Category: LIC OF INDIA

Simplify Your Life with LIC Premium Payment Online Paytm

Posted on April 13, 2023April 13, 2023 by avinash

Introduction

Paying your LIC premium has never been easier, thanks to the convenience of online payment options. And with Paytm, the process becomes even more streamlined and hassle-free. In this article, we will guide you on how to make LIC premium payment online Paytm. We will also answer some common questions that you may have about the process. So, let’s get started!

How to Make LIC Premium Payment Online Paytm

Here are the steps to follow to make LIC premium payment online Paytm:

First, visit the Paytm website or open the Paytm app on your mobile phone.

Select the ‘Insurance’ option from the menu.

Choose ‘Life Insurance Corporation of India (LIC)’ as your insurance provider.

Enter your policy number and other relevant details.

Check the details once again and proceed to make the payment.

Select your preferred payment method – credit card, debit card, net banking, or Paytm wallet.

Enter the payment details and confirm the transaction.

You will receive a confirmation message and an email with the transaction details.

It’s that simple! You can now enjoy the convenience of paying your LIC premium online with Paytm. You can also set up a standing instruction to ensure that your premium payments are automatically deducted from your account each month.

Advantages of LIC Premium Payment Online Paytm

There are several benefits of making LIC premium payment online Paytm. Here are a few of them:

Convenience: You can pay your LIC premium anytime, anywhere, without having to visit the LIC office or a bank branch.

Time-saving: Online payment options like Paytm save you the time and effort of standing in long queues or filling out cumbersome paperwork.

Security: Online payments are secure and protected by encryption and other security measures.

Instant confirmation: You receive instant confirmation of your payment, which gives you peace of mind.

Easy tracking: You can easily track your payment history and other details on the Paytm app or website.

FAQs

Is it safe to make LIC premium payment online Paytm?

Yes, online payments on Paytm are secure and protected by encryption and other security measures. You can trust Paytm to keep your information safe and secure.

Can I use Paytm to pay for other insurance policies besides LIC?

Yes, you can use Paytm to pay for a wide range of insurance policies from different providers.

What if I make a mistake while entering my policy details on Paytm?

Don’t worry! You can always edit your details before making the payment. You can also cancel the transaction and start again if you need to.

Can I set up automatic deductions for my LIC premium payments on Paytm?

Yes, you can set up a standing instruction to ensure that your LIC premium payments are automatically deducted from your account each month.

What if I face any issues while making LIC premium payment online Paytm?

If you face any issues while making LIC premium payment online Paytm, you can contact Paytm customer support for assistance.

Conclusion

Paying your LIC premium online with Paytm is a convenient and hassle-free option.

You can save time and effort, enjoy secure transactions, and receive instant confirmation of your payment.

By following the simple steps we have outlined in this article, you can easily make LIC premium payment online Paytm.

So, go ahead and simplify your life with Paytm!

How can I get LIC E-policy or Online LIC Policy ?

Posted on January 5, 2023January 5, 2023 by avinash

LIC (Life Insurance Corporation of India) is a state-owned insurance company that offers a variety of insurance products, including life insurance policies. If you are interested in purchasing an insurance policy from LIC, there are a few options available to you:

Visit the LIC website (www.licindia.in) and explore the different insurance products that are available. You can also use the website to see premiums, download policy documents, and more.

Contact a local LIC branch or agent. You can find the contact information for your nearest branch or agent by visiting the LIC website and using the “Branch Locator” tool.

Note : All LIC plans are not available for online sale yet.

You can also purchase an LIC policy online, through the LIC website or through a licensed insurance broker or intermediary. Some policies can be purchased and activated entirely online, while others may require you to complete additional steps, such as submitting physical documents or undergoing a medical examination.

I hope this information is helpful! Let me know if you have any other questions. my email address is aivinash777singh@gmail.com !

Here are few more details about purchasing an insurance policy from LIC.

Before purchasing a policy, it is important to carefully consider your insurance needs and choose a policy that is suitable for you. You may want to consider factors such as your age, health, financial situation, and the type and amount of coverage that you need.

