How To Link Aadhar No. With Insurance Policies ?

On 08th November 2017, IRDA (Insurance Regulatory And Development Authority of India) issued a Circular No.IRDAI/SDD/MISC/CIR/248/11/2017  that linking your Aadhar No. and PAN is mandatory with all your insurance policies. Read this Circular is as below :
HOW-TO-LINK-AADHAR-WITH-LIC-POLICIES"Central Government vide gazette notification dated 1st June 2017 notified the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 making Aaadhar and PAN/Form 60 mandatory for availing financial services including Insurance and also for linking the existing policies with the same.
The Authority clarifies that, linkage of Aadhaar number to Insurance Policies is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017.
These Rules have statutory force and, as such, Life and General Insurers (Including Standalone Health Insurers) have to implement them without awaiting further instructions".
Why it is became so important to all policy holder? It is just to save your investment from any future fraud. We have to understand the importance to link Aadhar to LIC Policies and Linking of PAN to all insurance policies you are having. 
Link-your-Aadhar-With-Insurance-Before-Get-Claim

However the question is, How to link Aadhar No. to LIC Policies? Neither IRDA nor LIC company provided any facility to link their policies with Aadhar. Though there are two ways that you can link your Aadhar no with your insurance policies.
1. Link Aadhar / PAN while buying New Policy:
If you are planning to buy any new insurance policy then there are facility to link your Aadhar No. along with your PAN by providing a self attested copy with new proposal form. 
Therefore who are buying new LIC products should no need to bother now. The process will be completed by LIC itself before issuing a new policy to you.

2. Link Aadhar / PAN to existing LIC Policies:
As I told you, as of now LIC did not came up any online linking facility to existing policies. However you can visit your branch and link Aadhar & PAN to LIC Policies. Do remember to get an acknowledgement of the same.
LIC has the main problem that they don' have any centralized system to manage all policies and customer. It will be little problematic if you have policies from different branch but if it is from same branch then it will be easy.

You can make a list of all your policies with other details like Insured Person Detail, Premium (without tax) along with a letter and self attested Aadhar copy along with PAN/Form 60 (If not provided earlier) and put request to the concerned authority/ LIC agent to do the same.


It is clearly stated in this circular that every person/entities has to link their Aadhar with all kind of insurance policies including Group Policies.

Aadhaar Number has to be captured for both Customer and Proposer.

In case where the Aadhaar number has not been assigned to a client, the client shall furnish proof of application of enrollment for Aadhaar.

The various entities and whose Aadhaar Number has to be captured is clarified as follows,

a.       Individual : The Aadhaar Number of the Individual.

b.      Company / Partnership / Trust :Aadhaar Number issued to the person holding an attorney to transact on the Company’s/Partnership’s/Trust’s behalf.

Click here to link your Aadhaar with LIC Policies

Or  

if you want to link process manually/self by visiting branch, here is the Annexure (Application Format
Application-Format-to-Link-LIC-Policy-with-Aadhaar



What is Form 60? 
Form 60 is a self declaration provided as per requirement & filled by those individuals or person who does not have a PAN ( Permanent Account Number) and who enters into any transaction specified in Rule114B.

Who Require to provide Form 60?
Some person who have insurance policies but they do not earn as per Income Tax threshold limit then they can provide Form 60. 

Before signing the declaration, this declarant should satisfy himself that the information furnished in this form is True, Correct and Complete in all respects. Any person making a false statement in the declaration shall be liable to prosecution under section 277 of the income tax act,1961 and on conviction be punishable.

Don't go with any spurious  call to help to link your Aadhaar with Policy. 

Don't Share your personal details with any unknown person.

With Profit And Without Profit Plans

With_Profit_And_Without_Profit_PlansMany people who have their life insurance policy get notice that their plan is may be "With Profit" or "Without Profit". Some time they thought why certain plans are categorized like this. And wiling to ask their agent. Here are the answer.
An Insurance Policy can be "With" or "Without" profit. Life insurance companies from time to time declare bonus (profit share) on their plans. 
An insurance plans in which this bonus/profit share is passed on to the policy holders is called a "with profit" plan. Bonus are allotted after certain periodical valuations to the policy and are payable with the maturity amount.
But  in a "without profit" plan this bonus is not passed on to the policy holders. Therefore, the premium rate charged for a "with profit" plan is little higher than that for a "without profit" plan. 
The percentage of bonus may vary from one policy to another depending on the type, term and the premium of the respective policy, amount other considerations.

