Life insurance Corporation of India is an investment company as well as a state-owned insurance group with its headquarters in Mumbai. It is one of the largest insurance company in the country. It is said that more than 245 insurance companies, as well as provident societies, have merged for the creation of state-owned Life Insurance Corporation. In the pre-independence era, several other insurance companies have been established. Some of these companies include:
- Indian Mercantile
- National Insurance
- Postal Life insurance
- General Assurance
- United India
- Swadeshi Life
- Hindustan Co-operatives
- National insurance
- National Indian and many more.
LIC is known to provide insurance policy that is taken by a wide variety of persons, to secure their upcoming future even after their death. The persons, who have taken the policy, are required to pay some amount as the premium of the policy. One can make the LIC online payment for premium. The policyholders can visit the official website of the Life Insurance Corporation for making LIC online payment with ease.
All the policyholders are required to meet the guidelines of the policy provided by the Life Insurance Corporation. LIC welcomes its policyholders as a prospective customer to their customer service section. In this section, the policyholders are guided through various intricacies of a Life Insurance contract. Also, in the guidelines section, the policyholders are told about the facts of which they must be aware of, to find out the best out of their Life Insurance policy.
The policyholders are provided with a policy bond. It is a document that is given to the policyholders once they accept their proposal for insurance. After the acceptance of the proposal, the risk coverage begins. This is an important document that will be referred to a person as a witness that he has applied for the policy along with relevant details of the policy like policy number, premium, years etc. It is believed that every policy is taken for different needs. Therefore, the terms and conditions for the policy also vary accordingly. This variation occurs as a result of the plan as well as the terms of the policy.
The policyholders are required to make LIC online payment on time, even if their notices did not reach to them. This could be a postal delay. It is said that usually, LIC sends a notice for a premium of one month in advance to the due month of the premium. The months in which the premiums are due are stated on the very first page of the policy bond. The bond also features status of the policy which indicates that if the policy is in force or has lapsed because of non-payment of the premium then what will be the consequences the holder has to bear. The status of the policy is available at the branch that provides services for the policies to their clients. The policyholders can make use of the online portals like Phonepe, Paytm, Freecharge or the official website of the LIC, to make LIC online payment in time.