LIC's Proposal Form
Various types of forms are filled to buy a Policy of Life Insurance Corporation of India (LIC). It is very important to choose the right form for purchasing the LIC Policy. Because on this basis LIC decides to sell New Life Insurance Policies.
So in this article of Jeevan Bima Bazaar, it is being told that when and which Form (Proposal Form) is filled to buy the Policy of Life Insurance Corporation of India? This information is very important for LIC Agents.
But if you are a customer and are considering buying a LIC Policy. Then this article will prove beneficial for you also.
Types of LIC's Proposal Forms
A Proposal Form is required to buy a New Life Insurance Policy of LIC. With the help of which the customer gives information about himself to LIC and on the basis of the information received from the customer, LIC provides the benefit of Life Insurance Protection with the help of a Life Insurance Policy.
However, LIC has a Number of main and subsidiary Proposal Forms for Purchasing a New Life Insurance Policy. The customer fills the Proposal Form as per the terms of the Proposed Policy.
There are mainly three types of Proposal Forms in Life Insurance Corporation of India (LIC). Which is called LIC Form No. 300, LIC Form No. 340 and LIC Form No. 360. But apart from this, there are Special Forms for Some Special Policies. For example, separate forms are filled for Unit Linked Schemes, Health Insurance Schemes and Pension Schemes.
All the above forms are used while purchasing a New Policy from LIC and are considered the Main Forms of LIC for purchasing a New Policy. But LIC Policy is not issued only on the basis of these forms. Some necessary Support Forms are also used as per the Policy and Customer Requirements.
ACR (Agent Confidential Report) is mainly used as a support form. Some Policies also use the MHR (Moral Hazard Report) of the Development Officer and MR (Medical Report). Apart from this, as per the requirement of the customer, KD-55 (which is used for depositing premium under Salary Saving Scheme) is also used.
That is to say, the Proposal Form and supporting forms are filled as per the Proposed Policy and the Requirements of the Customer.
When is LIC Proposal Form 300 used:
If the customer is 18 years of age or older and wants to pay the premium of his LIC policy from his own earnings. So, LIC Form No. 300 is used to sell Life Insurance Policy to such a person.
But now you may have a question in your mind that if a person is above 18 years of age, will only LIC Form No. 300 be used for him?
So the answer is no. If you are a LIC Agent then first of all you should check which policy of LIC the customer wants to buy? Then the terms and conditions of that policy should be checked. Form No. 300 should be used for a new LIC policy only if LIC Form No. 300 is an appropriate Proposal Form as per the policy terms.
How to fill LIC Form 300:
LIC Form No. 300 (LIC Proposal Form 300) is a Proposal Form that is used to purchase most of the LIC Policies. If you want to know How to Fill LIC Form No. 300, then click on the button given below to get its detailed information -
When is LIC Proposal Form 340 used:
When a Life Insurance Policy is to be given to a person who is 18 years of age or more, but that person is not earning, then LIC's Proposal Form 340 (LIC Form No. 340) is required to sell the Life Insurance Policy.
There are two important characters in this Proposal Form. The first one is the one who fills the form to deposit the premium of the Proposed Policy. This person is referred to as the proposer in the LIC Proposal Form 340. The second one is the one who gets the benefit of life insurance policy. This second person is referred to as the life assured in LIC's Proposal Form 340.
Who will Fill Form No. 340:
I hope you have understood who can fill LIC Form No. 340. But for greater clarity, some examples are being presented. If you want to sell a Life Insurance Policy to a child who is above 18 years of age and is pursuing education. LIC's Proposal Form 340 is used to insure such a child.
Similarly, if you want to sell a Life Insurance Policy to a housewife. So for that also you should use LIC Proposal Form 340 only.
How to fill LIC Form 340:
LIC Form No. 340 (LIC Proposal Form 340) is a proposal form that is used to purchase LIC policies. If you want to know how to fill LIC Form No. 340, then click on the button given below to get its detailed information -
When is LIC Proposal Form 360 used:
When LIC policies are sold to lives under the age of 18 years. Then LIC Proposal Form 360 is used. LIC's Proposal Form 360 (Form No. 360) also has two important characters. One of which is called the proposer and the other is called the Life Assured.
How to fill LIC Form 360:
LIC Form No. 360 (LIC Proposal Form 360) is a proposal form that is used to purchase LIC policies. If you want to know how to fill LIC Form No. 360, then click on the button given below to get its detailed information -
LIC Proposal Form Fees:
This question is asked by most of the customers that what is the fee for LIC proposal form? So for your information, we want to tell you that the proposal form of LIC is absolutely free. But LIC does not give its Proposal Form to any unauthorized person.
An agent of LIC who is licensed by IRDA. Only such agent and his Development Officer or CLIA can obtain such form Proposal From the branch office of LIC. For which they do not have to pay any fees.
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