How to Check LIC Policy Status?

Life Insurance Corporation of India (LIC), founded in 1956, is India's largest and most trusted insurance company. With its extensive range of insurance products and services, LIC has been serving millions of policyholders across the country, providing financial security and peace of mind. As a policyholder, it is essential to stay informed about the status of your LIC policies, understand the policy details, and have easy access to policy statements.

Let us explore the process of checking LIC policy status, delve into the key details to look for in your policies and guide you on accessing policy statements.  

Understanding Life Insurance Corporation Policy Status

The term "LIC policy status" pertains to the present state or condition of your Life Insurance Corporation of India (LIC) policy. It provides important information about your policy, such as premium payment status, maturity date, loan availability, and bonus details.

Checking your LIC policy status regularly ensures that you are aware of any pending premiums, upcoming maturity dates, and other vital aspects related to your policy.

How to Check LIC Policy Status?

By following these steps, you can effectively manage your Life Insurance Corporation policies, make informed decisions about your financial security, and ensure the well-being of your loved ones.

Steps to Check LIC Policy Status Online

The online method provides a convenient and quick way to check your LIC policy status. Follow the steps below:

Registering on LIC Portal:

• Visit the official LIC website at [https://www.licindia.in/].
• Locate the "Customer Portal" or "e-Services" section.
• Click on the "New User" or "Register" option.
• Fill in the required details, including your policy number, premium amount, date of birth, and email ID.
• Create a username and password for your account.
• Submit the registration form and note down your login credentials.

Checking LIC Policy Status through the LIC Portal:

• Visit the LIC website and log in to your account using your username and password.
• Navigate to the "Policy Details" or "Policy Status" section.
• Enter your policy number and other required details.
• Validate the information and submit the form.
• The LIC portal will display your policy status, including premium payment history, maturity date, loan status, and bonus information.

Checking LIC Policy Status Offline.

If you prefer offline channels, there are alternative ways to check your LIC policy status:

Checking LIC Policy Status via SMS:

• From your registered mobile number, send an SMS in the format "ASKLIC <Policy Number>" to either 56767877 or 9222492224.
• Shortly after sending the SMS, you will receive a text message with your LIC policy status details on your mobile phone.

Checking LIC Policy Status via Phone:

• Dial LIC's helpline number at 1251 or 022-6827 6827.
• Follow the instructions provided by the automated system or choose to speak with a customer service representative.
• Provide the necessary information, including your policy number and personal details, to inquire about your LIC policy status.

Checking LIC Policy Status at LIC Branch:

• Visit the nearest LIC branch during working hours.
• Carry your policy documents and valid ID proof.
• Approach the customer service desk and request assistance in checking your LIC policy status.
• The branch staff will verify your details and provide you with the necessary information.

LIC Policy Details: What to Look for?

When checking your LIC policy details, it is important to focus on the following key elements:

• Policy Number: Your policy number serves as a unique identifier for your LIC policy. Make a note of this number for future reference.
• Premium Payment Status: Check the status of your premium payments to ensure they are up to date. It is crucial to pay premiums regularly to maintain the validity of your policy.
• Sum Assured: The sum assured represents the amount your nominee will receive in case of your unfortunate demise during the policy term. Understand the sum assured of your policy for better financial planning.
• Maturity Date: The maturity date is the date on which your policy matures, and you become eligible to receive the maturity benefit. Take note of this date to plan for the future.
• Bonuses: LIC policies often provide bonuses, such as reversionary bonuses or terminal bonuses. These bonuses are declared based on the company's performance. Check if any bonuses have been accrued and understand how they will be paid out upon policy maturity or claim settlement.
• Riders: If you have opted for riders or additional benefits, such as critical illness coverage or accidental death benefit, review the details of these riders to understand the extent of coverage they provide.
• Loan Availability: Certain LIC policies allow you to avail of a loan against the policy's surrender value. Confirm if your policy offers this option and understand the process for availing a loan, if required.
• Nominee Details: Ensure that the details of your nominee mentioned in the policy document are accurate and up to date. This ensures a smooth claims process for your beneficiaries in the event of any unfortunate circumstances.

Benefits of Checking LIC Policy Status Regularly

Regularly checking your LIC policy status offers the following benefits:

• Stay Informed: Regular monitoring of your policy status keeps you updated on premium payments, policy maturity, and other important information.
• Policy Continuity: Timely premium payments ensure the uninterrupted coverage of your policy.
• Financial Planning: Knowing the status of your policy helps in assessing its progress and aligning it with your financial goals.
• Loan Availability: Checking your policy status allows you to determine if you can avail of a loan against your policy's surrender value for financial emergencies.
• Smooth Claims Process: Familiarise yourself with the policy status to understand the necessary steps and documents required for making claims.

How to Access LIC Policy Statement Online?

To access your LIC policy statement online, follow these steps:

Registering on LIC Portal:

• Visit the official LIC website and locate the "Customer Portal" or "e-Services" section.
• Click on the "New User" or "Register" option.
• Fill in the required details, including your policy number, premium amount, date of birth, and email ID.
• Create a username and password for your account.
• Submit the registration form and make a note of your login credentials.

Generating LIC Policy Statement:

• Log in to your LIC account using your username and password.
• Navigate to the "Policy Statement" or "Policy Documents" section.
• Select the policy for which you want to generate the statement.
• Review the policy details displayed on the screen.
• Choose the option to download or print the policy statement for your reference.

Conclusion

Checking your LIC policy status, understanding the policy details, and accessing policy statements online are crucial for effective policy management and ensuring financial security. With the availability of online platforms and offline channels, LIC policyholders have multiple options to conveniently check their policy status.

By registering on the LIC portal, policyholders can access their policy information, including premium payment history, maturity dates, and bonus details. Additionally, offline methods such as SMS, phone inquiries, and branch visits provide alternative ways to check policy status.

Frequently Asked Questions (FAQs):

Let us go through the important FAQs regarding the LIC Policy Status here:

Q. How can I check my LIC policy status without registration?

Ans. Checking LIC policy status online requires registration on the official LIC website. Registering provides you with a personalised account to access your policy information conveniently.

Q. Can I check the policy status of someone else's LIC policy?

Ans. No, you can only check the policy status of LIC policies registered under your own name. Policyholders are required to provide their personal details for verification purposes.

Q. What should I do if I find discrepancies in my LIC policy status?

Ans. If you come across any discrepancies or inconsistencies in your LIC policy status, it is advisable to contact LIC's customer service helpline or visit the nearest LIC branch. The staff will assist you in resolving any issues and provide necessary clarification.

Q. Can I revive a lapsed LIC policy?

Ans. Yes, LIC provides provisions for reviving lapsed policies. The revival process generally involves paying the outstanding premiums along with any applicable interest and meeting certain conditions specified by LIC. For detailed information and guidance, visit the LIC branch or contact customer service.

Q. How can I update my contact details in LIC policies?

Ans. To update your contact details in LIC policies, visit the nearest LIC branch and submit a written request along with the necessary documents for verification. Alternatively, you may be able to update your contact details online through the official LIC website. Refer to the website for specific guidelines and requirements.

Q. Can I change my premium payment frequency for my LIC policy?

Ans. Yes, depending on the type of policy and its terms and conditions, you may have the option to change your premium payment frequency. Contact LIC's customer service or visit the nearest LIC branch to inquire about the process and requirements for changing your premium payment frequency.