When purchasing a policy, you will need to provide personal and financial information, such as your name, address, date of birth, and income. You may also be required to undergo a medical examination, depending on the type of policy you are purchasing and your age.

Once you have selected a policy, you will need to pay the premiums in order to maintain your coverage. Premiums can typically be paid on a monthly, quarterly, or annual basis, and can be paid online or at a local branch.

It is important to keep your policy documents safe and easily accessible. You may need to refer to them in the event of a claim or to make changes to your policy. You can also check the status of your policy online, through the LIC website or mobile app.

I hope this additional information is helpful! Let me know if you have any other questions.

Note :Having an LIC agent will be more helpful rather go for Online .

LOAN CALCULATION OF LIC JEEVAN SHANTI PLAN

Posted on July 16, 2020July 14, 2020 by avinash

Loan facility of JEEVAN SHANTI POLICY will be available after completion of one policy year and will be available under the following
annuity options only:

a) Immediate Annuity:

i. Option F – Immediate Annuity with return of Purchase Price
ii. Option J – Joint Life Annuity with 100% Annuity to last survivor and return of Purchase price.

b) Deferred annuity–

i. Option 1: Deferred annuity for Single life.
ii. Option 2: Deferred annuity for Joint life.

Under Deferred Annuity during Deferment period:

 Maximum amount of loan available will be such that the annual interest amount payable on loan shall not
increase 50% of the annual annuity amount payable under the policy after deferment period and shall be
subject to maximum 80% of Surrender Value.

 Loan interest during deferment period shall be paid on compounding half yearly basis.

 In case loan is not repaid during the deferment period and if there is no default in interest payment as at
end of deferment period, then interest on loan shall be recovered from the annuity amount payable after the deferment period.

 In case loan is not repaid during the deferment period and there is a default in interest payment as at end
of deferment period, the difference of surrender value and loan outstanding along with interest shall be
payable to Primary / Secondary annuitant and policy shall be terminated.

 During the deferment period, if interest is not paid on due dates and when the outstanding loan amount
along with interest exceeds the surrender value, the policy shall be forfeited and difference of surrender
value and loan outstanding along interest shall be payable to Primary / Secondary annuitant and policy
shall be terminated.

Example:
Age at Entry: 45 years,

Purchase Price – 10,00,000, Deferment Period – 20 years.

Annual Annuity Payable – 2,27,200, Loan Interest rate – 9.50%
Calculate Loan amount during 4th Year of policy:

 50% of Annuity – 2,27,200 / 2 = 1,13,600
 Loan Amount = 50% of annuity x 100 / Loan interest rate
= 1,13,600 x 100 / 9.50
= 11,95,789
 Surrender Value During 4th year of Policy: 5,49,807
 Loan Amount will be restricted to 80% of SV i.e. 80% of 5,49,807 = 4,39,846.

Under Immediate Annuity and Deferred Annuity after Deferment Period:

 Maximum amount of loan available will be such that the annual interest amount payable on loan shall not
increase 50% of the annual annuity amount payable under the policy and shall be subject to maximum
80% of Surrender Value.

 Loan interest will be recovered from the annuity amount payable under the policy.

 Loan interest will accrue as per frequency of the annuity payment under the policy and will be due on the due date of annuity.

 Outstanding loan amount will be recovered from the claim proceeds at the time of exit.

Example:
Age at Entry Single/Primary annuitant: 45 years, Secondary Annuitant – 35 years.
Purchase Price – 10,00,000, Deferment Period – 20 years, Loan Interest rate – 9.50%
Calculate Loan amount during 4th Year of policy under:

a) Under Option F of Immediate Annuity and
b) Option 2 of Deferred Annuity
a) Under Option F of Immediate Annuity:
 Annuity Payable Per Annum = 65,400
 50% of Annuity – 65,400 / 2 = 32,700
 Loan Amount = 50% of annuity x 100 / Loan interest rate
= 32,700 x 100 /9.5
= 3,44,210
 Surrender Value During 4th year of Policy: 7,48,488
 80% of SV = 0.80 x 7,48,488 = 5,98,790
 Maximum Available Loan will be = 3,44,210.
b) Under option 2 of Deferred Annuity:
 Annuity Payable Per Annum = 2,27,200
 50% of Annuity – 2,27,200 / 2 = 1,13,600
 Loan Amount = 50% of annuity x 100 / Loan interest rate
= 1,13,600 x 100 /9.5
= 11,95,789
 Surrender Value During 4th
year after Vesting: 22,52,448
 80% of SV = 0.80 x 22,52,448 = 18,01,958
 Maximum Available Loan will be = 11,95,789.

