How to Check LIC Policy Benefits Online and Offline?

What are LIC Policy Benefits?

Every LIC policy comes with certain benefits that apply to only that plan. LIC policies are designed for the convenience of the policyholders. However, having an inclusive insight into the policy details and the advantages an individual gets by subscribing to the policy is essential.

The two most common benefits which most LIC plans have are:

• Maturity Benefits, and

• Death Benefits

How To Determine The Right LIC Policy According To Benefits?

Choosing the right LIC policy can be challenging due to the various options available. To make an informed decision, consider the following aspects:

• Financial Goals: Identify your financial goals and the type of coverage you need. Are you looking for savings, protection, or both?

• Investment Capacity: Determine how much you are willing to invest in the policy. This will help you narrow down options that fit your budget.

• Coverage Needs: Assess whether the sum assured in the policy meets your financial requirements and goals.

• Policy Benefits: Review the benefits offered by the policy. Ensure they align with your needs and expectations.

• Additional Benefits: Check if there are any extra benefits or features that could be advantageous to you.

• Flexibility: Evaluate whether the policy provides flexibility in terms of withdrawals, loans, or other adjustments.

By answering these questions, you can better understand your needs and choose an LIC policy that best suits your financial goals.

Methods of Checking LIC Policy Benefits

An overview of a policy is not enough to purchase and invest in a certain type of plan. You need to get an inclusive idea about the plan and its benefits. There are various methods of checking the policy details and benefits of the desired plan. There are two main ways of checking the LIC policy benefits: the online method, which is more reliable and user-friendly, and the offline method, which shows the policy details.

1. Online Method

   Step 1: Visit the official website of the Life Insurance Corporation of India (LIC).
   Step 2: Then choose the “Products” option, which is present at the top menu of the home page.
   Step 3: This section will now open a drop-down menu with different types of insurance, such as Insurance Plans, Pension Plans, ULIPs, Micro Insurance Plans, Withdrawal Plans, and Health Plans.
   Step 4: An individual must choose the type of plan they desire.
   Step 5: After selecting the type of plan, the page will automatically open to the insurances available under that plan.
   Step 6: Click on the desired policy plan.
   Step 7: Select “Sales Brochure”
   Step 8: The brochure will have policy benefits explained in detail.
   Step 9: An individual can verify the policy's benefits from the document.
   Step 10: The "Policy Document" can be downloaded from the same page as the sales brochure.

2. Offline Method

   LIC Customer Zones are spread all over India. If an individual is willing to do the whole process offline, from checking policy details to getting an idea of the policy benefits to purchasing the policy, they can walk into their nearest LIC Customer Zone and get the assistance of an insurance advisor.
   The insurance advisor will help the policy-seeker in every possible way. The advisor will provide the individual with a brochure and policy documents, available online, and suggest plans according to the individual's requirements and demands. The advantage of offline checking the policy benefits is that the customer will get assistance and expertise in choosing the right policy. Individuals can also connect to the LIC Call Center at 022 6827 6827. 

How to Re-check the Benefits of a Purchased LIC Policy?

Policy benefits are available under the policy details section after purchasing the plan. There are two methods of checking the policy details after purchasing the policy, and they are as follows:

1. Through Online Account

   For Registered Users:
   Step1: Visit the customer portal. (https://licindia.in/Home-(1)/Customer-Portal)
   Step 2: Click on “Registered User”
   Step 3: Fill in the given credentials like user id, password, and date of birth.
   Step 4: Click “Proceed”
   Step 5: Search for “Self” or “Policies”
   Step 6: Customers must choose the policy they want to check the benefits of.
   Step 7: Choose “Policy Details”
   Step 8: This section will show the policy details including the policy benefits.

   For New Users:
   Step 1: Visit the LIC’s customer portal. (https://licindia.in/Home-(1)/Customer-Portal)
   Step 2: Click on “New User”
   Step 3: Fill in the required credentials, such as name, policy number, gender, PAN ID, date of birth, premium payments, registered mail ID, and phone number.
   Step 4: Click Proceed.
   Step 5: Create a password.
   Step 6: Click “Submit”
   Step 7: Then go to “Policy Details”
   Step 8: Policy benefits will be available under this section.

2. Offline Method

   LIC offers an offline mode to ensure that customers do not miss essential updates, even if they do not want to log in to their online accounts. If an individual wants to persist in the offline method throughout the insurance process and check their purchased policy benefits offline, there are four methods. The methods are:

   • Through Calling Customer Care: Policyholders can access instant updates about their insurance or LIC premium payments via LIC IRVS services. Users can easily get the policy details and benefits by entering the policy number. Helpline numbers are listed below:

     •  MTNL and BSNL Users: 1251

     • Other users: City code followed by 1251

   • Through Customer Care (Zone Wise): Policyholders can also contact the regional offices in case of any policy details. The regional offices are divided among eight zones throughout the whole Indian Territory. Customers can get the service numbers of the regional offices and contact them by phone.

   • Through SMS Services: An individual can know the policy details via SMS services. All they need to do is send an SMS from the registered mobile no. by typing “ASKLIC” followed by the policy number to 56767877 or 9222492224 to get the policy details. It will automatically show the policy details, including the policy benefits. If an individual wants to know more about the bonus and additional benefits, they may refer to the code “ASKLIC BONUS” for an inclusive idea.

   • Through the branch office or by calling an agent: These are the traditional methods of getting insight into the policy details. Customers can walk into any nearest LIC branch office and get their policy details and benefits re-checked. An individual can also reach an agent via calling services and learn about their policy benefits. This process carries many drawbacks. The two most concerning factors are time-consumingness and reliability. Policyholders can choose either offline or online quick SMS services, which is the most reliable and time-saving method.

Common Benefits of LIC Policy

Every policy-seeker wants to maximize their money and get an inclusive idea about the benefits before making LIC premium payments and committing to the policy. There are some common benefits that every LIC policy offers and they are:

• Death Benefits

• Tax Benefits

• Investment Return 

• Loan benefits

• Rider Benefits (Additional)

• Maturity Benefits (Dependable)

• Survival Benefits (Dependable)

Summing It Up

Individuals can monitor their policies regularly to keep track of their benefits and LIC premium payments. LIC has acknowledged its customers' convenience and introduced streamlined online services, which aid in checking the policy benefits quickly and efficiently in the hectic schedule of modern existence. The company has also improved its offline services so that customers who prefer offline processes can check their policy benefits readily through offline services.

Customers must prepare their policy number beforehand to check their benefits online or offline. The above-mentioned procedure will help check the policy benefits before purchasing and making the LIC premium payments. It will also aid in re-checking the benefits of an already purchased plan.