Register and Get Facility with LIC eService Portal

LIC has comes up with some new features with Lic’s e-service. You can register your policies at LIC portal with some simple steps and save lots of time.
Lic’s e-service is an initiative is to provide you with on demand service within a few clicks! You can now have many of the functionalities that were available only at branch office, Now it will be online at your fingertips. To avail this facility you have to get register as customer on LIC portal.
How to get Register on LIC Portal:
Register-and-Get-Facility-with-LIC-eService-PortalFirst you have to visit www.licindia.in  , click on the tab “New User “ , select your own USER ID & Password and provide all the other necessary information . Now you are a registered customer portal user.

LIC’s e-services portal for customers has come up with a lot of new facilities. Now if you register you can avail the following benefits: 


1.  Online Payment Facilities:
This facility provided to pay renewal premium dues, payment, repayment and loan interest due of loan through net banking, debit card, credit card, BHIM, UPI
2.   POLICY Schedule:
First page of policy bond which constitutes policy schedule will be displayed.

3.   Policy Status :
Basic detail of policy will be displayed such as plan, term, sum assured, date of commencement, first unpaid premium etc.

4.  Bonus Status :
     Total bonus accumulated under the policy will be displayed.

5.  Loan Status :
Present loan position will be displayed such as total loan outstanding under the policy, due up to which loan interest paid etc.

6.  Claim Status:
This option will display date of survival benefit (if any) or maturity benefit due under the policy during the policy term.

7.  Revival Quotation:
Revival quotation will be provided in case of lapse  policies.

8.  Premium Due Calendar:
Detail of premium due during the year (month wise) will be displayed.

9.  Premium Paid Certificate:
Individual policy – it provides history of premium paid under a single policy during the financial year.
Consolidated – it provides history of premium paid under all the registered own life policies of the user.

10. Claim History:
 This option will provide details of any claim paid under the policy with NEFT/  Cheque details, date of payment and amount of payment.

11.  Policy bond/proposal form image;
 Scanned image of the policy bond as well as proposal form will be displayed for enrolled  policies.
12.  Grievance registration:
Facility to register a complaint /grievance with insurer.

In future the benefits will further be enhanced. If you face any problem in registering, you may contact us/your Agent or to your nearest LIC Branch.


Tax Relief For Agents

Tax-Relief-To- LICAgentLIC agents main earning is commission. So, Income Tax Department allows some relief to favour Insurance agent. But this relief is for small commission earning agent. If commission earned from LIC insurance business is below Rs.60,000/- p.a. and if no separate books of accounts maintained then the entitlement for deduction is as follows:

i) On First Year Commission - deduction is 50%  

ii) On Renewal Commission - deduction is 15%

The LIC Commission after claiming deduction was mentioned above will be included and can be disclose with other source of income for tax purpose.

The benefit of Adhoc deduction will not be available to agents who have earned total commission of income more than Rs.60,000/- during the year.

In case gross commission earned by an Agent from LIC exceeds Rs.60,000/- per annum  then, he will be not entitled for claiming deduction referred above. He has to maintain books of accounts as required under the Income Tax Act. The following books and documents are recommended to be maintained :

1) Cash Book
2) Bank Book
3) Ledger Book
4) Journal Book
5) Vouchers And Bills
6) LIC Commission Statement
7) TDS Certificates Received from LIC
8) Bank Pass Book, Cheques Book, Deposit Voucher
9) All Other Connected Documents 


LIC Agents are entitled to claim all expenses incurred for generating LIC Commission such as :
a) Salary to Staff
b) Rent for Office Premises, in case own office then maintenance for the same
c) Fuel Expenses and maintenance for maintaining vehicles.
d) Books, Publications, Periodicals expenses connected to business
e) Printing And Stationery
f) Electricity Expenses
g) Travelling / conveyance Expenses
h) Telephone / Mobile / Internet Expenses
i) Postage Expenses
j) Depreciation Expenses on Vehicles, Computers and Other Office Equipment
k) Gifts, Diaries, Calenders Expenses etc.
l) Staff Welfare Expenses
m) Any Other Expenses related to generate commission.

