When it comes to insurance most of us prefer Life Insurance Corporation of India or simply put LIC. They are the largest insurance company in the country with a whooping market share of 78% and growing. The 55-year-old firm boasts of its nationwide presence with offices and agents in every nook and corner. Apart from the basic life insurance schemes, LIC now offers endowment funds, ULIP, health insurance products, etc. Recently I’ve also joined the LIC family preferring the Jeevan Aanad plan.
LIC Jeevan Anand is a unique insurance product with several benefits. In this Policy, you can pay the premium yearly, half-yearly, quarterly, or in every month. At the end of the policy term you’ll get a lump sum or the fund value with bonuses, loyalty additions, etc. but even after that the risk cover remains the same for the lifetime, and later the company will pay an additional sum upon the death of the insured person. This policy is so attractive that I paid the premium immediately after learning the details from my local LIC agent..
During the first-year an LIC agent has been visiting my home to collect the premium amount. Now that I moved to another city, I’m using the internet facility provided by LIC of India for checking my policy updates. In this article, I’ll show you how you can check your LIC policy status, fund value ( for ULIP plans), NAV of units, maturity date and pay the premium online using the official LIC India website.
Check LIC Policy Status:
First, register a new LIC India account here. The registration requires policy number, exact premium amount, date of birth of the insured person and a valid email ID. Fill the form with details referring your policy certificate. You’ll be taken to the policy enrollment page after registration and verification, if not go to LIC India home page and login with your new username and password.
Upon logging in you’ll see some choices as shown above. Now find the Enroll Policies link from the left side of the portal. All existing polices registered in the site will be listed here. Click on the Add a new Policy link to register another policy to the account. Then in the next window enter LIC policy number, premium amount and correct name of the policy holder in the boxes provided. Now you can access the current status of your LIC policy using various tools provided in the site.
View Enrolled Policies: Click on this link to find Policy number, Plan details, term, bonus and loan eligibility. As per LIC terms, you need to pay the premium for at least three consecutive years to be eligible for loan and bonus.
Revival Quote: Provide the amount required to reactivate a lapsed LIC policy.
Policy Maturity: It Gives particulars of policies that have reached or approaching maturity date. Similarly, the site has other preferences to find payment schedules, get the statement of premium already paid, register general complaints and to locate LIC agents/offices in India.
LIC Policy status on Mobile: Now you can get the details of your LIC policy by sending simple SMS instructions to 56677. The format and supported commands are given below.
Pay LIC Premium online: Like other insurance companies out there, LIC accepts internet-based payments. Before paying any premium online make sure that you update your LIC account profile with phone number, email address and account related alert options. After that click on Pay Premium Online link at the top right side of the LIC India account. Then select the type of policy. Regular insurance schemes and endowment plans falls in Conventional Policies category, and the new-age market linked insurance+ Investment plans goes to the ULIP category. In the next page , choose the appropriate policy, tick Pay Prm button and go-ahead to the payment page. You will get a digital receipt and SMS alert on successful premium transfer.
LIC Policy fund value: Those who have invested in LIC ULIP plans would be concerned about their fund value. In such plans, the premium paid (after charges) is used to purchase units at NAV or Net Asset Value. Depending upon the remittance pattern the units will increase/decrease-and the total fund value is the product of the number of units and latest NAV value. The up-to date NAV of different LIC plans is given in this website. Just multiply it with the number of units ( refer online statement) to calculate the current policy value.