822.65 851.75 12.00 81.00
59 779.75 828.85 855.50 12.25 82.50
60 784.80 831.30 859.35 12.58 84.00
61 790.50 838.15 - 12.75 85.50
62 798.45 841.10 - 13.00 87.00
63 802.70 - . 13.25 88.50
64 809.40 . . 13.50 90.00
65 816.25 . . 13.75 91.50
66 823.15 - . 14.00 93.00
14.25 94.50
14.50 96.00
14.75 97.50
It has been decided to introduce LIC's Bima Bachat (plan no.175) with effect from 14th November, 2005.
1. INTRODUCTlON:
This is a single premium money back type plan where Single Premium paid under the policy shall be paid back to the policyholder along with Loyalty Additions, if any, on maturity. In addition, the survival benefit installments are payable on survival of the policyholder till the specified durations. The plan also provides for the payment of Sum Assured in case of death during the term of the policy irrespective of whether or not any survival benefits have been paid earlier. No rider benefits shall be available.
2. BENEFITS:
Death Benefit: On death of the Life Assured during the term of the policy, an amount equal to the Sum Assured ¬shall be payable.
Survival Benefit: In case the life Assured is surviving to the end of the specified durations the following benefit shall be payable:
Policy term 9 years: 15% of the Sum Assured at the end of 3rd & 6th policy year
Policy term 12 years: 15% of the Sum Assured at the end of 3rd, 6th & 9th policy year.
Policy term 15 years: 15% of the Sum Assured at the end of 3rd, 6th, 9th & 12th policy
year
Maturity Benefit: Single Premium paid excluding extra premium along with Loyalty Additions, If any, shall be payable in case of Life Assured surviving to the end of the term.
3. LOYALTY ADDITIONS:
This is a participating plan and the policy shall participate In the proms of the Corporation’s with-profits assurance business. The policy shall, however not be eligible for reversionary bonuses and shall participate to a share of profits in the form of Loyally Addition (one time) only payable on maturity. On the Life Assured surviving, the stipulated date of maturity, the policy may be eligible for payment of Loyalty Addition, if any, depending upon the experience of the Corporation at such rate and on such terms as may be declared by the Corporation.
4. LOAN:
Loan facility is available under this plan. The rate of Interest to be charged for loan amount would be determined from time to time by the Corporation. Presently the rate of interest is 9% p.a. payable half-yearly.
5. REBATES / INCENTIVE FOR HIGH SUM ASSURED:
High Sum Assured Rebates (As Percentage of Basic Tabular Premium):
Less than Rs.50,000 : NIL
Rs.50,000 to less than Rs.1,00,000 : 5%
Rs.1,00,000 to less than Rs.2,00,000 : 7%
Rs.2,00,000 and above : 8%
6. CEIS REBATE:
The rebate for eligible employees of the Corporation shall be @ 2% of the Tabular Premium for the basic plan.
7. MODES OF PREMIUM PAYMENTS:
Premium is payable once at the beginning of policy term.
8. ELIGIBILITY CONDITIONS AND RESTRICTIONS:
Minimum age at entry: 15 years (completed)
Maximum age at entry : 66 years nearer birthday
Maximum age at maturity: 75 years nearer birthday
Terms : 9, 12 or 15 years.
Minimum Sum Assured: Rs.20.000/-
Maximum Sum assured: No limit
Sum Assured will be in multiples of Rs.5,000I- only.
9. PREMIUM RATES:
As enclosed In Annexure 1.
10. EXTRA PREMIUM RATES:
As enclosed In Annexure 2.
11. CREDIT:
Commission to Agents, Corporate Agents and Brokers Is payable 0 2% of the Single Premium received. No Bonus Commission will be payable.'
Development Office’s Credit for Incentive: 5% of Single premium
12. UNDERWRITING, AGE PROOF AND MEDICAL REQUlREMENTS:
Same as Blma Nlvesh Plan.
13. SURRENDER VALUES (G8V,SSV):
The policy can be surrendered for cash after completion of at least one policy year. The Guaranteed Surrender Value is equal to 90 per cent of the Single Premium paid excluding extra premium paid and the survival benefits paid earlier.
For calculation of Special Surrender Value, the amount of Single Premium paid excluding any extra/optional premium shall be taken as paid-up value and Surrender Value Factors for quarterly elapsed durations are given In Annexure 3.
