The policy bond is the document that is given to you after we accept your proposal for insurance.
The risk coverage commences after acceptance of your proposal and the conditions and privileges of your policy are mentioned in the policy bond. This is an important document which would be referred to for various servicing interactions with you – Keep the policy bond safe. It will be required at the time of settlement of claims on the policy.
You will also require it if you are availing a loan or want to assign the policy. Inform your spouse/Parents/Children as to where the policy is kept. contact us if your policy bond is lost

To ensure that you get the best out of your policy please read our guidelines carefully. Keep the policy bond safe.
It will be required at the time of maturity or Survival Benefit.
You will also require it if you are availing a loan or want to assign your policy.
Inform your spouse/Parents/Children as to where the policy is kept.
When you shift residences, please inform the new address to us. Otherwise any communication we send to you, like premium notices, discharge vouchers, etc., will get delayed in reaching you.
Ensure that the nominees name is correctly incorporated in the policy bond. Remember to pay your premium in time.
Due months in which premium is due is given in policy bond.
Check your policy bond and see if your date of birth is correctly given therein.
In case you are handing over the policy bond to any person or office, including the LIC office please take a written acknowledgement.
When your Survival Benefits (For Money back policies) or maturity benefits are due, we send intimations to your three months in advance.
If such intimations have not come to your even within one month of the due date kindly inform us so that we may take necessary action.
When in doubt call your agent or the Branch from where you took the policy.

The policy number is consisting of nine digits and can be found at the top left hand corner of the schedule of your policy bond.
Every policy is taken for different types of needs; therefore the conditions for your policy will vary according to the Plan and Term of the policy.
The second page on wards carries the various policy conditions like risk coverage, additional risks coverage if opted for, standard benefits that are available for all policies, accident benefit if opted for, exclusion of risks if any and other conditions that govern the contract of insurance.
The policy schedule contains on the first page of your policy, like the ones mentioned above as well as other information like nominee, your address etc. It also shows the date of commencement of your policy, date of birth, date of maturity, due dates and months in which the renewal premiums are to be paid etc.
Apart from death benefits there are other standard benefits and benefits opted by the policyholder, which you might want to familiarize yourself with (Click here to know more about various types of policy conditions and their implications).

When your Survival Benefits (For Money back policies) or maturity benefits are due, we send intimations to you in advance.
However, if the survival benefit amount is less than or equal to Rs.500,000/- the same will be sent to you directly without policy or discharge forms with a few exceptions.
If such intimations have not come to you before the due date kindly inform us so that we may take necessary action. contact us for any maturity benefit related query

There may be instances when you would like to make alterations in your policy like change of premium payment mode, reduction in premium paying term etc. Your applications may be given in writing to the branch that services your policy for our further action. There are different types of alterations that are allowed on life insurance policies. You can click here to know more.

This is the value which is the amount payable to you should you decide to discontinue the policy and encash the same from LIC.
Surrender value is payable only after three full years premiums are paid to LIC.
Surrender of policy is not recommended since the surrender value would always be proportionately low. Should you decide to go in for another insurance at this stage further insurance would be available to you at a much higher premium because your age would have advanced since taking out the earlier policy.
Therefore retention of earlier policies and continuation of all policies without allowing them to lapse is the best strategy for continuing life insurance protection.

While applying for a duplicate policy. In case you are sure that the policy bond is untraceable due to unknown causes, there is a simple procedure to comply with while applying for the duplicate policy at the branch that services your policy.
Kindly make a thorough search before concluding that you have lost the policy bond. Look for the same within your residence, among your investment papers, at your office and even with your agent to whom you might have entrusted the document for some reason. It could have been even pledged with LIC/any other financial institution for availing a loan by you.
LIC retains the policy bond when you go in for a loan against the policy. Make sure that the document you are searching is not one that has already been assigned to LIC, or to another financial institution.
If the policy bond is partially destroyed due to natural causes like, fire, flood, etc, the remaining portion may be returned as evidence of loss of policy to LIC,
Know more about forms to be completed in case of policybond is lost

Many of our plans are of endowment type and you would be allowed to raise a loan against your policy should you require funds.
You repay the loan with interest or continue paying the interest and allow the loan to be deducted at the time of the claim payments.
Further loans on policies are also allowed after deduction of earlier out standings.
Apply for loan on LIC policy.

Without your latest address LIC would not be in a position to contact you for any service offering.
Your address is very important for us.
Whenever you shift residences, please inform the new address to LIC. Otherwise any communication LIC send to you, like premium notices, discharge vouchers for maturity and survival benefits etc., will get delayed in reaching you.
LIC provides for change of addresses, inclusion of telephone numbers, mobile numbers and email addresses in your contact addresses information. Kindly inform your servicing branch to incorporate the same in your policy records.