Procedure to Get Duplicate LIC Bonds

LIC Bond is the written contract form between insurer and insured, it is the most important documents from LIC point of view. And it is the main evidence for the policy holder that they are insured from LIC of India. So, keep it safe.
How-To-Get-Duplicate-LIC-Bond?
If it is misplaced due to some reason due to Shifting or theft or fire or any other reason you are not able to locate/find it then you can apply for duplicate LIC Insurance Policy bond.      

There are some documents and procedures to arrange and follow to get it from your your LIC Branch.

1. Go to your LIC Home Branch and ask the procedure.
2. Get Form No.3762 get type this details on Non-Judiciary Bond Papers of Rs.100/- as self                      declaration and get it notarize from the notary.

Along with above documents with One Photo ID and Address Proof  Submit these documents to your home branch. LIC may charge you some Stamp Charge require to be pay by applicant. The Stamp Charges may differ from Plan to Plan and value to Sum Assured (Sum Assured is the amount that an insurer agrees to pay on the occurrence of an event). Don't forget to take receipts for the same.

These procedure may take normally 5 to 7 working days. If facing any problem and want to know more about all these kindly contact me.

Which is better Paid-Up or Surrender?

Which-is-Better-Paid-Up-of-Surrender-of-LIC-Policy !!
A life insurance policy in which if all the premium payments are complete till some specified period and insured person is free of all payment obligations and the policy stays intact until insured's death or termination by its maturity or Surrender of the policy is called Paid-Up Policy.

Life Insurance Policies usually last the insured person's lifetime or maturity period, but some some policies can be paid up completely till a specified period. Only Traditional Life Insurance Plans can be a Paid Up Policy. 

It is calculated as the ratio of number of premium paid to the total number of premiums payable multiplied by the Sum Assured value.

 i.e. Paid-Up Value = No. of Premium paid /No. Premiums Payable X Sum Assured.


For Example:  Pradip has one traditional Endowment Policy having Sum Assured Value Rs.2,00,000/- and the policy tenure is 16 years. Unfortunately Pradip did not able to continue his policy after continuing is upto 8 years full premium paid. 
Now from very next year he did not paid any due premium to make it continue, hence very next year this policy become automatically a Paid-Up policy.

Which is better Paid-Up or Surrender of Policy?
Now, Pradip has two option either he can go and surrender his policy by providing all necessary documents to the branch or let it become Paid-Up.

Also Read : How To Surrender An LIC Policy ??

A Policy can be paid-up from next premium due. Suppose I continue my policy up-to 8 years and from next year I fail to pay premium then it become automatically Paid-up to its proportionate to its  premium paid ; Payable And Sum Assured.

Every Insurance Plan has it surrender value which can be known from servicing branch. Its is approx 30% of Sum Assured in regular plan and up-to 90% in single premium plan.

If we calculate in both condition then we can make comparison itself and understand which is better. For Example you have S.A.=2,00,000/-; Tenure - 16 Years; Premium - Rs.13000 (Approx); Premium Paid up-to full 8 years.

Surrender Value : Rs.2,00,000 X 30% = Rs.60,000/-  (Immediate Payment)

Paid-Up Value : Rs.2,00,000 X 8/16 = Rs.1,00,000/- + Vested Bonus  (Payment after death or maturity)

You can decide which is better. On Surrender you will get immediate payment while on letting Paid-Up of Policy you will get after death or maturity which ever is earlier)

