Sage-Tips

What is survival benefit under LIC policy?

Survival Benefits: If the policyholder survives the policy term, the nominee will receive 20\% of the Basic Sum Assured at the end of each of 5th, 10th & 15th policy year and 40\% of Sum Assured in addition to accrued bonuses.

How much time does LIC takes for death claim?

As per the time limits set by the Insurance Regulatory and Development Authority (IRDA) of India, insurers should settle death claim within 30 days.

How can I check my LIC survival status online?

If you have an LIC policy and you can check details / status of your LIC policy via LIC portal (www.licindia.in) , 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.

What is the grace period for LIC term insurance?

30 days
A grace period of one month but not less than 30 days is allowed where the mode of payment is yearly, half-yearly or quarterly and 15 days for monthly payments. If death occurs within this period, the life assured is covered for full sum assured.

How do I claim LIC survival benefit?

The requirement for the claim are as given below:

1. Claim Form ‘A’ in Form No.3783. If policy has run for 3 years or more from date or risk, claim form no.3783A may be used.
2. Certified extract from death register.
3. The original policy document with Deed/s of assignment/s, if any.

In which death cases life insurance claims are settled?

Death Claims: In death claims, the claimant can make a request for death benefits upon the demise of the policyholder. This means a sum assured amount is settled towards the beneficiary upon the death of the policyholder in any case.

How can I know my LIC policy after death?

Step 1: Visit the home branch of LIC where the policy was issued and inform them about the death of the policyholder. Step 2: Fill in Form 3783, Form 3801, (issued by the branch official) and NEFT forms for the transfer of funds into the nominee’s bank account.

Is survival benefit of LIC is taxable?

They both offer tax benefits under section 10(10D) of the Income Tax Act, 1961. As per this section, the amount you receive from your life insurance policy is exempt from tax. This includes both maturity benefits and survival benefits.

What is my LIC policy due date?

How to Check LIC Policy Details Online?

1. Step 1: Go to the official LIC website, fill in your credentials like username and password.
2. Step 2: Login to your account and select the option ‘View Enrolled Policies’.
3. Step 3: You will be directed to a page where you can see all the listed enrolled policies.

Can I claim LIC survival benefit online?

For availing e-Services, click on the tab “e-Services”, login with the user-id created and register your policies for availing the e-services by filling up the form provided. Print the form, sign it and upload the scanned image of the form. Upload the scanned image of PAN Card or Aadhaar Card or Passport.

Is tax applicable on insurance claim received?

The health insurance company does not credit any amount in excess of expenditure incurred towards hospitalisation and medical treatment. As such a transaction does not amount to income or profit for the insured person, the money received in the bank account is hence not taxable.”

What is the survival benefit in LIC money back policy?

In case of money back such policies, Some periodic amount is released to policy holder as Survival Benefit. The below document duly filled should be submitted for Survival benefit claim. LIC ECS form should be submitted by policyholders those who have monthly premium option.

What is the claim form for LIC policy maturity?

LIC Claim Form no: 3783 for death Claim In case of Maturity of policy, submit the discharge form no: 3825 along with original policy document atleast one month before the due date so that the payment is received before the due date of maturity claim. LIC maturity claim form no: 3825

What is the revival of a lapsed LIC policy?

The revival of lapsed LIC policy arises when the insured is unable to make the payment of premiums on-time or within the grace period. During the same, the policyholders are not able to avail the benefits of the life insurance policy. Typically, insurance companies are required to offer a revival period of two years to reinstate insurance policies.

What is survival benefit in life insurance policy?

‘Survival Benefit’ is meant to be paid to the policy holder, on the term & condition of the life policy, to the holder on his survival at an interval, counted from the date of commencement of life policy, to the certain percetage of Sum Assured. In simple words, it is payable to the Money Back plans.