PolicyTray

Insurance Blog

Add / Enroll new LIC policies to your existing LIC online account

If you hold one or more policies of LIC either on your name or for your family members, you shall maintain all the policies into a single LIC online account. Having an online LIC account would be helpful for you to pay the premium of those polices, check the next due dates, get the premium paid receipt anytime, etc.

If you already have a LIC online account, you shall add the further policies of yourself / your spouse / children into the same account by following the below given steps.

If you hold a policy and if you do not hold an online account, you shall create one by clicking here and then you shall follow the below steps to add the further policies to your newly created account.

1.     To add your own policies to your account:

If you had already created your online LIC account with one of your policies and now if you would like to add one or more policies of yourself, you shall login to your account by clicking here.

Once logged in, you shall click on the Basic Services -> Add New Policies menu on the left side as shown in the below image.


You shall enter the policy number you wish to add, select SELF in Relationship for your own policies or the relationship accordingly for your family members and then click on Sumbit, the policy will get added.


2.     To add the polices of your Spouse & Children:

To add the policies of your spouse or your children to your LIC account, you have to update your profile with the details of your spouse and children. To update your profile, got to Profile Management -> Update Profile.-> Family Information



After successful updation of your profile, you shall follow the steps given in Step – 1 to enroll the policies of either your Spouse or Children

Change the premium payment mode of LIC policy

To change the premium payment mode of a LIC policy, you shall write a letter to the Manager of the LIC Branch where you have taken your policy. Currently, it is NOT possible to change your policy premium payment mode ONLINE.
You shall either post the letter along with your identity proof, addressing to the Branch manager or you shall submit these documents to the LIC Branch office in person.
Attached below a sample template letter in which you shall edit your policy number, Your name and your address accordingly.


LIC_Premium_Mode_Change.docx (11.9KB)

LIC Policy premium ECS deducted on a different date than due date

If you have activated ECS  or direct debit on your lic policy, the amount for your policy premium will be deducted a different date from your policy due date in most of the cases. If the due date of your policy falls between 1st and 7th of any calendar month, your account will be debited on 8th of the month. If your policy due date falls between 8th and 15th of the month, account will be debited on 15th of the same month. If you policy due date falls on 16th or later, your account will be debited on the 28th of the month.

What to do with my lapsed LIC policy

If you have not paid your policy premium within the due date of your policy, you will have a grace period to pay your policy premium. Before the grace period of your policy ends, you shall pay your premium with some late fees. The late fee differs based on each policy, but in general, it should be 0.8% of the unpaid premium per month. But if you have missed even your grace period without paying the premium, your policy would lapse, which mean that your life insurance cover cease to exist. If your policy had lapsed, you shall revive your policy so that your policy will come into force again and you will have the insurance cover again. To revive your lapsed policy, you shall contact your Agent or advisor. You shall also download the attached revival form sourced from LIC's official site http://licindia.in/download_forms.htm . If you had taken the policy initially without a medical test, in most of the cases, you may not be required to take a test now. You have to fill the attached form and submit it to the LIC Home Branch office (where your policy was taken) along with the pending amount with the late fee as cash / cheque.

FNO-680.pdf (144.9KB)

What happens if i stop paying my LIC policy Premium

As a customer or insurance policy holder, we would have bought a LIC policy some years back because either one of our friends was an LIC Agent and he has recommended us to buy an LIC policy or some tax has been deducted by our employer as TDS from our monthly salary or there might be some other reasons behind your policy purchase. Whatever may be the case, at some point of time, we might not have had enough money to pay our policy premium. If you had stopped paying your LIC policy premium, your policy will be lapsed with the end of the grace period. The grace period is the time provided by your insurer after the premium due date, to pay your pending premium with a late fee and the insurance coverage continues. With the end of this grace period, your insurance life cover ceases. If your policy gets lapsed due to non payment of premium, you have the option of reviving your policy again by paying the pending dues and providing medical reports as required or else you may choose you surrender your policy and withdraw the surrender value from your policy.