LIC Delhi Branch Addresses And Email ID

LIC-Delhi-Branch-Address-and-email-IDHere  I am giving you list of all LIC India branches situated in Delhi. It will help you to find its address as well as email ID to communicate with your home branches or servicing branches. LIC India has allotted email id to its all branches in a smart way. 
Suppose you are looking email id of branch 11J then email id will be BO_11J@LICINDIA.COM in same way you can write email by creating email id of your servicing branch in same as above.
Branch Name
Branch Type
Branch Code
Address
Pincode
LIC of India, Delhi CAB 1021
BO
1021
LIC of India, Delhi CAB 1021 18/60, Geeta Colony Delhi
110031
LIC of India, Rohini Branch Office
BO
12T
7th  Floor,Sachdeva Corporate  Tower D.D.A. Commercial Complex Rohini Sector-8, Delhi
110085
Jeevan Bharati, Tower II
Zonal Office
‘01
Jeevan Bharati, Tower II, 124, connaught Circuls, New Delhi
110001
D-5,Amanpuri
Satellite Office
11WT001
D-5,Amanpuri, Kanha Ram Complex,Najafgarh Road, Nangloi,New delhi
110041
LIC of India, Rajouri Garden SO,
Satellite Office
0129T001
LIC of India, Rajouri Garden SO, , 2nd floor, B2 Parkash House, Rajouri Garden, Dist. West Delhi
110027
1st & 2nd floor, Plot No.4
Satellite Office
0128C001
1st & 2nd floor, Plot No.4, Community Center, Mayapuri Phase I, New Delhi.
110064
2-A, R-Block,
Satellite Office
031BT001
2-A, R-Block, , 1st floor, Uttam Nagar, New Delhi-110059
110059
JEEVAN PRAVAH
Divisional Office
‘033
Jeevan Pravah, Disstt.Centre, Janakpuri, New Delhi - III
110058
2ND FLOOR, JEEVAN PRAVAH
Branch Office
033B
2nd Floor, Jeevan Pravah, Disstt.Centre, Janakpuri, New Delhi
110058
4-B/2, TILAK NAGAR
Branch Office
033A
 4-B/2, Tilak Nagar, Delhi
110018
IST FLOOR,JEEVAN PRAVAH
Branch Office
031B
Ist  Floor, Jeevan Pravah, Disstt.Centre, Janakpuri, New Delhi
110058
Plot no 17,18,19,
Branch Office
011W
Plot no 17,18,19,, LSC,Bhera Enclave,, New Delhi
110058
A-3/24, First floor
Branch Office
011A
A-3/24, First floor, Janak Puri, New Delhi
110058
20A, 1ST FLOOR, SHIVAJI MARG
Branch Office
129
20A, 1st Floor, ShivajiI Marg, Near Moti Nagar Police Station, New Delhi
110015
C-26-27, COMMMUNITY CENTRE
Branch Office
128
C-26-27, Community Centre, Near Janak Cinema, Pankha Road, Janakpuri, New DelhiI
110058
PLOT NO.7-8, CENTRAL MARKET
Branch Office
012N
Plot No.7-8, Central Market, Sector 6, Dwarka, New DelhiI
110075
F-WING,1ST FLOOR
Branch Office
012E
F-Wing,1st  Floor, Local Shopping Centre, Ring Rorad, Naraina, New Delhi
110028
1st floor, 1643 Thana Road
Branch Office
011Y
1st floor, 1643 Thana Road, Najafgarh, New Delhi
110043
C-29,COMMMUNITY CENTRE
Branch Office
011T
C-29,Communicty Centre, Naraina Vihar Phase 1, New Delhi
110028
201, Garg Trade Centre
Satellite Office
012HT001
201, Garg Trade Centre, Sector-II, Rohini
110085
C-5-6, SANJAY MARKET
Branch Office
012H
C-5-6, Sanjay Market, Sector 2, Rohini, New Delhi
110085
39/14, Main Bawana Road
Satellite Office
012TT001
39/14, Main Bawana Road , Samaypur,Badli,, Delhi
110042
F-2/4
Satellite Office
011MT001
F-2/4, Krishna Nagar, Delhi
110051
K-59, Lajpat Nagar-2
Satellite Office
011ET001
K-59, Lajpat Nagar-2, New Delhi
