LIC Timeline – New Citizen Charter on Insurance Policy Servicing

Presenting LIC New Timeline introduced through Citizen Charter for improving Insurance Policy servicing benchmarks announced by Life Insurance Corporation of India headquarters applicable on all India basis, Check each service and know the stipulated time frame allotted and complain if required…

LIC Timeline

As per the new LIC timeline all maturity claim, annuity, pension processing will be completed on or before due date, and you may check in how many days will LIC Death claim to be settled as per the norms and how many days to take for settlement of loan on LIC policy.

The following is the table of services and LIC quality benchmark mentioned to complete the task, just check the below table and find the time to approach the concerned if not resolved any issue.

LIC Citizen Charter with New Services

Type of LIC Service Quality Benchmarks
Free look cancellation,
Surrender,
Withdrawal,
Request for refund of proposal deposit,
Refund of outstanding proposal deposit
Above all will be processed subject to receipt of all documents
15 days
Maturity Claim
Survival Benefit
Annuity / Pension processing subject to receipt of all documents
On or before due date
Raising claim requirements after lodging the claim 15 days
Death claim settlement without investigation requirement 30 days
Death claim settlement / Repudiation with investigation report 120 days
Issuance of LIC policy document after acceptance of the proposal 5 days
Registration of nomination
Assignment / Re-assignment and return  of policy document
3 days
Effecting revival
Alteration / Issue of duplicate policy on receipt of all requirements
2 days
Loan settlement after receipt of all requirements 3 days
Intimation of status of SSS (Salary Savings Scheme) insurance policies Once a year along with
Bonus information
Effecting change of address/ transfer In-Out and other inquiries under the policies Same day
Acknowledge a LIC Grievance 3 days
Resolving LIC Grievance 15 days
LIC Citizen Charter for Quality Services

As per the new timeline of Life Insurance Corporation of India, you may find all the quality benchmarks, and may complain to the authority or higher if not resolved within time given as per LIC Citizen chart, So please know the quality guidelines before approaching the concerned.

1 thought on “LIC Timeline – New Citizen Charter on Insurance Policy Servicing”

  1. VARISHTH JEVA BIMA POLICY was a deposit scheme @9% interest .Death claim settled after 62 days from the date of death,but intt paid for delayed period at 4% instead of 9%. It is breach of agreement. Policy no 974468315 in the name of SMT URMILA DEVI SRIVASTAVA
    reply from your brach enclosed here below
    – Forwarded message —–
    From: bo_226
    To: P K Srivastav
    Cc: CHAIRMAN ; crm_lucknow ; ncz_crm
    Sent: Tuesday, 23 March, 2021, 05:26:28 pm IST
    Subject: RE: DEATH CLAIM UNDER POLICY NO 974468315 ON THE LIFE OF SMT URMILA DEVI SRIVASTAV

    Sir,

    Regarding your mail dated 22.03.2021,we wish to inform you that broken period annuity (01.12.2020 to 14.01.2021) Rs 518.00 has been added and encashed dues (due after death) Rs 1050.00 has been deducted from the purchase price. Also, we have paid penal interest Rs 375.00 on 23.03.2021.

    With regards,

    Sr Branch Manager
    CBO,Lucknow

    Reply

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