Blog - Page 12 of 15 - Sum Assured

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.

Club Galaxy for LIC agents: All you need to know

23/10/202216/05/2016 by Dipti R Barik

Club membership for agents is one of the ways Life Insurance Corporation of India rewards its agent for higher and consistent performance. Until May 2014 the highest club was the corporate club and after that Chairman Club was there. There is a huge difference between the eligibility criteria of the corporate club and the Chairman … Read more

Proposal Form: Basis of your insurance contract

23/10/202210/05/2016 by Dipti R Barik

Insurance is a contract between insurance company and the person want to cover future risk on his life, where the insurer is bound to pay a fixed amount on death of the Life Assured to his nominee in return of premium (one time or regular). This contract starts when insurer accepts the proposal from the … Read more

Terminology that every LIC club member agent must know

02/02/202423/02/2016 by Dipti R Barik

LIC of India has more than 12 lac agents, and according to their performance, LIC rewards them in different forms. One is Club membership. According to the business procured by agents in the last 4 years LIC awards club membership to agents. These Clubs are Corporate Club, Galaxy Club, Chairman Club, Zonal Manager Club, Divisional … Read more