110024
31, COMMUNITY CENTRE,
Branch Office
312
31, Community Centre, New Friends Colony, New Delhi
110065
Splendour Forum Building
Branch Office
012B
Splendour Forum Building, Plot No.3, Jasola Dist.Centre, Nr. apollo Hospital, Jasola-Sarita Vihar, New Delhi
110025
703, 704, 706, NDM-2
Satellite Office
0123C001
703, 704, 706, NDM-2, Netaji Subhash Place, Pitampura
110034
Batra Cinema Complex
Satellite Office
0123T001
Batra Cinema Complex, Mikerjee Nagar, Delhi
110009
G-1,MODEL TOWN
Branch Office
123
G-1,Model Town, Delhi
110009
PLOT NO-16, I BLOCK, SECTOR-1
Branch Office
011L
Plot No-16, I Block, Sector-1, DSIDC, Near ITI, Narela, Delhi
110040
16-A, KAMLA
Branch Office
011E
16-A, Kamla, Nagar, Delhi
110007
Sachdev Corporate Tower,
Branch Office
012T
Sachdev Corporate Tower,, 7th floor,Plot 8,Sec 8,, Rohini Delhi
110085
Sikka Galaxy
Satellite Office
011BT001
Sikka Galaxy, Local Shopping Centre, Shreshta Vihar, Delhi
110092
SCOPE MINAR, 9TH FLOOR,
Divisional Office
12
Scope Minar, 9th Floor, Laxmi Nagar, Delhi-II
110092
TIRUPATI BALAJI BUILDING
Branch Office
012F
Tirupati Balaji Building, 13/14, DDA Local Shopping, Centre, Pocket-II,Mayur Vihar
110091
SF-29,30,31
Branch Office
012D
SF-29,30,31, Aditya Mega Mall, Near Karkardooma Court, CBD, Shahdra
110032
F-149, MAIN BAZAR,
Branch Office
012K
F-149, Main Bazar, Laxmi Nagar, Delhi
110092
29-30, ANUVRAT TOWER
Branch Office
011P
29-30, Anuvrat Tower, Wazirpur, Community Centre, DelhiI
110052
G.T. ROAD,
Branch Office
011M
G.T. Road, Dilshad Garden, Delhi
110092
3rd & 4th floor, Jeevan Pragati
Branch Office
011D
3rd & 4th floor, Jeevan Pragati, 16. District Centre, Laxmi Nagar
110092
1st & 2nd Floor, Jeevan Pragati
Branch Office
011B
1st & 2nd Floor, Jeevan Pragati, 16, District Centre, Laxmi Nagar
110092
CAB, 517, KOTHI BHAGWAN
Branch Office
1021
CAB, 517, Kothi Bhagwan, Dass, Main Road Gandhi, Nagar, Delhi
110031
B 125 Hardevpuri,
Branch Office
012L
B 125 Hardevpuri,, Sikka Neet House, Near Durgapuri Chowk Shahdara
110092
SUNLIGHT BUILDING,
Branch Office
327
Sunlight Building, Ist Floor, Asaf Ali Road, Delhi
110002
JEEVAN RAKSHA BUILDING
Branch Office
326
Jeevan Raksha Building, Ist  Floor, 12/1 Asaf Ali Road, New Delhi
110002
LAXMI INSURANCE BUILDING
Branch Office
320
Laxmi Insurance Building, Asaf Ali Rorad, Delhi
110002
BHART BASE BUILDIN,
Branch Office
126
Bharat Base Building, Ist  Floor, 10, Daryaganj, DelhiI
110002
LAXMI INSURANCE BUILDING
Branch Office
116
Laxmi Insurance Building, 1st Floor, Asaf Ali Rorad, Delhi
110002
STATE BANK BUILDING
Branch Office
114
State Bank Building, Chandni Chowk, Delhi
110006
2/25, ROOP NAGAR
Branch Office
012P
2/25, Roop Nagar, Delhi
110007
3909-3912, HAMILTON ROAD,
Branch Office
012C
3909-3912, Hamilton Road,, Mori Gate, Delhi
110006
12/56, DESHBANDHU GUPTA
Branch Office
011K
12/56, Deshbandhu Gupta, Road, Karol Bagh, New Delhi
110005
B-1/I-1
Satellite Office
12B/C001
B-1/I-1, OHAN Co-Operative, Industrial Estate
110044
H-39, New Asiatic Building
Satellite Office
120T001
H-39, New Asiatic Building, Connaught Place, New Delhi
110001
Building No.11917
Satellite Office
0124T001
