Life Insurance Archives - Page 10 of 14 -

All you need to know about sites comparing insurance products

23/10/202230/08/2016 by Dipti R Barik

You might have come across many websites which are comparing the insurance plans premiums and collecting data about the interested person through their online portals. These sites are called Web Aggregators. “Web Aggregator” – For the purpose of these guidelines, a web aggregator is a Company registered under Companies Act, 1956 (1 of 1956), approved … Read more

LIC changed agency MBG criteria for agents

13/09/202323/08/2016 by Dipti R Barik

Ahead of its Diamond Jubilee year Life Insurance Corporation of India has given a good gift to its agents by changing various norm related to MBG criteria and eligibility norms related to recruitment of agent. This step will be beneficial for both agents as well as Development Officer of LIC. Earlier the MBG criteria for … Read more

Direct debit facility for LIC premium payment

23/10/202222/08/2016 by Dipti R Barik

Have you missed to deposit your last LIC premium on time? Do find remembering the premium due dates a tiresome process? Do you have multiple policies with different due dates? You want to take policy in ECS mode but your bank is not connected to any ECS center? Then Direct debit facility is the solution … Read more

Types of revival for lapsed LIC policies

23/10/202211/08/2016 by Dipti R Barik

To keep the risk cover in force in your LIC policy a policyholder must pay his/her insurance premium on time or within the grace period. If a policyholder failed to do so then his policy became lapse, and no risk cover is available under that policy. To restart the risk cover in the policy, a … Read more

How to protect yourself from insurance frauds

18/09/202303/08/2016 by Dipti R Barik

Lots of Insurance frauds are in the news of various newspapers, Fraudsters using various means to cheat people, they are using phone calls claiming themselves officers of IRDA, preparing duplicate policy bonds, imposing as an insurance agent with false ID cards and much more that we cannot imagine. Insurance scam: Crime branch arrests man … Read more

LIC's New Plan Jeevan Labh (Plan no. 836)

23/10/202217/07/2016 by Dipti R Barik

LIC of India’s Jeevan Labh (Plan No. 836) is a limited premium paying, non-linked, with-profit endowment assurance Plan. Unique identification number (UIN) of Jeevan Labh plan is 512N304V01. This policy is available from a child of 8 years old to a person of age 59. The main feature of this plan is a very limited … Read more

LIC of India's New insurance plan "Jeevan Tarun" (Plan No. 834)

11/07/2016 by Dipti R Barik

The new policy is named as Jeevan Tarun (Plan No. 834), and it’s a non-linked, with profit, limited premium payment policy, specially designed to meet the requirement of growing children. Premium paying term is 5 years less that the policy term. In this plan, proposer can choose any of the four options for survival benefit … Read more

Diferment of escalation clause for LIC of India's Club Member agents

23/10/202207/06/2016 by Dipti R Barik

Escalation Clause for LIC club member agents

In my earlier post “Conditions for Club membership for FY 2015-16 for LIC agents” I mentioned about the escalation clause and commission required to qualify for the particular club for the financial year 2015-16 for new as well as continuing club members. The escalation clause is a yearly increase in commission by 5% compared to last year, and it was effective from 2013-14 for new entrants and 2014-15 for continuing club members. But as per the new circular of ~~LIC Mkt/A/21(R) dated 01/07/2015~~ dated 06/06/2016 escalation clause has been reviewed.