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LIC Registration - LIC New Registration Process - 2021

Claim Settlement Ratio - 98.04%*
*Data according to IRDA Annual Report (2018-19)
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LIC Registration - LIC New Registration Process - 2021

Life Insurance Corporation of India (LIC of India) founded in 1956 has been continuously branding itself as the most trusted service brand of India. LIC of India works with the agenda of carrying what the customers lack and preserving what the customers already possess. LIC of India is the largest insurance company in the country. It has branched itself into every corner of the country to serve all the people of the country.

LIC of India has certainly become a known name of every household, and that is because it strives continuously to introduce new plans and policies with varied features into the market. Nowadays, the market is flooded with insurance policy firms as every individual wants to have a protected present, and nobody can predict what misfortune is waiting for him around the corner. Every person wants to be prepared and win against all the damages that can occur in his life.

Buying insurance offers strength to the individual and the family member to stand firm against every unfortunate thing. Critical situations come with mental as well as financial stress. Financial stress can lead to enormous instability in the lives of the people as every task in today's world needs fuel called money.

Critical illness, pre-existing diseases, car or house mishap, child education, the sudden demise of a family member are some of the life-shaking events that can turn the life of an individual upside down. Rising above all these events can be a tough task if there is no financial stability. LIC is one such power that could help a person to come out of that remorse situation.

During life, LIC offers protection to the insured individual by taking care of the financial needs. If the individual dies, then a few plans are specifically designed to take care of the family members of the policyholder by replacing the death benefit into the source of income.

LIC offers various benefits to the policyholder. Savings of the lump sum amount can be done easily in this way. Tax benefits are offered under section 80C and 10(10D). Affordable premiums are offered by many plans. Even after some unfortunate events, LIC helps in living the same quality of the life a person used to live before the event.

LIC of India has left no stones unturned to reach out to every community. They have shifted their whole setup to the online mode where busy people can pay their premiums, claim the benefits, or renew the process in a few minutes. Customer support provided by LIC is undoubtedly one of the best services offered by LIC. It is a safer platform where an individual can deposit his money and wait patiently to enjoy its benefits in his old age.

LIC insurances help a person decently build their life even after something strikes an individual. LIC is relied largely upon because of the benefits that come along with the plan. The policies of the LIC are not demanding in terms of premiums. Most of the plans are designed by keeping in mind the diversity in the economic condition of every individual. The growth rate of LIC is increasing every year, which means more and more people are calculating and measuring their future and confiding themselves in the insurance benefits. There is no doubt that insurance has proven to be that friend that comes in support of an individual whenever he is sinking.

Why the LIC New Registration Process?

LIC has been available in both online and offline mode. Offline is a traditional way of communicating with an insurance agent and then buying the policy, and the documents will be received by the policyholder. On the other hand, the online mode is where an individual wears his detective hat and surfs through the plans and selects the best-suited plan and pays the premium. Both are very convenient.

LIC has introduced a very simplified and easy process to encourage people more to opt for the online registration process. All policyholders of Life Insurance Corporation of India can register for the company's e-services, online services for free of cost.

A person does not have to go down to the insurance agent on a daily basis to understand the status of their respective policy. Moreover, knowledge of the policy could be better gained in the policy buyers' own time without any pressure from a third person. Insurance agents often try to set up a plan which is more favourable to the agent rather than thinking about the policy buyer.

However, an individual who has bought a policy in their name or in the name of their minor children can avail of the e-services. After the child has completed 18 years of age, a unique user ID will be created if they want to continue the services. Married couples are not allowed to register under a single account; they must register themselves separately.

Registering online helps a person to understand the process from start to finish, and it has been religiously guided by a set of instructions on the website. Every payment date, renewal date, all the information is mapped out and it is presented systematically to the policyholder.

LIC new registration process also offers the advantage of adding one more policy to the online portal. Most of the people still get caught in the dilemma about the safety standards of the online transactions, but LIC has made sure that no such risky business or fraudulent transaction takes place on e-portals and that has been backed up by many awards received by LIC which proves that they are the most trusted insurance company.

