Online Payment - Life Insurance Corporation of India

Life Insurance Corporation of India makes the payment easy for LIC Policy holder, now you can pay online LIC premium and obtain the LIC services also.Through the portal’s on demand services just in few clicks

Benefits of Online Payment for Policy Holders

• Can decide and authorize payments 24hrs a day * 7days a week because of anywhere & anytime access to internet.
• Can issue payment instruction within the comforts of your home or office, and avoid personal visit to LIC branch
• Will save time by not waiting in queues for making the payment.
• Can avail the free service from LIC, as you don’t have to pay any charges to LIC or its authorized agencies for this additional benefit.
• Can choose the bank account you want to pay from, any or all of your bank accounts can be registered with the service provider.
• Can decide in advance the date on which you want your account to be debited.
• Can choose to modify your instructions during the intervening time.
• Will get reminders and alerts by email from the banks and service providers about the premium dues.
• Can avoid expenses of postage/courier in sending the remittance to LIC.
• Can avoid demand draft/pay order charges for outstation policy premiums.
• Can also view your premium dues and other policy details

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Online LIC Premium Payments Consumer by LifeInsuranceChandigarh.com

Lic Employee

 

Sometimes we wonder why we need Insurance. Considering the recessionary period life is full of tension and uncertainty as individual need to insure his life along with the business he holds to secure the future.

You can't guarantee or predict untoward incident even if you are well organized and prepared for the worst however you need to safeguard yourself from business interruption or physical damage. I don't intend to project that life constantly revolve around death and uncertainty but we all need to secure our future as there are chances that major fatality or injury which may occur all of a sudden would not be bearable to us. People generally consider insurance not a necessity as they believe to lose a lot from it and gain very less.

Insurance is the backbone for any business enterprise as it takes away larger share of risk and uncertain losses in exchange for an affordable premium which is boon for the business. Insurance policy is a financial device which architect you’re saving habits while keeping in mind the monthly budget for the betterment of your future. Life Insurance is indispensable part of our life as it boosts our confidence and eases tension.

Every business entrepreneur suffers business losses and recovers huge distribution cost of its products from consumer including accidental expenses. In order to balance risk management insurance service provider offer business friendly life insurance policies to entrepreneur which strengthen his business sustainability by avoiding transfer of risk to consumer? Insurance enhance the credit worthiness of an entrepreneur as he can easily avail credit for the insured inventory.

You must have heard about LIC which is the largest insurance company inIndia owned by government ofIndia. As per industry sources OSS Retails has tie up with LIC to provide policyholders safest option for renewal premium payment online.

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LIC Premium Online: Apply Here

Life Insurance Corporation (LIC) of India, as we all know is the largest Insurer in the country. Until recently, all the premiums of the policies taken from LIC should be paid only at the LIC offices present in one’s locality or can be paid with the help of agent who made the policy. You all might be used to those long queues to pay/renew your premiums at LIC offices. Now you don’t have to worry about those long queues anymore. LIC of India has introduced online payment facility for renewal of policies apart from few designated third party bill collectors like Tick Business Solutions and eSeva’s.



To renew premiums online, all you have to do is register with a user ID and password. Once you’re registered, you can enter your profile information and then list all the policies registered under your name.

Here’s a simple step-by-step guide to use LIC Online Payment facility:

Lic Employee

1. Once you have enrolled your policy(s), you can click on the link ‘Pay Premium Online’ to see a list of policies whose premium is due.
2. You have a choice to select the policies for which you want to pay premium.
3. You will be directed to a page where you can choose from multiple banks for payment and will be directed to the login page of the selected bank. It is essential that you have a net banking account with at least one of these banks.
4. At the bank site you will need to login with your net banking user name/password. On successful login, the total amount to be paid by you towards LIC will be displayed.
5. Please verify your balance (displayed) and confirm the transaction to the bank. Simultaneously successful/unsuccessful transaction message will be flashed.
6. On successful transaction, a digitally signed e-receipt will be generated and e-mailed to you. In case of an unsuccessful transaction you will be informed and the reason thereof.

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LIC Jeevan Dhara: A Pension Plan

The Life Insurance market in India is a weak one that be tapped by the state-owned LIC until the entry of private players in the market. Insurance products reached only 19 percent of the 400 million of the insurable population. The state owned Life Insurance Corporation sold insurance only as a tax instrument and not as a product that gave protection. Most customers were under-insured with no transparency in the products. With the coming of the private insurers the rules of the game has changed.

LIC’s New invest a Pension plan in your old age. Here are some benefits on this
NEW Jeevan Dhara-1
Premiums are payable yearly, half-yearly, quarterly, monthly Tax relief under Section 80ccc is available on premiums paid under New Jeevan Suraksha I (Table No.147). The premiums paid under New Jeevan Dhara I (Table No.148) qualify for tax relief under Section 88.
It is a pure pension plan where in one pays single premium or regular premium over
the deferment period to secure a pension starting at a future date.