14. NORMAL REQUIREMENTS FOR CLAIM:
The normal documents which the claimant shall submit while lodging the claim in case of death of the policyholder shall be the claim forms, as prescribed by the Corporation, accompanied with the original policy document, proof of title, proof of death, proof of accident/disability, medical treatment prior to death, employer's certificate, whichever is applicable, to the satisfaction of the Corporation. If the age is not admitted under the policy, the proof of age of the Life Assured shall also be submitted.
Where the policy results into a maturity claim or in case of surrender of the policy, the Life Assured shall submit the discharge form along with the original policy document besides proof of age, If the age Is not admitted earlier.
15. COOLING-OFF PERIOD:
If a policy holder is not satisfied with the "Terms and Conditions” of the policy, he/she may return the policy to the Corporation within 15 days from the date of receipt of the policy.
16. BACK DATING INTEREST:
The policies can be dated back within the financial year, as usual. Back- dating interest will be charged al the rate of 9% p.a. for dating back in excess of one month. This rate is subject to revision. The Interest shall be charged even where the policy is beck dated to a lean month. .
17. POLICY STAMPING:
Policy stamping charges will be 20 paise per thousand Sum Assured.
18. REINSURANCE:
There will be no reinsurance under this plan.
19. ASSIGNMENT / NOMINATIONS:
Notice of assignment or change of nomination should be submitted for registration to the office of the Corporation, where this policy is serviced. In registering an assignment or nomination the Corporation does not accept any responsibility or express any opinion as to its validity or legal effect.
20. PROPOSAL FORM: Proposal Form No. 300 or 340 will be used for the plan.
21. POLICY DOCUMENT: A specimen copy of the Policy Document is enclosed as
Annexure 4.
Chief (Actuarial)
ANNEXURE - 1 ANNEXURE - 3
Single Premium for 1000 SA S.S.V. Factors
Age / Term 9 12 15 Completed Duration in Years S.S.V. Factor As % of Paid-up Value
14 718.20 771.20 803.80 1.00 90.25
15 716.40 771.35 804.00 1.25 91.50
16 716.80 771. 50 804.10 1.50 92.75
17 718.80 771.60 804.20 1.75 94.00
11 716.95 771.70 804.25 2.00 95.25
19 717.05 771.80 804.35 2.25 95.50
20 717.20 771.85 804.40 2.50 97.75
21 717.30 771.95 804.50 2.75 99.00
22 717.35 772.00 804.50 3.00 84.00
23 717.40 772.05 804.65 3.25 85.25
U 717.50 772.15 804.80 3.50 86.50
25 717.55 772.25 804.95 3.75 87.75
26 717.65 772.40 805.10 4.00 89.00
27 717.75 772.55 805.30 4.25 90.25
28 717.95 772.75 805.55 4.50 91.50
29 718.15 773.00 805.80 4.75 92.75
30 718.45 773.35 806.10 5.00 94.00
31 718.80 730.70 806.45 5.25 95.25
32 719.25 774.10 808.90 5.50 96.50
33 719.75 774.60 807.40 5.75 97.75
34 720.40 775.156 807.95 6.00 83.00
35 721.05 775.75 808.55 6.25 84.25
36 721.80 776.45 809.25 6.50 85.50
37 722.85 777.25 810.05 6.75 86.75
38 723.60 778.15 810.95 7.00 88.00
39 724.85 779.15 811.90 7.25 89.25
40 725.80 780.25 812.95 7.50 90.50
41 727.15 781.50 814.10 7.75 91.75
42 728.80 782.80 815.35 8.00 93.00
43 730.25 784.25 816.65 8.25 94.25
44 732.10 785.90 818.10 8.50 95.50
45 734.10 787.60 819.60 8.75 95.75
46 736.30 788.45 821.20 9.00 82.00
47 738.85 791.40 822.95 9.25 83.00
ANNEXURE - 1 ANNEXURE - 3
Single Premium for 1000 SA S.S.V. Factors
Age / Term 9 12 15 Completed Duration in Years S.S.V. Factor As % of Paid-up Value
48 741.20 793.45 824.80 9.50 84.00
49 743.85 795.80 828.80 9.75 85.00
50 746.60 787.90 828.95 10.00 88.00
51 748.45 800.40 831.25 10.25 87.00
52 762.40 803.00 833.8O 10.50 88.00
53 755.60 805.85 836.10 10.75 89.00
54 758.00 808.90 838.80 11.00 90.25
55 762.65 811.95 841.75 11.25 91.50
