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e-Insurance Account – Insurance policies are now issued in electronic format

Last updated : 5th November, 2016 From 1st October, every insurance has to issue all kind of insurance policies in the electronic format (online/ DMAT format). If you are planning to buy an insurance policy,  then it is mandatory for you to have an e-insurance account. You need to open an e-Insurance Account  (eIA) for most of the insurance policies (life / motor / heath etc) if the premium is Rs 10000 or Sum Assured is Rs 5 / 10 lakhs as below: What is e-Insurance Account ( eIA) e-Insurance Account is actually an electronic account for Insurance policies. Like ... Read More »

How to update contact details in LIC policy

Last updated : 30th September, 2016 In today’s fast changing world, many people change jobs and move to different places and cities, it is important to update the new contact details for all your investments. Traditionally it was very difficult to change the details with the public sector banks or insurance companies. Most of the people in India will have at least one LIC policy in their family either for own or any other family member and if you wanted to change something on the policy, that was nightmare. With LIC becoming more customer friendly, if you have correct mobile ... Read More »

LIC’s Bima Diamond Plan (Table No. 841) – LIC New Money Back Policy 2016 – Details & Review

Last updated : 20th September, 2016 On the occasion of its Diamond Jubilee year, LIC has launched a new money back plan – LIC Bima Diamond (Money Back Plan 841). This is a closed ended plan and available for sale until August 31, 2017.   UIN: 512N307V01 It is a with profit, limited premium payment, money back plan with policy term of 16, 20 or 24 years  while the premium paying terms are 10, 12 & 15 years respectively. It is non-linked plan i.e. it is not ULIP or your money will not be linked to equity market movements. Whats Unique ... Read More »

[How to] check LIC policy details & status online, sms & phone

Last updated : 30th September, 2016 If you have an LIC policy and you can check details / status of your LIC policy via LIC portal ( , by phone or by SMS. You can check the status of your LIC policy online by policy number, make the premium payment online, print receipt, check premium payment calendar, surrender value details, bonus etc. Policyholders can enroll policies on their own life only. If the policy pertains to a different person viz. spouse, children etc, then he/she is requested to register a separate user-id and enroll the respective policy/ies under that user-id. ... Read More »

LIC Bonus Rates for 2016- 2017

Last updated : 18th September, 2016If you have Traditional Life Insurance Policies of LIC (like Endowment Policies, Money Back Policy etc), then you should keep track of Bonus declared by LIC every year. These bonuses form the major portion of the returns from such policies. Every year LIC declares the reversionary bonus.  Where applicable, Final additional bonus (FAB) and Loyalty addition (LA) are also declared with reversionary bonus rate.  On its 60th anniversary, LIC has also declared the One time Diamond Jubilee Bonus.   LIC Bonus Rates for 2016- 2017  (Revisionary) Plan Name Term (years) Reversionary Bonus Rates (Per 1000 Sum ... Read More »

LIC Bonus Rates for 2015-2016

Last updated : 27th June, 2016   Reversionary Bonus is declared per thousand of the Sum Assured Amount in each financial year by LIC. It will be be paid at the end of maturity period or on the death of the policyholder, whichever is earlier. Reversionary Bonus Rates declared as a result of valuation as at 31st March 2015   Reversionary Bonus Rates declared as a result of valuation as at 31st March 2015 Sl No. Plan Term* Bonus Rates (Per `       1000/- Sum Assured)**       2015 1 Whole Life Type Plans (2,5,6,8,10,28 – before conversion,35,36,37,38,49,77,78,85 & 86)   70 2 Endowment Type Plans (14,17,27 – after conversion, 28 -after ... Read More »

LIC Jeevan Pragati Policy (Table no. 838) – Plan Details and Review

Last updated : 27th June, 2016 LIC has launched “Jeevan Pragati Policy” (Table Plan No. 838) in Feb 2016.   Unique Identification number of Jeevan Pragati Plan is 512N306V01. This policy is with profit endowment (savings-cum-protection) policy non-linked (not linked to stock market) This is the third policy launched by LIC in 2016 after LIC Jeevan Labh and Jeevan Shikhar In this policy, the risk cover keeps on increasing every 5 year. This is an important feature as it provides adequate risk cover against inflation as the years passes.  You can also add accidental benefit rider. Key Features Increasing Life Cover every ... Read More »

Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – Details & Review

Last updated : 9th June, 2015 In Budget 2015, Finance minister Arun Jaitley announced these social security schemes: Pradhan Mantri Suraksha Bima Yojana (for Accidental Death and Disability), Pradhan Mantri Jeevan Jyoti Bima Yojana (for life insurance) and Atal Pension Yojna (for pension). These schemes were launched in May 2015 and will be effective from 01-June-2015. Details of Pradhan Mantri Suraksha Bima Yojana (PMSBY) – for Accidental Death and Disability Risk Coverage • Accidental death  – Rs 2 Lakhs   • Full disability (Total and irrecoverable loss of both eyes or loss of use of both hands or feet or ... Read More »

LIC Bonus rates for 2013-2014

Last updated : 21st August, 2014LIC has declared bonus rates for its plans for year 2013-2014. See the details below: Plan Term Reversionary   & Interim     Bonus (per 1000) Whole Life     2,5,6,8,10,28 ( before conversion),    35,36,37, 38,49,77,78,85,86   70 ENDOWMENT TYPE     14,17,27& 28( After conversion), 34, 39, 40, 41, 42, 50, 54, 79, 80,81,   84, 87,90,91,92,95,101,102, 103,109,110,121. 10   & less 34 11 to 15 38 16 to 20 42 21 & above 48 Plan   88,89,48 15 & less 40 16 to 20 44 21 & above 48 Plan   133 15 & less ... Read More »

Type of Life Insurance Policies – You must know

Last updated : 25th April, 2014 Objective of this article To briefly explain the Life Insurance in India and Insurance companies available To briefly  explain the type of insurance policies available and their key features Should you take a Life Insurance Policy? Have you secured your family in case something happens to you? If not, you should consider taking a Life Insurance Policy. What is Life Insurance? Life insurance is a policy which helps beneficiaries financially after the policyholder dies. It is a contract between the policy holder (you) and the life insurance company, which assures the paying out of ... Read More »

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