All insurance policies in e-format

All insurance policies must be issued in electronic format. e-insurance policies can be digitally signed by the customer. Customers can request the insurance company that they want the policies to be issued in physical format. Keep in mind that if you want the policy documents or brochures in physical format, you must mention it in the proposal form.

Time limit

The insurance company must issue the policy within 15 days of accepting the proposal form. Under the new rules, the insurance company is not allowed to collect the initial premium along with the proposal form.

Documents to be obtained

Along with the insurance policy, the policyholder must obtain the following documents from the insurance company like, covering letter for the policy document mentioning the free look period, policy document, a copy of the proposal form submitted by the prospective customer, copy of the benefit illustration, customer information sheet etc.

Also Read: Public holiday declared on 7-8 September, schools, colleges and bank offices closed

CIS Mandatory

Customer Information Sheet (CIS) is an important document that companies mandatorily provide to their customers along with their insurance policies. It serves as a summary of the key features and benefits of the policy. It ensures that policyholders are well informed about their coverage.

30 Days Free Look Period For a life insurance policy of one year or more, the policyholder will have a free look period of 30 days. If the policyholder is dissatisfied with the terms or conditions of the policy, he has the option to return the policy to the company for cancellation within these 30 days.

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Regarding this pension scheme, LIC says that people can prepare their retirement corpus with systematic and discipline through this scheme. There are two options available for premium payment in this scheme. You can buy this scheme with single premium payment option or with regular payment option. LIC is already running many types of pension schemes.

But in the Pension Plus scheme, the policyholder will get many options. If you subscribe to the new LIC scheme with the regular payment option, you will have to pay the premium for the entire tenure of the scheme. The special thing about this scheme is that you can convert it into regular income by buying an annuity plan or after the completion of the term.

Since it is a non-participating, unit-linked, individual pension plan, investors will have to pay a fixed premium based on the sum assured and get guaranteed returns. Under this scheme, policyholders can change the accumulation period or deferment period as per their requirement under the terms and conditions of the original policy, subject to certain conditions. This option will be available in the pension scheme.

Investors can invest in any one of the four types of investment funds available. There will be a premium allocation charge for every premium. If a policyholder wishes, he can switch funds four times in a policy year. He will not have to pay any kind of fee for this.

The buyer of the New Pension Plus scheme will get the option to select the policy term keeping in mind the amount of premium and minimum and maximum amount of premium, policy term and vesting age.

Guaranteed additions will have to be paid at one per cent on the annual premium. Guaranteed additions in the range of 15.5 per cent if you pay regular premiums and 5 per cent for a policy year on single premium payment.

The post LIC Pension plan: LIC’s new pension scheme launched, you will be able to invest in two ways.. more benefits first appeared on Rightsofemployees.com.