56 768.85 816.20 844.90 11.50 92.75
57 770.85 818.75 848.20 11.75 94.00
58 775.10 822.65 851.75 12.00 81.00
59 779.75 828.85 855.50 12.25 82.50
60 784.80 831.30 859.35 12.58 84.00
61 790.50 838.15 - 12.75 85.50
62 798.45 841.10 - 13.00 87.00
63 802.70 - . 13.25 88.50
64 809.40 . . 13.50 90.00
65 816.25 . . 13.75 91.50
66 823.15 - . 14.00 93.00
14.25 94.50
14.50 96.00
14.75 97.50
NEW BUSINESS DURING THE YEAR 1/4/2006 TO 31/3/2007
Profile – 2006-2007
The Life Insurance Corporation of India has been a nation-builder since its formation in 1956. The performance of LIC has been exemplary and has been growing from strength to strength be it customer base, agency network, branch office network, new business premium and the like and has significant role in spreading life insurance widely across the country. True to the objectives of nationalisation, the LIC has mobilised the funds invested by the people for life insurance for the benefit of the community at large. Today in the current scenario, our vision is to emerge as a world class customer centric organisation.
Some highlights of our performance are as follows:
NEW BUSINESS DURING THE YEAR 1/4/2006 TO 31/3/2007
( Individual Assurances )
Policies
(in lakh) Sum Assured (in crore) First Premium Income(in crore)
COMPOSITE 382.09 3,03,115.54 39,541.58
Growth Rate
21.02 %
5.42 %
118.64 %
PENSION & GROUP BUSINESS & SOCIAL SECURITY SCHEMES
ACHIEVEMENT FROM 1.4.2006 TO 31.03.2007
Pension & Group Schemes Growth Rate Social Security Schemes Growth Rate
No. of New lives 84.02 lac 64 % 57.48 lac -9 %
Premium Income (Rs. In crore) 11282.58 188 % 94.34 61%
BUSINESS IN FORCE AS ON 31.3.2007
Policies (in crore) Sum Assured
(Rs. in crore)
Individual Assurances 21.26 15,90,877
Group Insurance(lives) 4.19 3,24,716
Other Parameters 1/4/06 TO 31/03/07
(Rs. In Crores)
1. Total Income: Rs.1,74,424.76
2. Total Premium Income: Rs.1,27,782.26
3. Amount of claims paid: Rs. 36,537.22
4. Total Life Fund: Rs.5,60,806 (As on 31.3.07)
5. Total Assets: Rs.6,51,883 (As on 31.3.07)
PEOPLE'S MONEY FOR PEOPLE'S WELFARE
The Life Insurance Corporation of India has been a nation- builder since its formation in 1956. True to the objectives of nationalization, the LIC has mobilised the funds invested by the people in life insurance for the benefit of the community at large.
The Corporation has deployed the funds to the best advantage of the policyholders as well as the community as a whole, true to the spirit of nationalisation. National priorities and obligation of reasonable returns to the policy holders are the main criteria of our investments.
The total funds, so invested for the benefit of the community at large accumulated to Rs. 6,13,266.58 crore as on 31st March, 2007. The investment of the Corporation's funds is governed by Section 27A of the Insurance Act, 1938, subsequent guidelines / instructions issued thereunder by the Government of India from time to time, and the IRDA by way of regulations. As per the prescribed investment pattern approved by
IRDA, the controlled funds are invested as follows:-
Not less than 50% is invested in Govt. Securities or other approved Investments.
Not less than 15% is invested in infrastructural and social sector Investments.
Not exceeding 35% in others to be governed by exposure prudential norms.
Awards Won
We enlist some of the recent awards received by LIC:
1. Outlook Money NDTV Profit –“ Best Life Insurer Award “ was conferred upon LIC
2. LIC has also won the “Golden Peacock Award” for Excellence in Corporate Governance
3. “Web 18-Genius of the Web Award” was also conferred on us for the best website in Insurance Category.
4. Adjudged “Number One Service Brand” in India by Economic Times and AC Neilsen ORG Marg for the year 2007 for the fourth consecutive year.