LIC Claim Vs Private insurance Claim

Posted on December 18, 2019December 18, 2019 by avinash

WHY LIC is the BEST insurance organisation or others one in India? How can one find it? Its always suggestible to see CLAIM settlement ratio of that insurance company which is available on IRDAI website.Here we will see the Claim Ratio of Pvt or LIC of India.

IRDA’s Annual Report on DEATH CLAIM Settlement has been published in their WEBSITE. According to that Report, LIC has settled 99.57% of DEATH CLAIMS booked totalling 12,872 Crores which is the HIGHEST in not only INDIA but inthe entire WORLD. Individual Number of Claims settled by LIC is 7,34,328.

The IRDA Report shows this fact Very Clearly. Almost all the Private Life Insurance Companies settle SMALLER SUM ASSURED and rejects HIGHER SUM ASSURED cases. See the following:

AVERAGE SA REPUDIATION:

HDFC: 49.25 Lacs

ICICI: 40.62 Lacs

TATA AIG: 24 Lacs

BIRLA SUN LIFE: 16.66 Lacs

PNB LIFE: 15.28 Lacs

MAX NEWYORK: 13.9 Lacs

LIC is LIC; ALWAYS THE BEST in anything & everything (including CLAIM SETTLEMENT). Send this Poster to all your Clients and ask them to take Policy with LIC only for PEACE OF MIND.

New customer service form LIC OF INDIA

Posted on February 7, 2019February 14, 2019 by avinash

Life Insurance Corporation (LIC) of India is going start sending sms to message customer from the March 1, 2019, the policyholders will get automated SMS to update their customers regarding politics payment due, lapsation,revival ,surrender and maturity also.

One will get SMS, Like

“Dear Customer, we inform you that LIC will send Premium Due Intimations and reminders for your Policy Number xxxxxxxx by SMS only, with effect from 01.03.2019.”

If you have not received this SMS, it means your mobile number is not registered with LIC politics.

It is very easy to register your Mobile number with LIC of India,you may call to LIC agent to whom you have purchased politics.

If your agent is not in contact with you then you can go to LIC branch and submit letter to update it.

You may also do it online by visiting www.licindia.in/Customer-Services

or by calling 24×7 helpline number 022-68276827.

The corporation will send about 65 such messages, apart from reminder for premium payment, in case of a policy gets lapsed, revived or foreclosed, a policy bond is dispatched,bonus or loyalty is added, NEFT or NACH mandate is registered or rejected, maturity amount becomes due or paid and even greeting message on New year etc.

LIC CUSTOMER CARE

Earlier you had to either depend to your LIC AGENT or you have to call customer care in office hour for the sake of finding information about your LIC plan.

Now it’s a great initiative that Customer care help available for round the clock.

24×7 helpline number 022-68276827.

LIC Customer Portal:

If your tecno sevy and want to know every time regarding bonus accrued , surrender value,loan available, premium paid certificate ,to pay your premium online etc, you can enroll your LIC POLITICS in customer portal what you may find on LIC website.

3 things is necessary to enroll your policy

Your Premium amount without service tax.
Your date of birth
Your LIC POLICY number

LIC CUSTOMER ZONES:

Thare are still few services which is directly related to parent branch. Parent branch are those ,from whare you brought your politics. If you see you original LIC bond paper you can easily find LIC branch number. Through such branch number you can find address. There you must have to visit for few services like Nominee change,revival of your politics etc.

You might find uncomfortable to visit there ,as if you have changed your city etc.

Now LIC has established customer zone which is near you and you can get any kind of services there without visiting parent branch.