The capabilities offered by the LIC online registration on the e-portal are as follows:

  • Registration for e-services
  • Online payment facilities
  • Policy schedule and policy status
  • Status of the bonus amount
  • Loan status
  • Status of the claim submitted
  • Revival quotation
  • Premium due dates
  • Premium paid receipt generation
  • History of the previous claims
  • Bond of the policy
  • Complaint registration
  • Various services and online forms are available
  • Locators

Features of LIC Online Registration

A person, after buying the policy, must continuously keep an eye on the status of the policy. The features of LIC online services are:

  • A policyholder can check the status of the policy or any other information related to the policy from the website
  • Online premium payments are quick and easy and can be done from anywhere
  • If online premium payment is made, an individual can check the status of the premium payment as well
  • A policyholder might miss the dates of his premium payment if the policy status is unknown
  • Even though the grace period is offered by the LIC at times even that could be missed unfortunately
  • A person who fails to pay the premium in time will cause the insurance policy to relapse
  • Immediately, a premium payment receipt is generated which can be saved or downloaded for further use
  • It is free of cost for people having LIC policies and saves ample amount of time
  • If any inconvenience is experienced by the customer, then the customer can immediately put up a complaint on the website which will be taken into consideration in no time
  • If an individual wants to renew the plan, he needs to know the date or else a coverage gap would occur
  • It is equally possible to check the bonus amount on the website

Benefits of LIC Online Registration

Apart from the aforementioned salient features of LIC Online Registration, there is a wide array of core benefits. Some of the key benefits of LIC online registration are listed below:

  • Online premium payments can be done quickly and, in a hassle-free manner
  • Status of the policy can be checked any time the policyholder desires to check
  • Next premium due dates can be tracked accordingly
  • Tracking of premium dates will allow the policyholder to pay the premiums at a respective given time so that there is no relapsing of the policy
  • For the income tax benefits, the policyholder can save and download the premium payment receipt as proof
  • The policyholder can add one more new policy to the already existing customer registered account
  • The extra expenses that are needed to travel or communicate with an insurance agent can be omitted as the online services are free of cost
  • An individual can access the status of the claim immediately
  • Assignment and nominee status will be displayed on the website
  • Revival quotations can be made available on the e-portal
  • A complaint can be registered quickly on the portal by the customer
  • If the policyholder has bought a plan which provides loan, then the status of the loan can also be available on the e-portal

How Does the LIC Online Registration Function?

For registering on the online portal, an individual need not have extreme skills of the computer, basic knowledge of computer and internet works fine. As the steps are very easy and simplified, any person having a LIC policy can register on the e-portal by following a few quick steps.

Steps for an Individual who has not yet registered on the Portal, he is a New User

Step 1: First and important is to visit LIC's official website. Once an individual is on the website, he must click LIC's e-services.

Step 2: Click on customer portal under online services, which is on the left-hand side of the page.

Step 3: The user will be redirected to the LIC e-service page. There, an individual will find functionalities offered in which registration for e-services is present.

Step 4: New user registration can be done by clicking the new user tab, in which a new user can register conveniently.

Step 5: Then, a set of information is to be filled by the new user-information like policy number, date of birth, premium amount, email ID, mobile number.

Step 6: After filling all the required information, the user can click on proceed to confirm all the details provided.

Step 7: Now to complete the online registration process, an individual must create a username and password of his own choice.

Step 8: Now an individual can start adding policies which are under basic services.

Step 9: The user can avail premier e-services by clicking on the registration form.

Step 10: Filling all the relevant details is a must. Later, the form is to be printed, signed by the user and scans it along with PAN card and passport.

Step 11: As soon as the LIC firm verifies the documents, a confirmation SMS or email will be sent to the user about the access availability.

Step 12: Once the policyholder receives the confirmation email or SMS, then he can start accessing the status of his policies or any other related information on the e-portal.

These are the few basic steps that need to be done by the user, which are easy, and an individual gets registered to the portal in a hassle-free manner. This process can be completed in a few minutes.

Steps for an Individual who has registered on the Portal, he is a Registered User

Step 1: An already registered user can use his user ID and password to login on the online portal and avail all the basic services.

Step 2: All the policies can be added to the account under the same login.

Step 3: A request form can be filled out to access all the e-services available on the portal.

Step 4: Fill the request form, print it out, sign and then provide a scanned copy of the form along with the scanned image of passport and PAN card.

Step 5: The LIC office verifies the documents provided and a confirmation email or SMS is sent to the user.

Step 6: Once the confirmation is received the registered user and access all the e-services.

Steps for an Individual who wants to register as an Insurance Agent

If a person is a LIC agent and wants to shift his business entirely in an online mode then s/he can set up his/her business and services on the online portal. He can do that by registering himself on the e-portal. A person must clear certain tests to become an insurance agent. An individual who is 18 years of age and has completed his 10th grade can appear for these tests.