5. Award for “Customer and Brand Loyalty” in the Insurance Sector
6. LIC adjudged as “ Best Life Insurance Company of the Year “-at the Second NDTV Profit Business Leadership Awards-2007
7. LIC adjudged the “ Most Preferred Life Insurance Company of the Year” at the CNBC Awaaz Consumer Awards 2007 third time in succession.
8. Awarded Reader Digest’s “Trusted Brand” 2006 (voted by consumers) as well as 2007
9. Largest Financial Institutional Investor – both in equity market and term loans.
10. LIC - An Institution Builder promoting many financial and insurance institutes like NSE, NCDEX, LIC Mutual Fund, Stock Holding Corporation of India, National Insurance Academy, Insurance Institute of India etc.
11. LIC is the second largest PC user in the country.
OUR PRODUCTS
1. We have in our basket of schemes more than 40 different plans catering to the changing needs of different segments of the society – basic insurance plans ( whole life, endowment and money back), Term Assurance Plans, Pension Plans, Capital market linked Plans etc.
2. Our New product launches
1. New Bima Gold
2. Gratuity Plus
3. Jeevan Madhur (Micro Insurance)
4. Market Plus
5. Child Career Plan & Child Future Plan.
6. Jeevan Amrit
7. Fortune Plus
8. Profit Plus
CLAIM SETTLEMENT PERFORMANCE (2006-2007)
1. Total Claims Settled – Over 132 lakh claims.
2. LIC settles over 45600 claims every working day i.e.2.21 claims per second.
3. 96.99% of Maturity Claims are settled on or before the date of maturity.
4. 92.06% of Non-early Death Claims are settled within 20 days of intimation.
5. O/s Claims Ratio – (Maturity + SB) is 0.07 %, Death Claims is 2.03 %
Customer Centric Initiatives
Claims Review Committee :
The Corporation settles a large number of death claims every year. Only in case of fraudulent suppression of material information will the liability be repudiated. The number of death claims repudiated is, however, very small. Even in these cases, an opportunity is given to the claimant to make a representation for consideration by the Review Committees at the Zonal Office and the Central Office. As a result of such review, depending on the merits of each case, appropriate decisions are taken. The Claims Review Committees at the Central and Zonal Offices have among other members a retired High Court / District Court Judge.
Grievance Redressal Machinery :
Policyholders' Grievance Redressal Cells exist in all the Offices of the Corporation, headed by Senior Officers who can be approached by policyholders for redressal of their grievances, on any day but particularly on every Monday between 2.30 p.m. and 4.30 p.m.without prior appointment.
All Branch Offices -Chief Manager / Sr./ Branch Manager
All Divisional Offices -Marketing Manager
All Zonal Offices -Regional Manager (CRM)
Central Office -Executive Director / Chief / Secretary (CRM)
The policyholder can avail of himself / herself the facility of toll-free telephone systems in Delhi and Mumbai or contact us through the LIC website www.licindia.in. LIC's website is rich in information on products / services.
Scheme of Ombudsman :
The Grievance machinery has been further expanded with the appointment of the Insurance Ombudsman by the Government of India at different Centres. Complaints of the following types come within the purview of thje Ombudsman's consideration.
* Repudiation of liability under claims.
* Delay in settlement of claims.
* Any dispute regarding premiums paid or payable in respect of the policy.
* Any dispute regarding the legal construction of the policies in relation to a claim; and
* Non-issue of insurance document to customer after receipt of premium.
ALTERNATIVE PREMIUM PAYMENT CHANNELS
1) Internet Payment :
As many as seven Banks - HDFC, ICICI, Centurian Bank of Punjab, AXIS Bank, Corporation Bank, Federal Bank and Citibank and Bill Collection Service Providers - Billjunction.com, and Billdesk.com are our Service Providers. Any policyholder who has a bank account in India can use this facility.
2)Electronic Clearing Service (ECS) :
This service is currently available in selected cities. It will be extended to other Centres where the RBI has extended their ECS facility. A policyholder having an account in any Bank which is a member of the local Clearing House can opt for ECS debit to pay premiums. The advantage in this system is that once the option is exercised, the policyholder need not visit a Branch for payingthe premium or collecting the receipts. On the day indicated by the policyholder, the premium amount will be directly debited to the Bank Account of the policyholder and the receipt will be issued by the designated Branch Office.