Deduction allowable from income for Payment of life Insurance Premium section 80c

Posted on January 23, 2019May 21, 2019 by avinash

a) life insurance premium paid in order to effect or to keep in force an insurance on the life of assessee or the life of the spouse or any child of assessee and in the case of h u f, premium paid on the life of any member thereof under an insurance policy (other than a contract for a deferred annuity), issued on or before the 31st day of March 2012 shall be eligible for deduction only to the extent of 20% of the actual capital sum assured or actual premium paid whichever is less.

b) life insurance premium paid in order to effect or to keep in force an insurance of the life of the assessee or on the life of the spouse or any child of assessee and in the case of HUL , premium paid on the life of any member thereof , under an insurance policy( other than a contract for and deferred annuity) , issued on or after the 1st day of April 2012 shall be eligible for deduction only to the extent of 10% of the actual capital sum assured aur actual premium paid whichever is less.

Where the policy, issued on or after the first day of april, 2013, is for insurance on life of any person .

Who is—

i) a person with disability aur a person with severe disability as referred to in section 80u, or

ii) suffering from disease or ailment as a specified in under section 80dd b, deduction under the section is allowed only to the extent of 15% of the actual capital sum assured or actual premium paid whichever is less.

c) contribution to deferred annuity plans in order to effect or to keep in force a contract for deferred annuity, on his own life or the life of his spouse or any child of such individual is eligible for deduction, provided such contract does not contain a provision to exercise an option by the insured to receive cash payment in lieu of the payment of annuity.

d) contribution to annuity plans lIC new Jeevan Dhara and and new Jeevan Akshay is eligible for deduction.NOTE: The aggregate amount of deduction under section 80c, 80ccc and 80ccd (1) shall not not in any case exceed 150000 rupees.

PROOF OF INCOME
The following documents can be considered as proof of income:

Salary Certificate
Personal Financial Questionnaire
Chartered Accountant’s Certificate
Income Tax Returns (ITRs) with computation of income statement of Income Tax Orders
Audited Company/ Firm Accounts including Profit & Loss Accounts.
Bank’s Statements (Pass Book)
The land revenue records in form of 7/12 extracts certificate from Tahasildar regarding crop pattern indicating crop yield, whenever source of income is shown as agriculture.
Whenever income from export is indicated in proposal form / I.T. returns/ Computation of income/ CA’s certificate, then income certificate in the form of report under 80 HHC and Form No. 10 CCAC duly completed and attested should be obtained.

Proof of Income to be submitted depends on the total rated up sum assured as shown below:

Total rated up sum assured mentioned above for the purpose of calling for proof of income will be calculated as under :-

Total rate up sum assured on the life of the proposer

Total rated up insurance on the lives of all children aged up to 25 (financed by parents)
Total rated up insurance on the life of wife (financed by husband up to a maximum of Rs. 30 lacs)/ total rated up insurance on the life of husband (proposed and financed by wife) +Total rated up credit given to sons and unmarried daughters aged more than 25 years. In the case of proposals on the lives of children aged upto 25, proof of income of the personal (father or mother) funding the insurance is to be called for.

The proof of income will depend on the total rated up sum assured calculated as above. In the case of proposals on the lives of married women on the basis of husband’s income, proof of income of the husband is to be called for. The proof of income will depend on the total rated up sum assured calculated as above. Income shown in the Income tax returns: Income Tax Returns (ITRs) show only net income.

Therefore, standard deduction if allowed can be added to the total income. If any interest is paid for housing loans and if it is claimed as a deduction against income from housing property, it can be added back to the total income. If income exempted from income tax (e.g. dividend income, export income, interest on tax- free bonds, agricultural income etc) is either mentioned in the ITRs or in the computation of income statement attached with ITRs, then separate proof of such income need not be called for.

However, if such exempted income is not mentioned it ITRs or computation of income Statement, Proof of the income should be called for.

Share of profit from Partnership firms:

Copies of partnership deed and ITRs/ audited accounts for last three years are to be called for, it is to be ensured that the partnership deed is still in force and the partners are actually receiving their share of profit.

