Pay promised benefit on completion of maturity period, panel directs LIC
3 weeks, 6 days ago

Pay promised benefit on completion of maturity period, panel directs LIC

New Indian Express  

THIRUVANANTHAPURAM: The State Consumer Disputes Redressal Commission has directed the Life Insurance Corporation of India to provide ‘promised benefit’ to a Jeevan Saral policyholder. The commission rejected LIC’s argument to pardon a bona fide error in leaving the column on maturity amount blank in the policy document. The order came on an appeal petition filed by the LIC against the Pathanamthitta District Consumer Redressal Commission’s order to pay the promised amount with compensation to the consumer. She paid the entire premium amount of Rs 1,22,480 based on the assurance by the LIC that Rs 2.50 lakh would be payable on maturity.

Lic Maturity  period  pay  payable  promised  premium  completion  directs  policy  benefit  saral  redressal  lic  maturity  panel  rs  scdrc

History of this topic

Insurance firms draw flak for misinterpreting ‘pre-existing illness’ clause
2 weeks ago

Insurance firms draw flak for misinterpreting ‘pre-existing illness’ clause

New Indian Express  

THIRUVANANTHAPURAM: The State Consumer Disputes Redressal Commission has criticised insurance companies for misinterpreting the clause on “pre-existing illness” to reject legitimate claims. While disposing of a case related to a claim rejection by the Life Insurance Corporation of India, the commission clarified that a pre-existing disease pertains to treatment received within 48 months prior to the issuance of the first …

LIC traditional plans get dearer, terms & conditions get restrictive
3 months ago

LIC traditional plans get dearer, terms & conditions get restrictive

Deccan Chronicle  

Mumbai: The country’s largest life insurer-Life Insurance Corporation of India has raised premium rates and made a host of changes to its traditional participating life insurance plans. According to industry sources, premium rates have been revised upwards by approximately 4-9 per cent on money back plans, endowment plans, whole life plans and children plans including LIC’s most popular policies such …

Unclaimed Maturity Amount from LIC Policyholders is Increasing, Says Centre
3 months ago

Unclaimed Maturity Amount from LIC Policyholders is Increasing, Says Centre

Deccan Chronicle  

Hyderabad: The total amount of unclaimed funds in respect of maturity claims is increasing consistently with the state-owned Life Insurance Corporation. As against Rs 480.78 crore unclaimed amount from 2,43,790 policyholders in 2019-20, it has increased to Rs 880.93 crore from 3,72,282 policy holders in 2023-24. He said as per the provisions of Senior Citizens’ Welfare Fund Rules, 2016 notified …

LIC introduces a new plan named Jeevan Utsav; all you need to know
1 year, 3 months ago

LIC introduces a new plan named Jeevan Utsav; all you need to know

Live Mint  

Life Insurance Corporation of India has introduced a novel plan encompassing individual savings and whole life insurance. At the conclusion of each policy year in which the premium is paid, guaranteed additions of ₹ 40 per thousand basic sum assured will accumulate throughout the premium paying term. 40 per thousand basic sum assured will accumulate throughout the premium paying term. …

LIC Jeevan Labh: Get maturity and death benefit with this policy; details here
2 years, 3 months ago

LIC Jeevan Labh: Get maturity and death benefit with this policy; details here

Firstpost  

The policyholder receives ‘Sum Assured on Maturity’ as lump sum when the policy matures. Here are some of the benefits you get under this plan: Maturity benefit The policyholder earns “Sum Assured on Maturity” as a lump sum when the policy matures. The sum assured is equal to the “Basic Sum Assured” plus vested “Simple Reversionary Bonuses” along with “Final …

New LIC Policy Gives You Benefits Worth Rs 22 Lakh After Maturity; Check Details
2 years, 8 months ago

New LIC Policy Gives You Benefits Worth Rs 22 Lakh After Maturity; Check Details

News 18  

LIC Dhan Sanchay Policy: The Life Insurance Corporation, or LIC, of India is one of the go-to options for Indians when it comes to buy insurance policies. The LIC Dhan Sanchay policy gives guaranteed income benefit during the pay-out period from the date of maturity and guaranteed terminal benefit. You can choose the Annualized Premium / Single Premium in multiples …

LIC Policy: Invest in This Plan for Just 4 Years, Get Rs 1 Crore at Maturity; Know How
2 years, 8 months ago

LIC Policy: Invest in This Plan for Just 4 Years, Get Rs 1 Crore at Maturity; Know How

News 18  

LIC Jeevan Shiromani Plan: The Life Insurance Corporation, or LIC, is one of the go-to options for Indians when it comes to buying insurance policies. The Jeevan Shiromani Policy provides a basic sum assured of Rs 1 crore and the policyholder needs to invest in this policy for four years only, after which he or she will get the returns. …

LIC Policy for Children: Get Rs 8.5 Lakh Return at Maturity if You Invest Rs 150 Daily
2 years, 8 months ago

LIC Policy for Children: Get Rs 8.5 Lakh Return at Maturity if You Invest Rs 150 Daily

