How To Check Life Insurance Policy Status Online?

Gone are the days when you had to take a whole day off to visit the branch of your insurer to get the status of your insurance policy. Now, with the advancement of technology, you can easily track your insurance policy status online. Yes, you have got us right, you can track your insurance status from the comfort of your home. There are a number of ways to do so, in the section below learn how to check your life insurance policy status online. 

What are the four main ways to check the status of your insurance policy?

A life insurance company provides a number of ways for policyholders to verify the status of their policies, including an SMS-based helpline and a portal. Furthermore, there is also a team of customer care that can be contacted if the customers wish to know the whereabouts of their insurance policies. While one of them is convenient for someone, it shouldn't be necessary for the next person to use the same method to know their insurance status. With that being said, here are the four main ways to check your insurance policy status:

Customer Care

Getting in touch with customer care is the most preferred method for people to know their insurance policy status. All you are required to do is to provide the executive with your policy number. And you will get to know the current status of your policy.

Online

Tracking the status of your insurance policy online is one of the most convenient ways to check the policy status. It saves you a lot of time and effort. If you are a new user, you need to complete your registration process. By doing that, you can take the initiative to check the current status of your purchased insurance policy any time you want.

Going to the Branch

It is a traditional method to check your insurance status. While it is one of the oldest ways to do this, going online to check your policy insurance status is recommended over this.

Via SMS

There are many insurance companies that allow you to know the current status of your policy insurance via SMS. If you need more time or are a new user who has yet to register on the insurer's website, you may still use the SMS service to check the status of your policy and learn the most important policy-related details.

How To Check Policy Status On The Website Of A Life Insurance Company? 

If a user has registered already and they wish to know or check the status of their insurance policy, they can do so by going to the website of the life insurance company and logging in there.

However, in the case of a new user who had just bought a policy, you are required to finish the registration process to see the information regarding your policy.

Steps to be followed by registered users:

• To get started, registered users must log into the insurer's main website. You must click the 'Online Services' option that is present on the front page.
• Following that, you will be sent to a screen with several alternatives, like "Online Loan," "Customer Portal," "Pay Premium Online," etc. 'Customer Portal' is the option you must choose.
• You will then be sent to the Life Insurance Company's e-Services page. You must first choose the 'Registered Users' option in order to access the login page.
• After that, you need to give a user ID, password, and date of birth to sign in. Once you have signed in, you will be able to view information about your policy and check the policy status.
• Life Insurance Companies offer e-Services features at absolutely no cost to the customer to provide customers with on-demand and real-time service.

Steps to be followed by the new user:

In case you are a new user, first, you will need to register yourself by choosing a unique username and password on the website of Life Insurance Company.

How To Track The Status Of The Policy Via SMS?

Another way to check your policy status on the go is through the insurer's SMS-based helpline service. If you are falling short of time or if you are a new user who hasn't registered on the insurer's website yet, you can still check the status of your policy and get to know the key policy-related information through the SMS service.

How To Track The Status Of The Policy By Contacting The Customer Care?

To check your policy status, you can contact the regional offices as well. Apart from letting you know your policy status, you can also avail of other services such as policy-specific information, grievance redressal, or address change. To contact the insurer over the phone, you need to navigate to the 'Phone Help Line' page on the insurer's website.

How to Check for Surrender Value?

Surrender value is the amount that the policyholder will receive in case they decide to terminate their life insurance policy. There are two types of Surrender Value, Guaranteed Surrender Value, and Special Surrender Value, the calculations for which may vary.

• Guaranteed Surrender Value: It refers to the guaranteed amount that is paid to the policyholder. This is basically 30% of the premiums paid till then, however, the premium paid in the first year will not be included in this.

• Special Surrender Value: Special Surrender Value is the sum of paid-up value and total bonus which is multiplied by the surrender value factor. Paid-up value is when the policyholder stops paying the premium suddenly during which the policy will continue but at a lower sum assured which is called paid-up value. 

Conclusion

So, with so many options available, you can easily track your insurance policy status either online or offline. In case you face any problem in checking the policy status online, you can also contact us at InsuranceDekho and we will be happy to assist you in choosing the best policy.

FAQs

Is it Possible to Transfer a Life Insurance Policy?

• It is possible to transfer life insurance policies, but there are a number of crucial aspects to take into account beforehand. The policyholder must ensure that the transfer complies with local legislation and that the new owner is qualified for coverage.
  Furthermore, it's critical to comprehend any charges or taxes related to transferring an insurance policy because they might differ greatly based on the sort of policy and the area. A life insurance policy can be properly transferred from one individual to another with thought and organisation.

If I'm a new user, how can I register myself on the LIC portal?

• The LIC portal's registration process is incredibly simple and hassle-free. A new user may start the registration process for e-Services by LIC by selecting their own credentials. Simply complete the online registration form, attach any necessary papers, and submit. When your registration is completed, a confirmation message will be sent to the email address you supplied. You'll see a link in the email. You will be sent to a website where you may link your policy with your account after clicking the link.

Also read - Factors To Consider While Buying Life Insurance Policy

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.