The policy bond is the document that is given to you after we accept your proposal for insurance.
The risk coverage commences after acceptance of your proposal and the conditions and privileges of your policy are mentioned in the policy bond.
This is an important document which would be referred to for various servicing interactions with you –
Keep the policy bond safe. It will be required at the time of
settlement of claims on the policy. You will also require it if you are availing a loan or want to assign the policy.
Inform your spouse/Parents/Children as to where the policy is kept.
In case you are handing over the policy bond to any person or office, please take a written acknowledgement.
Keep a Photostat copy of the policy for your reference.

The policy number is consisting of nine digits and can be found at the top left hand corner of the schedule of your policy bond.
This is a unique identification number that distinguishes your policies from other policies and will remain unchanged throughout the lifetime of the policy.
Remember to quote the policy number every time in your correspondence,
as it helps us to locate your records for reference.

Every policy is taken for different types of needs; therefore the conditions for your policy will vary according to the Plan and Term of the policy.
The policy schedule contains on the first page of your policy,
like the ones mentioned above as well as other information like nominee,
your address etc. It also shows the
date of commencement of your policy, date of birth, date of maturity,
due dates and months in which the renewal premiums are to be paid etc.
The second page onwards carries the various policy conditions like risk coverage,
additional risks coverage if opted for, standard benefits that are available for all policies, accident benefit if opted for, exclusion of risks if any and other conditions that govern the contract of insurance.
Apart from death benefits there are other standard benefits and benefits opted by the policyholder, which you might want to familiarize yourself with .

There may be instances when you would like to make alterations in your policy like change of premium payment mode, reduction in premium paying term etc. Your applications may be given in writing to the branch that services your policy for our further action.

Kindly make a thorough search before concluding that you have lost the
policy bond. Look for the same within your residence, among your investment papers, at your office and even with your agent to whom you might have entrusted the document for some reason.
It could have been even pledged with LIC/any other financial institution for
availing a loan by you. LIC retains the policy bond when you go in for a loan against the policy. Make sure that the document you are searching is
not one that has already been assigned to LIC, or to another financial institution. If the policy bond is partially destroyed due to natural causes like, fire, flood, etc, the remaining portion may be returned as evidence of loss of policy to LIC, while applying for a duplicate policy. In case you are sure that the policy bond is untraceable due to unknown causes, there is a simple procedure to comply with while applying for the duplicate policy at the branch that services your policy (Click here to know about obtaining duplicate policies).

Your address is very important for us. Without your latest address we would not be in a position to contact you for any service offering. We
would not like to keep any benefit that is due to you pending for want of this very important information. Whenever you shift residences, please inform the new address to us. Otherwise any communication we send to you,
like premium notices, discharge vouchers for maturity and survival benefits etc., will get delayed in reaching you.

check your policy bond and see if your date of birth is correctly given therein. This is one of the factors on which the premiums you pay for your policy is arrived at. This would also form the basis of all future policies you might avail from us.
In case your earlier policies do not have your date of birth incorporated and you do have a date of birth certificate issued by the competent authority, you may send an attested copy of the same to us, with a request to admit your age (Click here to find out the certificates of age that LIC accepts.)

Ensure that the nominees name is correctly incorporated in the policy bond. You may change the nomination in your policy any time during the lifetime of the
policy In case you have not included the name of the nominee till now, please do not delay; inform us your nomination immediately. Kindly note that the change of
nomination has to be done in the branch that services your policy. The nominee is the person to whom the insurance claim amounts would be payable,
in case anything unfortunate within the purview of the policy conditions happens to you. The policy is usually taken by you to benefit your family – nominate the persons who’ll have the welfare of your family in your absence; the usual preferences being spouse and children. You may nominate even minors like your children, in which case you have to name another person who’ll have the welfare of the minor children, as an appointee

v In case you are raising a loan against your policy from LIC or any other financial institution, your policy would have to be assigned to LIC or
the financial institution. When you assign the policy the title of the policy is shifted from your name to that of the institution.
The policy would be reassigned to you on the repayment of the loan.
A fresh nomination should be done after reassignment of the policy. Assignment of policies can be done even when a loan is not required or for some special purposes (To learn more about assignment

v Remember to pay your premium in time, even if our notices do not reach you. There may be a postal delay. LIC usually sends premium notices one month in advance to the due month of the premium.
The due months of the premium are given in front page of the Policy bond.
In case you have not paid the premium within the due date there is still time for you to make the payments without payment of interest on the premium. This period is called the grace period. (With the exception of some plans)
The grace period for policies where the premium payment mode is monthly is 15 days from the due date.
The grace period for policies where the premium payment mode is quarterly, half-yearly or yearly is one month but not less than30 days.

Status of your policy indicates if your policy is in force or has lapsed due to non-payment of premium. It also provides other important
information with respect to your policy, for your reference.
The status of your policy is available at the branch that services your policies. It is also available through our Interactive Voice Response Systems in select cities (Click here to find out if your city is covered). In cities connected by our computerized networks the status will be available in any of the branches.
Now the policy status of policies being serviced in the cities connected by network are also available through Internet

If your policy has lapsed due to non-payment of premiums within the due date, the terms and conditions of the policy contract are rendered voidv, till you revive your policy. A lapsed policy has to be revived by payment of the accumulated premiums with
interest as well as giving the health requirements as required .

Many of our plans are of endowment type and you would be allowed to raise
a loan against your policy should you require funds. You repay the loan with interest or continue paying the interest and allow the
loan to be deducted at the time of the claim payments. Further loans on policies are also allowed after deduction of earlier out
standings (Click here to find out more about loans on policies). Most financial institutions too allow loans against LIC policies based on the
value LIC quotes on request from you.

This is the value which is the amount payable to you should you decide to discontinue the policy and encash the same from LIC. Surrender value is payable only after three full years premiums are paid to LIC. More over if it is a participating policy the Bonus get attached to it as per prevalent rules.
Surrender of policy is not recommended since the surrender value would always be proportionately low. Should you decide to go in for another insurance at this stage further insurance
would be available to you at a much higher premium because your age
would have advanced since taking out the earlier policy. Therefore retention of earlier policies and continuation of all policies without
allowing them to lapse is the best strategy for continuing life
insurance protection.

When your Survival Benefits (For Money back policies) or maturity benefits
are due, we send intimations to you in advance. However, if the survival
benefit amount is less than or equal to Rs.500,000/- the same will be
sent to you directly without policy or discharge forms with a few
exceptions. If such intimations have not come to you before the due date kindly inform us so that we may take necessary action