Annuity rates on the vesting date will be equal to that available under the New
Jeevan Akshaya plan on the date of vesting.

• Bonus is payable under the policy.
• Contributions rank for IT rebate under section 88, though income benefits are
   taxable.

• Premium paying period is between 2 and 35 years.
• Policyholder has the option to pay a single premium or pay regular premium
  annually, half yearly, quarter or monthly (including SSS).

• Minimum age at entry : 18 years.
• Maximum age at entry: 65 years
• Minimum vesting age : 50 years
• Maximum vesting age : 79 years
• Minimum deferment period : 2 years
• Maximum deferment period : 35 years
• Minimum Notional cash option for regular premium policies :Rs.50,000/-
• Minimum premium : Rs.2,500/- p.a for regular premiumRs.10,000/- for single premium policies

Once declared, they form part of the guaranteed benefits of the plan. Final (Additional)
Bonuses may also be payable provided policy has run for a certain minimum period.
The premiums paid under New Jeevan Dhara I (Table No.148) qualify for tax relief under
Section 88

LIC Child Career Plan by LIC Chandigarh, India

LIC Child Career Plan is a special plan designed to focus on the educational studies and other needs of children. On the life of child it offers risk cover not only during the policy term but also the extended term. Child Career Plan offers different benefits such as benefit on death in this benefit within the period from the date of commencement of risk to 5 years and before the end of the policy term, sum assured plus revisionary bonuses and some extra bonuses will be allocated. Sum assured along with final bonuses will be allocated if death occurs within 5 years before the end of policy term. Moreover all the premiums along with interest of 3%p.a compounding yearly will be allocated if death occurs before the date of commencement of risk. In case of auto cover full death cover shall be paid for the continued period of two years from the time, if any premium is not paid. Installments of premiums with interest will be paid without any submission of proof of health. During the auto cover period, premium waiver benefit shall be in effect.

Child Career Plan endows with Premium Waiver Benefit this benefit is applicable for the proposer having age that lies between 18 and 55 with no health disorder. During auto cover period these benefit will be in power. Premiums that are not paid during the auto cover shall be relinquished. In case of suicide by the proposer this benefit is not applicable.

LIC Child Career Plan provides Surrender Value:

The time period for surrendering the policy depends on that the policy must be in power for 3 years or more.  The lowest surrender value acceptable under this policy is as under:
1)  Before the commencement of risk: 90% of the premiums paid excluding the premium for the first year.
2) After the commencement of risk: the guaranteed surrendered value is 30% of premium paid plus the 90% of the premiums paid before the commencement of risk.

Life Insurance Child Career Plan also offers Paid-up Value in which without making any allowance for death benefit that is provided under the auto cover period, if any 3 years full premium is paid and any succeeding premium is not properly paid, the policy will be fully paid and it will not be invalid. Before the commencement of risk, if policy turns into paid up then policy will receive the Guaranteed surrender value. In other case if policy is not surrendered this value will be allocated on the expiry of policy term or on death of life Assured. After the commencement of risk, if policy turns into up then the sum assured will be reduced to paid up value. This paid up value will be allocated on the expiry of policy term or on death of life Assured.

Before the date of surrender, the above guaranteed value will be subject to the conclusion of whole quantity of survival benefits. Some special surrender value plus some other bonuses are paid by corporation, before the date of surrender value is to be deducted from survival value.
Child Career Plan this plan also offers grace period in which a premium is allocated when the grace period is not less than 30 days and must be one calendar month.

LIC Life Insurance Chandigarh, India

When privatization of the Insurance sector started in 2000, numerous experts were predicting the measured deteriorating and ultimate termination of Life Insurance Corporation of India (LIC). The state owned life insurance monopoly was professed to be slow, unproductive and behind the curve. But the circumstances have turned out drastically different.

So what then is LIC’s worth? With 2 core policy holders, assts of Rs 11 lakh corers and 71 % market share in a growth market, LIC’s embedded value has been estimated to be at Rs 2.5 lakh crores, give or take a few thousand crores. Embedded value is essentially the present value of profits from the future, and adjusted net asset value. The recent capping on ULIP charges that IRDA has mandated will help LIC in sales as they have a huge bouquet of traditional products.

Welcome to Life Insurance Chandigarh

Life Insurance is a lot more than just an investment to save taxes. From providing financial security for your family to protection cover when life springs up unpleasant surprises, insurance provides it all. It even takes care of the educational needs of your loved ones. Unlike other investment avenues, Insurance give you the much needed all round protection throughout life.


Useful LIC Plans:

LIC Life Insurance Plans

• Children LIC Policies & Plans
• LIC Policies & Plans for Handicapped  Dependents
• LIC Pension  Policies & Plans
• LIC Policies & Plans for High Worth Individuals
• LIC Whole  Life  Policies & Plans
• LIC Money Back  Plans & Policies
• LIC Term  Assurance Plans & Policies
• LIC Endowment Assurance Plans & Policies
• LIC Joint  Life Plans & Policies
• LIC Unit Plans & Policies
  

  

On the Website you can get more information about these LIC policies and plans.

