Now making a change of address in the LIC policy is easier than ever before with an online procedure. It is important to keep the company updated about change in residence in order to maintain the chain of communication.
The procedure of purchasing life insurance policies has become convenient and hassle-free over the period of time. Where people had to visit the office of LIC in order to make a purchase, the same can be done online, thanks to advanced technology and the power of internet.
If you have moved to a different house, city, or country altogether, you will still be able to reap benefits from the existing life insurance policy, however, you will be required to change the address on the policy document. In order to foster effective communication between LIC and the insured, it is important that the policy document is updated with any necessary information such as mobile number, email ID, and so on.
This, in turn, ensures that any important instruction or detail made available by LIC is not missed out by the insured. There are two ways in which the address of an individual can be changed on the policy document. It can be done either online or offline.
The Online Process
The first step towards changing a residential address on LIC policy is creating an account on http://www.licindia.in/.
The policyholder will then be required to enrol the said policy on his/her account with the accurate information.
Once the enrollment of the policy has been done, the policyholder will be required to take out a physical copy of the Enrollment Form and visit any LIC branch to submit the same.
Verification of the enrollment form by officials of LIC will then be proceeded with. This step is important as without the required verification, the policyholder will not be allowed to access policy details on the main website.
Once the LIC officials have conducted the necessary verification process, the policies of the insured will be successfully enrolled, post which one can access his/her policy details on the main website.
Log in to http://www.licindia.in/ once the verification process is done with. Under the link for ‘Customer Services’, choose the option ‘Update Profile’.
Update the address section with the new address.
Click on ‘Submit’ once updation is done.
The Offline Process
As a first step, the policyholder will be required to draft a letter to LIC, which must encompass the exact policy number along with the reason for address change.
The policyholder will then be required to visit any LIC branch in his/her vicinity where the letter will be submitted. The policyholder will also be required to carry an identity proof, address proof, and the policy’s photocopy along with the letter.
Officials at LIC will then verify the proof of address and the letter will then be accepted.
Updation of the new address is then done by LIC officials. It is usually done instantly, however, to double-check whether the new address has been updated or not, the policyholder will have to go through the policy document.
The process usually takes very little time if not an instant. In case the procedure takes more time than anticipated, the policyholder gets an intimation letter from LIC.
Once the policyholder receives the update from LIC, he/she must cross-check by logging in to the portal.
Important Points to Note:
You can access the enrolled policies only after the LIC branch has verified the enrollment form.
You cannot update your address on the website if the above-mentioned step is not done accurately.
Registration of any grievance can also be done online through the website.
If your account has any misinformation or discrepancy, it can be brought to the notice of LIC via an email or letter.
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I have taken a life insurance in LIC on five years before. The policy is for 20 years. I am paying premium in the quarterly package the amount which is nominal for me. While getting a policy the agent has given an information about the policy details.
On 10 years before, I took life insurance policy for my spouse in LIC with tenure period of 15 years. Since its money back policy, 5 years once I got amount of 5K which I have received for twice . I use to pay premium on quarterly basis of the amount of 3087 rupees which is nominal. The agent has given an information about the policy details and provided hard copy of documents on time.
I have taken a life insurance in LIC on 9 years before. Tenure period of 15 years. I am paying premium on half yearly package the amount of 6490 rupees which is nominal. The agent has given an information about the policy details. It covers myself and the policy name is Jeevan Anand.
I have taken Life Insurance policy directly through LIC agent .This was a maturity benefit policy for the tenure of 21 years.I am paying the premium on monthly basis .I am paying the premium through online .This policy is still alive and all the details about the policy was clearly explained by the agent.
HDFC Life is one of the worst companies you would want to take your life insurance from. I am writing this review with my personal experience + experiences of some other users who purchased the policy. They are running a scam where about 1 yr after issuing your policy, they automatically cancel it, citing "non disclosure of pre-existing illness" as the reason. The same thing happend with me and many others. I have no such reported illness of any kind. And even if I had, why was the policy issued in the first place? Upon my request to provide an explanation or more detail about this 'illness', no respone was given to me, neither by HDFCLife nor by Policybazaar, through which I had purchased this policy. I was cheated of my one-year premium amount and my policy was lapsed.
If you are at all serious about preserving your mental and financial well-being, do not go anywhere near any of these two companies. They are the biggest fraud in the life insurance market.
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LIC policy is safe and if you have a long term policy, it will be useful. If i go to their office, the response is fine. They have a good portal to know about the payment premium amount and existing policy details. I make the premium through online. I took the money back policy and it got matured already.
In LIC website, they are updating the policy details on a timely basis. I took my retirement plan in life insurance corporation of India. For the safety purpose, i have selected this company. I am investing the money of Rs. 10K every month. I get the returns after my age of 56. This is a tax benefitable policy.
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