The tests are conducted by the Insurance Regulatory and Development Authority of India. The individual needs to pass these tests in order to become an insurance agent. LIC offers the benefits of training for these tests for the interested individual.

Once the person clears the test, he will be provided with an insurance code so that he can practice as an insurance agent. Documents like identity proof and address proof must be provided to get the insurance code. That code can help that person to register on the e-portal as an insurance agent.

Step 1: An individual has to login to LIC's official website.

Step 2: There is a tab of online services on the left-hand side of the page. Click on agent's helpline module tab under online services.

Step 3: An individual must click on new user registration.

Step 4: The user must fill all the necessary details. Details like agent code, branch code, email ID, mobile number.

Step 5: User can set a password of his choice.

Step 6: Click on Generate OTP. This process is for verification.

Step 7: A one-time password will be sent to the registered email ID or password of the user.

Step 8: Enter the OTP in the given space and submit the OTP.

Step 9: Then the registration of the agent on the e-portal is done successfully.

How to avail One-self of LIC e-Services?

Once an individual is done with the online registration process, he can avail of all the online e-services in no time. Login to the website with the help of the username and the password set at the start of the process. An online form is to be filled by the user to avail of all the e-services on the online portal. Later, this form is to be printed out and signed.

The signed copy needs to be scanned along with the passport and PAN card. After uploading all the scanned images, the entire process is completed. After completing the process, the LIC office verifies all the documents and sends an email or SMS to notify the user about the confirmation. After the confirmation SMS or email, the user can get the benefit of the e-services and will be able to access all the online services.

How to Claim LIC Policy on Online Portal?

The most crucial segment of buying a LIC policy from any insurance firm is claiming that policy. LIC has a claim settlement ratio high when compared to most of the insurance firms. People fixate themselves with the understanding that an insurance agent can quickly verify the documents, and a claim will be issued. But online portals also work very efficiently in case of a claim.

The process instantly and accelerate the claim process for the people who are already stressed out if any case of death claims. If any sudden accident takes place, then an individual cannot run hither thither for his claim process; only if he is registered on an online portal, he can quickly apply for a claim which is quick, easy, and stress-free.

Claim settlement can be in the form of maturity benefits or death claim.

LIC Maturity Claim Settlement

The endowment type of insurance policy offers maturity benefits. The LIC is to pay the amount to the insured individual at the end of the policy period or regular intervals after the policy has been matured as per the intervals accepted while buying the policy. A claim under the maturity of the policy will be informed to the policyholder before the due date. Certain documents are supposed to be submitted by the policyholder.

LIC Death Claim Settlement

It is the most stressful phase for the nominee to file a death claim for the insured individual. After submitting a few sets of documents, the lump sum amount will be provided to the family members of the insured individual along with tax benefits. There are different types of life insurance deaths like accidental death, early death, which is the death of the policyholder within 3 years of commencement of the policy, non-early deaths, natural death, etc.

A thorough investigation is done by the insurance office, and later with the help of the documents, the lump sum amount is paid to the family depending on the circumstances of the death and the policy that was bought by the policyholder.

To claim the maturity or death benefit, the registered user has to log in on the official website of LIC. The claim status option on the website will give the user all the details about the claim that could be done under the policy bought, and all the previous claim information will also be available on the website. The claim can be applied, and then a set of documents will be asked to submit on the website.

Document required to Claim Death Benefits

In case of death benefits, the following documents will be asked to submit on the website:

  • Medical certificate to understand the cause of death
  • Original policy documents
  • Death certificate
  • ID proof of the nominee
  • Age proof of the insured individual
  • Discharge form of the hospital
  • In case of unnatural death, a police FIR
  • Post-mortem report in case of unnatural death
  • If the insured dies due to illness, then the hospital records
  • Cremation certificate and employer certificate in case the person dies within 3 years of buying the policy

Then the user can constantly keep on checking the status of the claim on the LIC online service portal. In case of death, there are several complications after the death of an individual, a nominee at such conditions can instantly apply for the claim and check the status of the claim in his own time. The online registration process helps people tackle the usage of time required to go to the insurance firm and helps in getting the claim process done as quickly as possible.

How to Apply for LIC Loan on LIC Online Portal?

LIC loans applied online against the life insurance policy of LIC India tend to get approved immediately. Recently, LIC has offered to provide loan for the people who have a LIC insurance policy. People who have registered for the e-services on the LIC online portal are eligible to apply for the loan on the portal. Applying for the loan can be done as follows:

Step 1: A registered user has to login to the website with the help of the username and the password. An individual needs to login in LIC customer portal which is visible under online loan request.