ECS Monthly Mode : ECS channel of premium payment for Monthly mode policies introduced from proposal stage for all plans without the 5% extra charge. The Mandate Form, duly certified by the Banker has to be submitted along with the Proposal Form for new policy. You can download the mandate form from our website www.licindia.in
3) ATMs of Corporation Bank and AXIS Bank :
Premium can be paid through the ATMs of Corporation Bank and AXIS Bank. This service is available for Corporation Bank and AXIS Bank Account Holders who are also our policyholders. Policy information will be available at the ATM during the days of grace for premium payment. On payment of premium, the policyholder will get an acknowledgement reciept from the ATM and later on, a designated Branch will send the actual receipt to the policyholder.
Online collection of premium through AXIS Bank : Renewal Premium can be paid at all AXIS Bank Branches either by using AXIS Bank cheques and/or by cash. A receipt is generated by the Bank and signed on behalf of LIC by the AXIS Bank Official and handed over to the customer.
Portal : The policyholder has to enroll his/her policies at our corporate web site: www.licindia.in and can pay premium by clicking on the Online Premium Payment tab. This facility is available only for customers having access to net banking facility of the following select banks - Bank of India, Union Bank of India, Punjab National Bank, State Bank of India, State Bank of Indore, HDFC, ICICI Bank, AXIS Bank, Citi Bank, IDBI Bank, Centurion Bank of Punjab, IndusInd Bank, ABN AMRO Bank, Kotak Bank, Bank of Baroda and two service providers billjunction.com, billdesk.com .
The premium receipt can be printed online and will also be e-mailed to the policyholder at the same time.
INFORMATION TECHNOLOGY IN LIC
Having been one of the very first and largest users of I.T. In terms of hardware and in-house developed software, LIC of India has adapted its existing technologies and new emerging technologies to meet the changing needs.
1) All the job processes of Branch Offices have been Computerised.
2) All 2048 Branch Offices are now connected through the Wide Area Network.
3) Customer-centric initiatives:
* Portal for our customers has been set up. This portal will be a single outlet for an array services. These services include policy status, bonus calculation, loan quotation, list of lapsed policies along with revival quotation, premium calendar, change of address, doctor locator, agent locator, premium payment gateway.
* A similar portal is available also for agents.
* Enterprise Document Management System to mack LIC a paperless office is to tack off shortly
INFO CENTERS
With a view to help customers interact easily from place of theirconvenience, LIC has set up INFO CENTERS in the following 8 places Delhi, Kolkata, Mumbai, Ahmedabad, Pune, Hyderabad, Bangalore and Chennai. The INFO CENTERS and IVRS have been integrated and can be accessed through a universal Access Number: 1251. The INFO CENTERS work from 8 AM to 8 PM from Monday to Friday and from 10 AM to 6 PM on Saturdays. INFO CENTERS provide information on products, policy status, policy servicing, Telephone Nos. and addresses of our Offices and any other information the customer would want.
SATELLITE OFFICES
With a vision of providing easy access to its policyholders, LIC has launched 159 SATELLITE OFFICES offices. These satellite offices, which are attached to the respective parent branches, are basically an extension of the large parent branches for services to policy holders. Processing of new proposals and collection of renewal premium are main functions of these offices.
NEW OFFICES
A new East-Central Zonal Office has been opened at Patna, catering to the needs of the states of Bihar, Jharkhand and Orissa. Five New Divisions have been formed namely – Faizabad, Shimoga, Pune II Rohtak, Kharagpur.
OUR SOCIAL RESPONSIBILITY
LIC offers life insurance protection under group policies to various groups such as employer-empoyee, co-operatives, weaker sections of society etc. and insurance coverage to people at subsidized rates under social security group schems like Janashree Bima Yojana. Aam Admi Bima Yojana - It is a Scheme for Rural Landless Households. The scheme is of the Central and State / Union Territory Governments and administered by LIC.
Jeevan Madhur - LIC has launched a micro-insurance cum savings plan with profits wherein premiums can be paid in weekly, fortnightly, monthly, quarterly, half-yearly or yearly intervals was introduced last year. The sum assured varies from Rs 5000/- to Rs 30,000/-.
Golden Jubilee Foundation was formed with a view to channelise our social responsibilities and to give a formal shape to the same a public trust named Golden Jubilee Foundation was formed with a purpose of undertaking charitable activities namely, relief of poverty or distress, education, medical relief and advancement of any other object of general public utility.