News 18  

LIC Jeevan Tarun Policy: The Life Insurance Corporation, or LIC, of India is one of the go-to options for Indians when it comes to buy insurance policies. The policy holder can choose between four options give below: Option 1: No survival benefit; 100 per cent of Sum Assured Option 2: 5 per cent of Sum Assured every year for 5 …

LIC Policy: Get Rs 36,000 Return Each Year Until Age of 100 if You Deposit Rs 45 Everyday
2 years, 9 months ago

LIC Policy: Get Rs 36,000 Return Each Year Until Age of 100 if You Deposit Rs 45 Everyday

News 18  

LIC Policy Jeevan Umang Policy: The Life Insurance Corporation, or LIC, of India is one of the go-to options for Indians when it comes to buy insurance policies. Pay Rs 45 Daily, Get Rs 36,000 Each Year After Maturity If you sign up for LIC Jeevan Umag Policy at the age of 26 for an insurance cover of Rs 4.5 …

LIC Policy Gives You Maximum Benefits at Lower Premiums; Check Out Details
2 years, 11 months ago

LIC Policy Gives You Maximum Benefits at Lower Premiums; Check Out Details

News 18  

LIC Policy Jeevan Amar Plan: The Life Insurance Corporation, or LIC, of India is one of the go-to options for Indians when it comes to buy insurance policies. LIC Jeevan Amar Policy LIC’s Jeevan Amar plan is a Non-Linked, Without Profit, pure protection plan. The LIC Jeevan Amar plan provides financial protection to the insured’s family in case of his/her …

Good News for policyholders! LIC offers opportunity to revive lapsed policies | Check details
3 years, 1 month ago

Good News for policyholders! LIC offers opportunity to revive lapsed policies | Check details

India TV News  

IPO-bound Life Insurance Corporation of India has launched a campaign for revival of individual lapsed policies. "While the current Covid-19 pandemic scenario has emphasised the need for mortality protection, this campaign is a good opportunity for LIC's policyholders to revive their policies, restore life cover and ensure financial security for their family," the state-run insurer said in the release. Eligible …

LIC Policy Can Give You Rs 28 Lakh Return, Rs 15,000 Additional Pension Benefits
3 years, 7 months ago

LIC Policy Can Give You Rs 28 Lakh Return, Rs 15,000 Additional Pension Benefits

News 18  

Life Insurance Corporation provides a slew of investment options that offer impressive safe returns on investment. In the Jeevan Pragati scheme, a person has to invest only Rs 200 a day and after 20 years, they will get a return of Rs 28 lakh. LIC Jeevan Pragati Plan: Details — The risk cover in this policy increases after every five …

LIC launches Saral Pension Plan: Earn minimum Rs 12,000 pension yearly; Details
3 years, 8 months ago

LIC launches Saral Pension Plan: Earn minimum Rs 12,000 pension yearly; Details

India TV News  

The Life Insurance Corporation has launched a new annuity plan. The new scheme is called -- LIC Saral Pension plan. Under this pension plan, the LIC is offering two annuity options of a lump sum amount -- life annuity with a return of 100 per cent of the purchase price and joint life last survivor annuity with return of 100 …

Nellore: Firm told to pay widow, kin Rs 20 lakh
6 years, 1 month ago

Nellore: Firm told to pay widow, kin Rs 20 lakh

Deccan Chronicle  

Nellore: District Consumer Disputes Redressal Forum at Nellore has rendered justice to a woman and her two unmarried daughters by directing an insurance firm to pay Rs 19.90 lakh with interest towards the settlement of a policy obtained by the husband of the woman who succumbed to sunstroke three years back. The insurance firm, LIC of India had refused to …

SC Tells LIC To Pay Rs. 2 L Compensation To Man Whose Money It Held Wrongfully For About 5 Years [Read Judgment]
6 years, 2 months ago

SC Tells LIC To Pay Rs. 2 L Compensation To Man Whose Money It Held Wrongfully For About 5 Years [Read Judgment]

Live Law  

The Supreme Court, while affirming a National Consumer Commission order to refund the money the Life Insurance Corporation held wrongfully from a man for nearly five years, has also asked the corporation to pay a compensation of Rs. 2 lakh to him.BackgroundIn January 2009, Madhav Hari Joshi submitted a proposal to the LIC) under its Jeevan Aastha Plan. The District …

SC modifies Judgment on LIC’s ‘financial hardship’ plea [Read Order]
8 years, 7 months ago

SC modifies Judgment on LIC’s ‘financial hardship’ plea [Read Order]

Live Law  

The Supreme Court had in its judgment rendered in March, last year, directed the Life Insurance Corporation of India to absorb the some temporary workmen in the permanent posts. It was further held that the Corporation would be liable to pay all consequential benefits including monetary benefits taking into consideration the revised pay scale in the cases of those workmen …

SC modifies Judgment on LIC’s ‘financial hardship’ plea [Read Order]
8 years, 7 months ago

SC modifies Judgment on LIC’s ‘financial hardship’ plea [Read Order]

Live Law  

The Supreme Court had in its judgment rendered in March, last year, directed the Life Insurance Corporation of India to absorb the some temporary workmen in the permanent posts. It was further held that the Corporation would be liable to pay all consequential benefits including monetary benefits taking into consideration the revised pay scale in the cases of those workmen …

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