Building No.11917, Bapu Sadan, Sant Nagar, Karol Bagh, New Delhi
110005
Block 5, 4th Floor,
Branch Office
311
Block 5, 4th Floor,, Shopping Complex, Rajendra Place, New Delhi
110005
Block B, Plot No.1
Satellite Office
0311T001
Block B, Plot No.1, Local Shopping Center, Vasant Kunj
110000
18A/2, Ward No. 1,
Branch Office
011N
18A/2, Ward No. 1, , DESU Road, , Mehrauli, New Delhi
110030
Shop No.19 C, 19D, 20D
Branch Office
127
Shop No.19 C, 19D, 20D, DDA Complex, Vasant Lok, Vasant Vihar, New Delhi
110057
H-1, First floor, Vikramditya Town
Satellite Office
011ST001
H-1, First floor, Vikramditya Town, DDA Market, Alakanda Commercial
110019
G-9, Vardhman Trade Center
Branch Office
012G
G-9, Vardhman Trade Center, Nehru Place, New Delhi
110001
NBCC Tower-IV,
Branch Office
011X
NBCC Tower-IV, , Sector-5, Pushp Vihar, Saket,, New Delhi
110017
53/54,
Branch Office
011S
53/54,, Govardhan Bldg., Nehru Place, New Delhi
110001
August Kranti Bhawan
Branch Office
011R
August Kranti Bhawan, Plot No.25, Bhikaji Cama Place, New Delhi
110001
M-1,
Branch Office
011F
M-1,, South Extn. Part II, New Delhi
110019
DDA Community Center
Satellite Office
0310T001
DDA Community Center, Plot No.32, Pitampura
110085
4 B.S. Zafar Marg
Branch Office
031A
4 B.S. Zafar Marg, Nehru House, New Delhi
110002
Jeevan Prakash Bldg., 3rd floor
Satellite Office
0112C001
Jeevan Prakash Bldg., 3rd floor, 25, K.G. Marg, Connaught Place, New Delhi
110001
Jeevan Praksh, Post Box No.102
P&GS Unit
G103
Jeevan Praksh, Post Box No.102, 25, Kasturba Gandhi Marg, New Delhi
110001
F-19, United India Bldg.
Branch Office
031C
F-19, United India Bldg., Connaught Place, New Delhi
110001
3C-2,
Branch Office
031D
3C-2,, New Rohtak Road, New Delhi
110005
16 A/8
Branch Office
012A
16 A/8, W E A Karol Bagh, New Delhi
110005
25 K.G. Marg
Branch Office
011J
25 K.G. Marg, Jeevan Prakash Building, New Delhi
110001
United India Building, 3rd Floor,
Branch Office
011C
United India Building, 3rd Floor, , Connaught Place, , New Delhi
110001
Oriental 1st and 2nd floor
Branch Office
310
Oriental 1st and 2nd floor, 86, Janpath, New Delhi
110001
F-41, first floor
Branch Office
120
F-41, first floor, Connaught Place, New Delhi
110001
Building No.11917,
Branch Office
124
Building No.11917,, Bapu Sadan, Sant Nagar,, Karol Bagh, New Delhi
110005
C-38, Shopping Complex
Branch Office
119
C-38, Shopping Complex, Moolchand, New Delhi
110024
64
Branch Office
118
64, Janpath, New Delhi
110001
25 K.G. Marg
Branch Office
117
25 K.G. Marg, Jeevan Prakash Building, New Delhi
110001
N-72
Branch Office
115
N-72, Connaught Circus, New Delhi
110001
Jeevan Tara Building
Branch Office
113
Jeevan Tara Building, 1sr Floor, Gate No.4, 5 Sansad Marg, New Delhi
110001
N-69
Branch Office
112
N-69, Connaught Place, New Delhi
110001
Boombay Life Building
Branch Office
111
Boombay Life Building, N Block, Connaught Place, New Delhi
110001
6/32-33,
Branch Office
108
6/32-33,, Gurudwara Road, Karol Bagh, New Delhi
110005
9-10,VIPIN GARDEN
Satellite Office
11YT001
9-10,Vipin Garden, Najafgarh Road, Near Metro pillar no-801,Dwarka mode (NAWADA)
110059
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