After getting the huge response to its earlier launched Special Revival Campaign from 01/09/2015 to 31/10/2015 which was later extended up to 30/11/2015, LIC of India the state owned insurer again launched it’s Revival campaign from 01/01/2016 to 29/02/2016. In this revival campaign Life Insurance Corporation of India provided some concession in late fee and … Read more
Sometimes when a legal heir of a diseased life assured approaches the life insurer for payment of death claim in a particular policy, they are asked to bring the succession certificate to make the payment due to open title in policy. What is Open title in life Insurance policy? Open title is absence of valid … Read more
Revival in very important process by which one can restart the risk cover in his/her lapsed policy by paying all the arrears of premium up to the date. But some times people are unable to revive their policy because, they are away from their servicing branch. This problem is mainly faced by service class people … Read more
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
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 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
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 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