Life Insurance Archives - Page 12 of 14 -

What is claim settlement option in LIC of India

23/10/202201/12/2015 by Dipti R Barik

Settlement Option! have you wondered what is this? Lump sum amount in LIC of India is payable when policy exit by way of maturity claim or death claim (or as per the policy conditions). But, if claimant (Policy holder/nominee) want this amount to be payable in installment over a period of time, then this amount … Read more

Swachh bharat cess on Insurance premium

23/10/202219/11/2015 by Dipti R Barik

Government vide Notification No. 22/2015-Service Tax dated 6 November 2015, has imposed a Swachh Bharat Cess (SBS)at the rate of 0.5% on all services, which are presently liable to service tax with effect from 15 Novemeber,2015. Hence the revised rate (effective from 15/11/2015) shall be 14% Service tax plus 0.50% SBS i.e. 14.50%. Impact of Swachh … Read more

Special revival campaign of LIC now extended

23/10/202229/10/2015 by Dipti R Barik

Special revival campaign of Life Insurance Corporation of India for revival of lapsed policy which was earlier launched from 01/09/2015 to 31/10/2015 has been extended up to 30/11/2015. This will help the policy holders to revive their policies with concession in late fee. During this campaign policy holders of Life Insurance Corporation of India will … Read more

LIC may soon withdraw Jeevan Akshay VI

23/10/202215/10/2015 by Dipti R Barik

After the gazette notification issued by Insurance Regulatory and Development Authority of India (IRDAI) on 14/10/2015 for annuity plans offered by Life Insurers, LIC of India may soon withdraw or relaunch (with modifications) its Immediate Annuity Plan Jeevan Akshay VI. The Authority may issue separate instructions for withdrawing the products which are not in compliance with … Read more

Get all your LIC policy payments directly into your account through NEFT

23/10/202204/10/2015 by Dipti R Barik

Life Insurance Corporation is now sending all the payment to it’s policy holders through NEFT payment system. The payment under your policies will be credited directly to your Bank account through electronic mode of payment only. For this purpose, you require to submit your bank details to LIC for making the policy payment through NEFT … Read more

LIC of India's Bonus rate declared for 2015-16

23/10/202215/09/2015 by Dipti R Barik

LIC of India have declared Bonus rate for all its with profit policies. Evert year Actuarial department of LIC do valuation and declares the bonus rates. These bonus rate are applicable for policy year entered upon during the inter valuation period i.e. 01/04/2014 to 31/03/2015 and in force for full sum assured as on 31/03/2015. It would apply to … Read more

LICMobile – A useful mobile app for LIC policyholders

23/10/202228/08/2015 by Dipti R Barik

With a increase in the use of smartphones, many financial institutions have come up with their mobile application to provide anytime and anywhere facility to the customer. LIC of India have also build a mobile application called as LICMobile. LICMobile application is developed by LIC itself and currently available for the android platform only through Google Play.

All you need to know about Non-negative claw-back Additions

23/10/202225/08/2015 by Dipti R Barik

As per the guidelines issued by Insurance Regulatory and Development Authority of India (IRDAI), barring the traditional insurance-cum-investment products, insurance policies now have a cost on caps in the form of reduction in yield. This is applicable on unit-linked insurance plans (ULIPs) and variable insurance plans (VIPs). At various durations starting from 5th policy anniversary till … Read more