Policyholder Should not Make Such Mistake

Policyholder Should not Make Such Mistake

LIC has a huge number of customers across India. If you are a policy holder or you are thinking of taking a life insurance policy in future. So the information given in the article on Jeevan Bima Bazaar will prove to be very useful for you.

Today, many frauds are being done in the name of life insurance policy. IRDA and Life Insurance Corporation of India keep warning the insured from time to time through paper media, news channels, messages and emails so that the policy holders can avoid this type of fraud.

The policyholder should always take the following precautions while buying a Life Insurance Policy or after buying a Life Insurance Policy-

• If you want to deposit the Premium of your Policy through someone else instead of depositing it yourself. Then you should to deposit the Premium of your Policy through cheque only. While issuing such a cheque, you should keep in mind that the cheque should be in favor of Life Insurance Corporation of India only. If any person or organization advises to issue such a cheque in favor of any other person or organization, then you should not do so and must complain about such person or organization to the corporation or administration.


• You should keep checking the status of your LIC Policy from time to time and for this the official website of LIC www.licindia.in will be very useful for you.


• Before signing any type of document for Life Insurance Policy, you must read the entire document carefully. If you are having difficulty in understanding the words written in the document, then you should take the help of an educated person. Such alertness keeps you safe from many kinds of frauds.


• Today the customer of Life Insurance Corporation of India can deposit the premium of his policy online. If the customer is unable to avail the online facilities. So such a customer can avail the NACH and ECS facility of LIC. Under this facility, the premium of the customer's policy is deposited automatically from his bank account on the due date. To get this benefit, the customer should contact his LIC agent or the branch office of the corporation.


• The Policyholder should not give the original documents of his Life Insurance Policy to anyone. If you do this then you yourself are responsible for it. Life Insurance Corporation of India does not allow any person to collect original documents from you. If it is necessary for the policyholder to submit his original documents to the corporation for any work, then the policyholder should submit his original documents to the concerned department of the corporation only and must obtain the receipt as proof. For this work, there is a department in all the offices of the corporation, which is called the Dispatch Department.


• Life Insurance Corporation of India does not give information about Policy Maturity, Policy Surrender, Policy Loan etc. to its customers through phone or email. If you get any such phone call, do not trust that call and contact the nearest branch office of the Corporation to verify its veracity. By trusting such phone calls or emails, you may become a victim of fraud.


• Be wary of phone calls promising offers in the name of a corporation. If any person claiming to be an officer of the Corporation makes a phone call, gives you any kind of inducement in respect of any LIC Policy or intimidates you against your LIC Policy. Then, you should not trust such phone calls. Any decision should be taken only after verifying the information given by visiting the branch office of the corporation.


• If a person describes himself as an agent of a corporation, then first of all you must take this information from that person whether he is actually an agent of the corporation or not. For this you can ask that person for his license and ask for his agency code. If the person shows their license, only then should you trust that person. But any kind of transaction should be done through cheque only. Such cheque should be drawn in favor of Life Insurance Corporation of India only.


• Life Insurance Corporation of India, under its anti-fraud policy, appeals to all the insured and people associated with the corporation that if they get information about any kind of fraud, they must inform the corporation about it.

For this, you can contact any branch office of the corporation or you can also complain by sending an email to co_fraud@licindia.com.

Apart from this, you can also do correspondence on the address given below.

Life Insurance Corporation of India
Personal Department, Central Office
5th Floor West Wing, Yogakshema
Mumbai, Pin- 400 021

Your little caution can save you and others from fraud.

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