Step 2: The user will be directed towards the login page where the user must provide the necessary information like email ID, mobile number, date of birth and password.

Step 3: After the user successfully logs in to the online portal, the screen will be displaying the home page of the portal. Options will be provided to the user on the screen where on the left side of the page there is a menu option.

Step 4: Click on the premier services which will give a series of options emerging from the tab of premier services.

Step 5: In those options, there is an online loan request. After clicking the tab of the online loan request, a set of instructions and conditions are visible which helps the user in applying for the loan online.

Step 6: The user must select ‘I agree’ checkbox after reading all the terms and conditions.

Step 7: Then after agreeing, the user must click on the ‘Proceed’ button, which will lead the user to another page and then for verification, an OTP will be sent to the registered mobile number.

Step 8: Submit the received OTP on the website.

Step 9: Click on the submit button. After the validation process, the user gets directed to the page where all the policies under his name are visible.

Step 10: User must select the policy against which he desires to apply for the loan.

Step 11: After selecting the policy, the loan amount is displayed on the screen which can be provided to the user from LIC against the desired policy.

Step 12: If any loan is taken prior to the current application of the loan, then all the details related to the past loan is visible on the screen.

Step 13: Submit confirmation.

Step 14: After clicking submit, the user will be directed towards the sanction page. This page will have all the details of the user like the amount of loan opted by the user, bank account details that are already submitted to the LIC, name, and address of the LIC office branch.

Step 15: User can edit the details that are already submitted on the website or else he can proceed with the process by clicking yes if he is okay with all the details.

Step 16: A service number will be generated after the confirmation.

Step 17: The user, after the whole process, should note the service number and take a print of the filled online loan form, sign on it and submit it to the nearest LIC branch. If failed to do within 4 days, then the application will be cancelled, and the process must be done by the user once again.

The benefit of applying for loans online after registration on the online portal is that the user can self-check the loan eligibility without any interference from any LIC agent.

Online Payments Options available for e-Portal

There are many payments that can be done on the e-portal instantly without having to go to the insurance firm or without any help of the insurance agent. The payments can be done instantly and in a safe manner. The premium payments for all the plans can be done a month prior to the due date of the policy. Payments that can be done on the online portal are:

  • Premiums can be paid without delay
  • Loan repayments can be done for the policies that provide the loan facilities
  • Loan interest due and renewal premium due can be worked out on the online portal

The payment modes that are available on the e-services website are:

  • Net banking
  • Credit cards like Amex, VISA, and Master card
  • Debit cards like Rupay, VISA, and Master card
  • UPI (Unified Payment Interface)
  • BHIM (Bharat Interface for Money)

LIC new registration process is making its way in the Indian market due to its instant and quick ways. LIC registration on the online portal has paved its way due to different reasons.

  • Online term plans are 40% cheaper than offline term plans. This is due to the lack of the middleman. No insurance agent is involved in the process due to which the term plans cost less on the online portal
  • Online plans offer higher sum assured for the low affordable premium when compared to the offline plans because of the reduced servicing costs
  • The registered user on the portal can fill up all the details by him and choose the desired plan on the offline ways; an insurance agent always takes up the charge and leads which at times can seem uncomfortable and unwanted
  • Customer support is continuously provided throughout the process if needed by the policyholder
  • There is total transparency throughout the whole process as the policyholder himself takes care of every terms and condition and studies every point carefully before making any decision
  • The online portal is the safest option because you can trust the website, but the same could not be said about the insurance agent. An insurance agent works for himself and not for the customer in many cases which will land the customer to make some hasty decisions which will be beneficial for insurance agent but not the customer
  • Fraudulent transactions are not possible on the website due to the verification process that is always conducted by the website before any transactions

LIC of India has devised this new online registration process for the well-being of its customers. Online processes are safe and secure, quick, and instant and can be done from anywhere in the country without any stress. In today’s generation where people do not have an ample amount of time to do their daily chores tend to omit the fact that insuring their life is equally important as living their lives.

Living life to their fullest is possible only when they know that there is some protection for the stability that they will lose if something unfortunate happens. LIC has shifted its whole set up in online mode so that every person should experience the benefit of the insurance policies. LIC new registration process certainly is the attempt to help more and more people to have a protected and safe life.

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Written By: Paisawiki - Updated: 22 March 2021