If your policy has lapsed due to non-payment of premiums within the due date, the terms and conditions of the policy contract are rendered void, till you revive your policy.
A lapsed policy has to be revived by payment of the accumulated premiums with interest as well as giving the health requirements as required.
Always keep your policy in force to ensure that your family gets their financial protection assured by your policy.
If premiums under a policy are not paid within Days of Grace, the policy lapses. A lapsed policy can be revived as per the plan conditions on submission of proof of continued insurability to the satisfaction of the Corporation and payment of all arrears of premiums together with interest at such rate as fixed by the Corporation from time to time.
The Corporation however reserves the right to accept at original terms, accept with modified terms or decline revival of a discontinued policy.
The revival of the discontinued policy shall take effect only after the same is approved by the Corporation.
The cost of Medical Reports, including Special Reports, if any, required for the purpose of Revival of the policy shall be borne by the Life Assured.
Get your lapsed LIC policy revived here

Check your policy bond and see if your date of birth is correctly given therein. This is one of the factors on which the premiums you pay for your policy is arrived at. This would also form the basis of all future policies you might avail from us. In case your earlier policies do not have your date of birth incorporated and you do have a date of birth certificate issued by the competent authority, you may send an attested copy of the same to us, with a request to admit your age
The Proofs of age, which are generally acceptable to the Corporation, are as under:
● Certified extract from Municipal or other records made at the time of birth.
● Certificate of Baptism or certified extract from family Bible if it contains age or date of birth.
● Certified extract from School or College if age or date of birth is stated therein.
● Certified extract from Service Register in case of Govt. employees and employees of Quasi-Govt. institutions including Public Limited Companies and Pass port issued by the Pass port Authorities in India.
Start age correction process here

> By cash, local cheque, Demand Draft at Branch Office.
You can pay your premiums at any of our Branches as 100% of our Branches are networked.
> A policyholder can pay premium online without visiting the servicing branch. The option is available in CUSTOMER PORTAL under Online Payments Tab. Policyholder can also pay it by using PAY DIRECT option after keying in relevant information like Policy number, Insurance Premium, Date of Birth, Mobile number and Email id. E-Receipt will be sent to the email id registered by the policyholder and it will also be available in his/her Portal account.
> LIC premiums can be paid by using Net Banking accounts with following banks: For Authorized Banks Click Here. Other modes of payment are Debit-Cards (VISA/MASTER/RUPAY), Wallets, Payment banks, UPI and Credit cards (AMEX/VISA/MASTER/RUPAY). There are no charges for payment through Debit-card, Net-banking, Wallet and UPI.
> Payments through Credit Cards are subject to a "Convenience fee". The "Convenience Fee" applicable is entirely absorbed by LIC.
> The premium receipt for the payment through Portal/Pay Direct can be printed online and will also be e-mailed to the Policy Holder at the same time. Simultaneously successful/unsuccessful transaction message will be flashed.
> Policy holder can also opt for payment of premium through NACH mode where mandate to debit the premium from bank account as and when due is to be submitted.

The nominee is statutorily recognized as a payee who can give a valid discharge to the Corporation for the payment of policy monies.
The nominee is the person to whom the insurance claim amounts would be payable, in case anything unfortunate within the purview of the policy conditions happens to you.
Ensure that the nominees name is correctly incorporated in the policy bond.
Nomination will be incorporated in the text of the policy at the time of its issue. After the policy is prepared and issued and if no Nomination has been incorporated the assured can ordinarily affect the nomination only by an endorsement on the policy itself.
A nomination made in this manner is required to be notified to the Corporation and registered by it in its records.
You may change the nomination in your policy any time during the lifetime of the policy In case you have not included the name of the nominee till now, please do not delay; inform us your nomination immediately. Kindly note that the change of nomination has to be done in the branch that services your policy.
The policy is usually taken by you to benefit your family – nominate the persons who’ll have the welfare of your family in your absence; the usual preferences being spouse and children. You may nominate even minors like your children, in which case you have to name another person who’ll have the welfare of the minor children, as an appointee.
Nomination in favour of a stranger cannot be made as there is no insurable interest and moral hazard may be involved.  Where nomination is made in favour of successive nominees, i.e., nominee “A” failing him to nominee “B” failing whom nominee “C”, the nomination in favour of one individual in the order mentioned will be considered.
Where the nominee is a minor, an appointee has to be appointed to receive the monies in the event of the assured’s death during the minority of the nominee. No nomination can be made under a policy financed from HUF funds.

In case you have not paid the premium within the due date there is still time for you to make the payments without payment of interest on the premium. This period is called the grace period.
Remember to pay your premium in time, even if our notices do not reach you. There may be a postal delay. LIC usually sends premium notices one month in advance to the due month of the premium. The due months of the premium are given in front page of the Policy bond.
The grace period for policies where the premium payment mode is monthly is 15 days from the due date. The grace period for policies where the premium payment mode is quarterly, half-yearly or yearly is one month but not less than30 days.

The information contained herein is only to guide you and does not purport to be binding on either party. The contractual implications of your policy will be subject to the terms and conditions of your proposal and the policy document issued to you. They may be also subject to the rules and regulations of the corporation notified from time to time which may be subject to revision and change. The contract will also be subject to the prevailing laws of the country. contact us any query regarding LIC