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Life Insurance Corporation of India: Pension Plans by LIC

Pension plans are the individuals plan, which offers you financial stability during your retirement age.  This plan offers policies which are most suited for senior citizens and those planning for secure future. LIC’s Pension Plus is a unit linked deferred pension plan, which provides you a minimum guarantee on the gross premiums paid.


In this plan you can pay premiums yearly, half-yearly, quarterly or monthly. A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly (through ECS) premiums.

Pension plans provide security to the entire family. There are various pension plans available like:

• Jeevan Nidhi: under this plan accumulated amount is used for making pension even when the policyholder survives after the term of policy. Moreover it provides Guaranteed Additions, benefits on vesting and Annuity options.

 

• Jeevan Akshay-VI: this plan offers the annuity payments for the stated money for the entire life of the annuitant.  Annuity is paid to the nominee till the end of Guaranteed period on death during the Guaranteed period and annuity ceases after the death of Guaranteed period.50% of the annuity is allocated to the surviving spouse during his / her death. From the date of purchase of annuity first installment of annuity is allocated after 1 month, 3 month, 6 month or one year.

 

• New Jeevan Dhara-I: During the death of Life Assured the basic premiums paid apart from the extra premiums up to the date of death accumulated with interest rates determined by the Corporation will be allocated to nominee. Current interest rate is 3%, 4% or 5% in case death occurs within the first 10 years, 20 years or thereafter. Supplementary/Extra is other possible benefit that can be adjoined to your basic plan, it requires a supplementary premium.

 

• New Jeevan Suraksha-I: On the death of the policyholder who has selected for term assurance rider, all premiums plus Term Assurance Sum Assured up to the date of the death accumulated at the rate of 5% per annum by the Corporation will be allocated time to time to the nominee.

 

 In this plan if life insurance contract is terminated at an early stage, then the surrender value is allocated. The time period for surrendering the policy depends on that the policy must be in power for 3 years or more. Apart from the premiums paid during the first year the Guaranteed Surrender value is 30% of the basic premium. For the case of single premium the Guaranteed Surrender value is 90% of the premium paid apart from all extra premiums. In respect of thepolicy at least 2 full years of premiums must be paid and if the successive premium is not pending then the policy will not be void, but the amount of Notional Cash Option shall reduced to such a sum as the number of premiums actually paid.

The option of commutation of 25% pension will also be available on the vesting age. If however the annuity payable is less than the minimum of Rs. 250/-, the Corporation will have the right to change the mode of payment of annuity to yearly, half-yearly or quarterly or to pay a lump sum subject to deduction of tax if any, at source as per the prevailing taxation rules. In the event of non-payment of the premiums within the days of grace the life cover will cease. Under this plan no loan and assignment will be allocated by the Corporation to the policyholders.

LIC a Successful Company in Insurance Sector

Insurance in India is still a growing sector with huge potential. This sector in India has gone through a number of phases and changes, particularly in the recent years when the Govt. of India in 1999 opened up this sector by allowing private companies to solicit insurance and also allowing FDI up to 26%. Ever since, the Indian insurance sector is considered as a booming market with every other global company in this sector wanting to have a lion’s share. Currently, the largest life insurance company inIndiais still owned by the government.

Almost all Banks like SBI, Indian Bank, ICICI Bank, HDFC Bank and Big Business Houses like Tata, Birla, and Bajaj etc. entered into this new type of business to provide new service to Indian population.

Keeping in mind the peculiarities of Indian Economy, to give it boost, and also set aside evil effects of foreign capital, the Indian Government allowed limited partnership to foreign players and Indian Banks or Business houses were the main contributors in respect of Capital, Manpower, Distribution, Service etc. What was expected was introduction of new products tested worldwide, using experience and expertise of international insurance companies and providing wider option of alternatives to Indian citizens?

Basically the Monopoly of Government owned life Insurance Company- Life Insurance Corporation ofIndiais broken and challenged in the process. Entry of very experienced, intelligent, customer-caring foreign players in the field compelled LIC to change its stance drastically. Foreseeing the immense competition from the foreign players, it had to amend its ways, concentrate on customer service, and improve upon its way of working and delivery system. That was the great advantage to the Indian population of these changed circumstances.

Insurance Regulatory and Development Authority (IRDA) shows the fall in the life insurance sector in the forth quarter. The down has been noted in the collection of life insurance premium about 6%.
The major player in the sector Life Insurance Corporation (LIC) whose share was about 60% to 63% has gone about 10% down. According to the officials it is being said that sale of new policies and collection of old policies premium has gone tremendously down this year.
Get Here some LIC Popular Policies and Plans.