Surrender Value Calculation of Jeevan Shanti

Posted on September 16, 2018September 24, 2018 by avinash

1. Jeevan shanti policy can be surrendered at any time after three months from the Date of issuance of policy or after expiry of the free-look period, whichever is later.
2. Surrender is allowed only under the following annuity options:

a) Immediate annuity–
 Option F: Immediate Annuity for life with return of Purchase Price.
 Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as
long as one of the Annuitant survives and return of Purchase Price on death of last survivor.

b) Deferred annuity–
 Option 1: Deferred annuity for Single life.
 Option 2: Deferred annuity for Joint life.
3. On payment of the surrender value all other benefits payable will cease.
Procedure for Determining Surrender Value:
a. Surrender During deferment period under Deferred Annuity:
SV = F3 x (F1 x Equivalent annuity amount payable for yearly mode + F2 x 110% of Purchase Price)
Where:

 F1 is Annuity Factor applicable at age lbd on the date of Vesting.
 F2 is the Risk Factor applicable for age lbd on the date of Vesting.
 F3 is the Factor applicable for outstanding deferment period in complete full years as at date of
surrender.
For Example: if the policy with deferment Period 20 years is surrendered during 20th year of policy, then outstanding period will be Zero.
 In case of Joint life policies factors F1 and F2 shall depend on the age lbd of younger annuitant.

Example:
Age at Entry (lbd): Primary Annuitant – 45 Years, Secondary Annuitant – 35 years.
Purchase Price – 10,00,000, Deferment Period – 20 years, Annuity Mode – Yearly,
Calculate Surrender Value payable during 4th
year.
 Age lbd of Younger age at Vesting = 35 + 20 = 55 years
 Annuity rate Payable p.a. for 10 lacs Purchase Price under Joint Life = 225.10 + 2.10 = 227.20
Annuity Payable Per annum = 10,00,000 x 227.20/1000 = 2,27,200
 Outstanding Deferment Period = 20 – 4 = 16 years.
 Factor F1 at Age 55 lbd = 9.4760
 Factor F2 at Age 55 lbd = 0.1306
 Factor F3 for Outstanding Deferment Period of 16 years = 23.94%
Surrender Value = F3 x (F1 x Annual Annuity Payable + F2 x 110% of Purchase Price)
= 23.94/100 x (9.4760 x 2,27,200 + 0.1306 x 11,00,000)
= 0.2394 x (21,52,947 + 1,43,660)
= 0.2394 x (22, 96,607) = 5,49,807

Surrender Value and Loan Payable during each year under Above Example:

b) Surrender after deferment period under Deferred Annuity and under Immediate Annuity:

Surrender Value =
(F1 x Equivalent annuity amount payable for yearly mode + F2 x 110% of Purchase Price) – Annuity
installments paid under the policy during the policy year of surrender up to date of surrender.
Where:
 F1 is Annuity Factor applicable for age lbd on the date of surrender.
 F2 is the Risk Factor applicable for age lbd on the date of surrender.
 In case of Joint life policies factors F1 and F2 shall depend on the age lbd of younger annuitant.
Example:
Age at Entry (lbd): Single/Primary Annuitant – 45 Years, Secondary Annuitant – 35 years.
Purchase Price – 10,00,000, Deferment Period – 20 years, Annuity Mode – Yearly,
Calculate Surrender Value after 3 years (During 4th year after Vesting):
a) Under Option F of Immediate Annuity and
b) Option 2 of Deferred Annuity
a) Under Option F of Immediate Annuity:
 Age lbd of Annuitant on the date of Surrender = 45 + 3 = 48
 Annuity Rate under option F for 10 Lacs Purchase Price Payable yearly = 63.30 + 2.10 = 65.40
 Annuity payable p.a = 10,00,000 x 65.40 /1000 = 65400
 Factor F1 for Age lbd 48 years = 10.0515
 Factor F2 for Age lbd 48 years = 0.0828
SV = (F1 x Equivalent annuity amount payable for yearly mode + F2 x 110% of Purchase Price) –
Annuity installments paid under the policy during the policy year of surrender up to date of surrender.
SV = (10.0515 x 65400 + 0.0828 x 11,00,000) – Nil ( As Annuity mode is yearly).
= 6,57,368 + 91,080 = 7,48,448

