Life Insurance: Checking, Claiming Policy Status

Let's say we have a contract that ensures payment to the insured person or nominee in the event of specific occurrences, like on completion of maturity period, specified interval, or premature death. This contracting concept, Life Insurance, was brought into our country over a century ago. However, the awareness regarding this is limited.

LIC, or Life Insurance Corporation of India, is one of India's leading insurers. It offers multiple-term insurance policies in different avenues. After selecting prominent term insurance, we must regularly get updated about its details to prevent losses and check its status, such as whether it is still 'in force,' 'lapsed,' or 'surrendered.'

The ‘In Force’ status of the policy plan indicates that the purchased policy is still active and all payments made as premiums are up-to-date. And we are entitled to have the benefits outlined in the policy terms.
‘Lapsed’ status implies that your policy is no longer active due to non-reimbursement of premiums within the stipulated period. In this scenario, we are entitled to lose all the benefits and life insurance coverage and have to go through the reinstatement process to revive it, which ultimately involves paying the overdue premiums and other applicable charges and evidence of insurability.
‘Surrendered’ Policy status refers to the policyholder's deliberate termination of an insurance policy before its maturity, before death. However, a Policyholder is entitled to receive the surrender value, which can be found by subtracting surrender charges or fees from the accumulated cash. Also, it results in loss of benefits of policy maturity along with some tax implications.

What is the LIC Policy?

As discussed above, Life insurance is a contractual agreement ensuring payment to the insured person or their nominee upon specified events—maturity, periodic intervals, or premature death. The policyholder pays premiums to the corporation at certain time intervals. It can be considered a societal safeguard, as it mitigates the financial risks associated with the untimely death of the stakeholder. We can say that it serves as a partial solution to the challenges posed by death, addressing the hazards of premature death, leaving dependents unsupported, and the risk of living into old age without financial means. Essentially, we can say that life insurance provides certainty in the face of life's uncertainties.

How to Claim LIC Policy?

One should obtain a life insurance policy to safeguard their family's interest. By paying a monthly fee to the insurance provider, you become insured when you purchase an insurance policy and are eligible for death benefits. Following are the steps to claim your LIC policy online-

Issuance of Discharge Form, which LIC issues to policyholders a month before the maturity date.
Completion of Discharge Form: It is required by the policyholder to complete the form accurately, along with essential documents to initiate the claim.
For premium payment verification, one must ensure that all the premiums have been paid.
Submission of documents, like original policy document, address proof, assignment/reassignment details, NEFT mandate with bank details, identity proof, age proof, and the policyholder’s bank account passbook, should be submitted before a week of the maturity date.
LIC initiates the verification process upon receiving the documents. This involves ensuring the accuracy and authenticity of the submitted information.
Once verification is complete, LIC credits the maturity benefit to the policyholder’s bank account. A discharge form may not be required for money-back policies with amounts below INR 60,000, and the maturity amount is directly transferred to the policyholder’s account on The maturity date. If the policy amount exceeds INR 60,000, the policyholder must file a discharge form for the LIC maturity claim.

How to check LIC status?

If you are a new user, registering yourself comes first before checking the policy status. Follow these simple instructions for registering as a New User:

Go to the "Login to Customer Portal" field of licindia.in.
Select "New User" or click "Sign Up" on the Customer Portal Login Page.
Enter your email address, date of birth, mobile number, and important policy details.
Verify the mobile number and give LIC permission to communicate with it.
Select "Proceed" and click the link in your email to complete a re-verification.
Complete the registration form, create a password, and verify the information.

Now, to check the claim status, go through the below steps-

First, navigate to LIC's official website and select "customer portal" under "online services."
Choose the "registered user" option from the log-in screen.
Enter your login information, including your password and username.
Choose "view enrolled policies" after logging into your account.
The dropdown menu in this section will display all of your LIC policies.
Choose the policy you want and make sure all the details are correct.
A display of your policy's status and all relevant details will appear.

To Sum Up

Life insurance, offered by LIC, plays a pivotal role in securing financial well-being and addressing life's uncertainties. The LIC policy serves as a societal safeguard, providing certainty in the face of life's challenges. Claiming LIC benefits involves a systematic process, including document submission and verification. Regularly checking your policy status ensures you stay informed about the benefits and coverage. New users can easily register on the LIC portal to access and monitor their policies, promoting financial security and informed decision-making. Life insurance, with its contractual commitment, remains a reliable means to safeguard your family's interests and provide stability in times of need.