Place of payment of premium at LIC OF INDIA:

Premium payment through PAYTM

 Branch cash counter (10am to 3pm)
 ECS PAYMENT
 EBPP :Electronic Bill Presentment and Payment (EBPP) is the electronic presentation of statements, bills, invoices, and related information sent by a company to its customers, and corresponding payment for goods or services.
Authorized Banks:
1. HDFC Bank
2. ICIC Bank
3. Axis Bank
4. Federal Bank
5. Corporation Bank
6. Citi Bank
6. LIC Credit Cards

 Tech Process: Bill Desk:LIC website using net banking , debit and credit card

 PREMIUM COLLECTION THROUGH AUTHORIZED BANKS
Following Banks are authorized to collect premium for LIC policies:
1. Axis Bank
2. Corporation Bank
Premium can be paid in any Branch of Extension Counter of the Bank.
Following Service Providers are franchised to collect premium for LIC policies:
 1. APONLINE
It is the official Portal of Andhra Pradesh Government.
Premium through this collection channel can be paid in Andhra Pradesh only.
Kindly visit www.aponline.gov.in for further details.
Please Click Here for the aponline collection centers.


 2. MPONLINE
It is the official portal of Madhya Pradesh Govt.
Premium through this collection channel can be paid only in Madhya Pradesh
Kindly visit www.mponline.gov.in for further details.
Please Click Here for the mponline collection centers.
 SUVIDHA INFOSERVE PVT. LTD.
It is s-commerce company providing many kind of consumer services under one roof.

Their toll free Helpline number is 180022 5225.

Please Click Here for the Suvidhaa Infoserve collection centers.


 EASY BILL LIMITED
Easy Bill is a business model born out of the consumers dire need for a convenient and reliable bill payment service and offers consumer convenience through a unique alternate bill payment mechanism using the traditional friendly neighborhood store.

Contact numbers : 1800-11-75-75 (Toll free), 0120-4542222 for any query or oto locate a neighborhood Easy Bill outlet.

www.easybillindia.com

Please Click Here for the Easy Bill Pay collection centers.
 AGENTS COLLECTION PAYMENT
Agents authorized to collect the premium can collect the premium in CASH or CHEQUE and issue a valid receipt with their signature.
 SENIOR BUSINESS ASSOCIATE
Introduction Senior Business Associate Premium Collection was started from 01/06/2009.
 RETIRED EMPLOYEES COLLECTION PAYMENT
Retired LIC Employees authorized to collect the premium can collect the premium in CASH or CHEQUE and issue a valid receipt with their signature.

Grace Period : It is an extended Period of time a policyholder is permitted for taking the minimum payment after the due date. The grace period for the monthly mode is 15 days and for quarterly, half yearly and yearly the grace period is 30 days. The policies continues to remain in force during the grace period ,even if the premium is not paid.

Salary saving scheme: In case of salary saving policies , premium are deducted from the employer’s salary before it is paid to him and the total premium deducted for all SSS policies is sent by the employer along with the list of policy members to the insurer. Due date may be close to the last date of the month , not far from the salary date . The Days of grace clause is not enforced in SSS cases , if deduction has been made by the employer , the premium is deemed to have been paid on time, even if it is received late.

Surrender Value: Policy condition states that if premium is not paid within the grace period , the policy lapses. If viewed very strictly no claim need be admitted by the insurer after the policy lapses and premiums be forfeited. Surrender value or cash value is made available generally when the policy has remained in force for at least three years. The premium during the first three years are unlikely to have any surplus for accumulation, because of heavy initial costs of procuring business.
Documents to be submitted for surrender of policy:
1. Policy bond
2. Surrender form duly stamped, signed and witnessed
3. Id proof
4. Cancelled cheque leaf (name should be printed) or Photocopy of the Bank passbook containing details of Bank Account number, IFSC and MICR