LOAN CALCULATION OF LIC JEEVAN SHANTI PLAN

Posted on September 16, 2018October 15, 2018 by avinash

Loan facility of JEEVAN SHANTI POLICY will be available after completion of one policy year and will be available under the following
annuity options only:

a) Immediate Annuity:

i. Option F – Immediate Annuity with return of Purchase Price
ii. Option J – Joint Life Annuity with 100% Annuity to last survivor and return of Purchase price.

b) Deferred annuity–

i. Option 1: Deferred annuity for Single life.
ii. Option 2: Deferred annuity for Joint life.

Under Deferred Annuity during Deferment period:

 Loan interest during deferment period shall be paid on compounding half yearly basis.

Example:
Age at Entry: 45 years,

Purchase Price – 10,00,000, Deferment Period – 20 years.

Annual Annuity Payable – 2,27,200, Loan Interest rate – 9.50%
Calculate Loan amount during 4th Year of policy:

Under Immediate Annuity and Deferred Annuity after Deferment Period:

 Loan interest will be recovered from the annuity amount payable under the policy.

 Loan interest will accrue as per frequency of the annuity payment under the policy and will be due on the due date of annuity.

 Outstanding loan amount will be recovered from the claim proceeds at the time of exit.

What is Grace period for LIC Premium payments?

Posted on May 28, 2018May 28, 2018 by avinash

Grace period

If you fail to pay LIC PREMIUM on time then LIC gives you days to pay Your premium without any hassle.

Grace period of one calendar month 30 days will be allowed for the payment of premium under early half yearly quarterly mode and 15 days of premium under monthly mode without changing the interest.

If premium paid after Grace period then interest from due date of premium is charged.

In case of death of life assured in grace period full death claim is payable. However the unpaid premium falling due to before next policy anniversary will be deducted claim amount payable.

If premium chart not paid expiry Grace period the policy lapses and clean under the policy is not payable in case of death after Grace period.

So agent has also to ensure the policy holders pay the premium within Grace period and policy holder should also take it note.

The above Grace period will also apply for the rider premiums and benefit also.

GST Rates (Service Tax) On LIC Policy

Posted on May 26, 2018 by avinash

Goods and Services Tax or GST has come into effect from July 1st, 2017 earlier GST on LIC Policy in the form of Service Tax .GST is a biggest tax reform in India history .It impact every one and all industries then How LIC can keep themselves apart from it. GST rate on LIC should be abolish,because LIC is paying huge dividends to Govt.

GST is also chargeable on the Interest Charged for Delayed Premium that late fees .we can say now GST will be applicable on Interest charged on delayed receipt of premium.

Rate will be applicable according to the type of premium collected. Here Types of premium means Mode of premium (yearly ,half-yearly,quarterly,monthly)

If you paid LIC premium by Bank Cheque ,but for any reasons your cheque bounced

(known as CDA ) then also GST is applicable .CDA Charges will be 18%.

There are few tax exemptions are in GST as decided by GST council

( i) Services of life insurance business provided by way of annuity under the NPS regulated by PFRDA

( ii) Services provided by IRDAI to insurers under IRDAI

(iii) Services of life insurance business provided under following schemes

Janashree Bima Yojana(JBY)
Aam Aadmi Bima Yojana (AABY
Life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum amount of cover of fifty thousand rupees;
Varishtha Pension Bima Yojana
Pradhan Mantri Jeevan Jyoti Bima Yojana
Pradhan Mantri Jan Dhan Yojana
Pradhan Mantri Vaya Vanadan Yojana
Any other insurance scheme of State Government as may be notified by Government of India on recommendation of GSTC

New RATE Of GST on LIC POLICIES

PLANS of LIC	Earlier service tax	New Rates w.e.f. 1.7.2017
Term & Health Products and ULIP charges	15%	18%
NB premium(including Single Premium) of Life and Pension products and First year premium of Annuity products	3.75%	4.50%
Renewal premium	1.875%	2.25%
Single premium of Annuity Products	1.50%	1.80%