Loan under policy: A policy holder can request for a loan a nd offer his insurance policy as collateral. The loan amount will depend upon the total surrender value of the insurance policy as the loan offered is limited to a certain percentage of surrender value. The loan amount granted a life insurance policy is generally 90% of its surrender value. In the case of fully paid up policies , the loan generally granted up o 85% of the surrender value. The rate of interest is charged 10.5 % . The rate of interest on outstanding loan charged is generally paid half yearly to coincide with the due date of premium. The minimum period for which the loan is granted is six months if policy holder wishes to repay the loan before six months, he will have to pay the loan interest for minimum six months.
The Documents to be submitted for loan against Insurance policy:
1. Policy bond
2. Loan form duly stamped, signed and witnessed
3. Id proof
4. Cancelled cheque leaf (name should be printed) or Photocopy of the Bank passbook containing details of Bank Account number, IFSC and MICR

Revival of policies: when policies lapses , neither the insurer nor the insured is benefited. The life assured loses the life insurance cover .As lapsing adversely affects all parties , and also a lapse is not always intended by the insured to to happen, insurers facilitate the reversal of lapsed policies . this is known as revival. LIC do not allow revival after five years of lapse (for all policies date of commencement is 31/12/2013) and now it do not allow more than two years of lapse for all policies in force since January 2014.
Documents required for revival of policy:
1. Id proof
2. Declaration of good health form duly signed and witnessed
3. Medical requirement if any
Different revival schemes:
1. Ordinary revival scheme
2. Special revival scheme
3. Instalment revival scheme
4. Loan cum revival scheme

Nomination: It is the right provided to the policyholder to appoint a certain person , who will receive the benefits of the policy in case of the policyholder’s death during the policy term. Nomination can be done at time of proposal by providing complete detail of the nominee such as
 Name of the nominee
 ID proof of nominee
 Age
 Address
 Relationship between nominee and policyholder
Nomination can be changed at any time during the policy term. The charges are applicable which is reviewed from time to time.
Nominee Change procedure:
 Policy bond
 Id proof
 Change of nominee form duly signed and witnessed (two copy)
 Nomination change fee

Assignment: process of transferring the title , rights, and interest on assets or property from one person to another is known as assignment. Assignment is generally done to provide security against loan. There are two type of assignment –
1. Conditional assignment : in this type of assignment , the rights, title and interest in the policy automatically revert back to the assignor on the occurrence of the specified conditioned mentioned below:
 On the death of the assignee before the death of assignor
 The assignor survives the date of maturity of the insurance policy
 The loan is repaid
2. Absolute assignment: in this type of assignment the rights, title and interest of the assignor passes completely to the assignee. It is generally done for valuable consideration.
Procedure of Assignment :
 Making an endorsement of the policy document: LIC POLICY ASSIGNMENT FORM NO:-3815 in this process stamp duty is not required. The assignment form along with the policy should be duly signed by assignor , assignee and a witness.
 Executing the separate assignment deed: in this case stamp duty needs to be paid.
 The assignment will be effective w.r.t. the insurer only if it is registered with the insurer in their records. The date on which the notice of assignment is delivered to the insurer shall regulate the priority of all claims under a transfer or assignment.

Mode change:
Mode of payment can be changed on policy premium anniversary. The application supported by id proof with mode change fee need to be submitted to policy servicing Dept.

Address Change:
It can be changed anytime during the policy term .The address proof required. The application supported by id proof with Address change fee to be submitted to policy servicing Dept.

Policy transfer:
Policy can be transferred to all India. The branch code with branch address to be clearly mentioned in application form .The last premium paid received to be submitted. The application should be supported with id proof.

Duplicate Policy Bond:
if policy bond is lost or misplaced the duplicate bond need to be issued. The procedure as follows:
 Duplicate policy (form no. 3762) to be typed in Rs 100 indemnity bond .
 Circumstances under which the policy bond is lost (ANN-1, query form)
 Declaration that policy is not assigned (form no.3510 )