Anti Fraud Policy

Anti Fraud Policy

Life Insurance Corporation of India is the largest life insurer in India and has been playing a significant role in spreading the life insurance amongst the masses and in mobilization of people’s money for people’s welfare.

Life Insurance Corporation of India aims to be an honest and ethical Organization, seeking to conduct its business to the highest level of integrity and objectivity. Life Insurance Corporation of India follows a Zero tolerance policy in relation to frauds and encourages its employees and intermediaries to act with high level of sincerity and to safeguard its interests along with the Policyholders.

In order to protect its financial systems, resources, assets, the integrity of its employees and intermediaries and above all Policyholder’s welfare, the Corporation has established an Anti Fraud policy as a part of Fraud Monitoring Framework for the Corporation in accordance to Para C of IRDA Circular ref: IRDA/SDD/MISC/CIR/009/01/2013 dated Jan 21, 2013.


OBJECTIVES

a) The primary objective of this policy is to minimize the risk of any fraud occurring within the Organization and to optimize the likelihood of its detection as soon as possible leading to full investigation.

b) To Protect Life Insurance Corporation of India from the financial and reputational risks posed by Insurance frauds.

c) To setup a framework to detect, monitor and mitigate the occurrence of Insurance frauds within Life Insurance Corporation of India.

d) To develop and promote an organizational culture which encourages the prevention of fraud by raising awareness of the need for high standard of personal conduct.

ROLE OF INDIVIDUAL EMPLOYEE

•  Identify the potential areas of fraud in the operations of their responsibility.

•  Maintain high level of personal integrity.

•  Ensure that public funds are safeguarded while dealing with cash, receipts, stocks or dealing with contractors or suppliers etc.

• Whenever any fraud is suspected or has occurred, immediately the same should be brought to the notice of their immediate superior officer for further necessary action.

ROLE OF VARIOUS INTERMEDIARIES

•  The Corporation expects all Agents, Corporate Agents, Financial Service Executive, Direct Sales Executive, Chief Life Insurance Advisors, Brokers, Micro Insurance Agents etc. to abide by and co-operate with the Corporation’s Anti Fraud Policy.

• All the intermediaries shall be responsible for compliance with applicable Insurance Laws.

•  They should be familiar with the types of improprieties that might occur in their areas of responsibility and should be alert for any indication of irregularities.

ROLE OF POLICYHOLDERS, BENEFICIARIES

Life Insurance Corporation of India urges its Policyholders, beneficiaries & all concerned to act in a lawful & proper manner and to report allegations or irregularities in respect of Life Insurance Fraud to the Corporation.

In case of any incident of fraud/possible attempt of fraud regarding Life Insurance Corporation of India, kindly contact our nearest LIC Branch Office to report or e-mail to co_fraud@licindia.com or address to

Life Insurance Corporation of India

Personnel Department,

Central Office,

5th Floor West Wing,

Yogakshema,

Mumbai 400021

Apply Online For The Golden Jubilee Scholarship

LIC Golden Jubilee Foundation was established on 20.10.2006, and registered with Charity Commissioner under Bombay Public Trust Act 1950 with the objective of promoting education, health, relief of poverty or distress and advancement of other objects of general public utility.

To achieve these objectives, the foundation works with human and capital resources received from LIC.

Projects range from scholarships, health initiatives, rural education programmes and providing infrastructural support in fields of education and health.

CATEGORY	NUMBER	Amount sanctioned in र
ADVANCEMENT OF EDUCATION	150	22,16,30,562
MEDICAL RELIEF	140	22,55,40,817
OBJECTS OF GENERAL PUBLIC UTILITY	35	5,68,60,755
Total	325	50,40,32,134

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LIC Introducing New Endowmnet Ulip Plan .It is an Insurance cum Investment Plan.

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Customer Education

UNAUTHORIZED PEOPLE MAY TRY TO ENTICE YOU WITH ALLURING OFFERS ON YOUR LIC POLICIES

CAUTION

Beware of such calls from people posing as Officials or Agents of LIC or as any other officials.

DOs

Do verify the identity of the caller and the license issued to them by IRDA before concluding a sale.

DONTs

• Don't entertain calls from unverified sources.

• Don't part with your policy numbers/details to any unknown caller.

• Don't be tempted by exaggerated promises regarding benefits of certain life insurance policies.

• Don't entertain those who attempt to lure you with extra bonuses and higher benefits.

LIC  never encourages policy holders to discontinue / surrender their policies.

LIC premium online payment

Pay LIC Policy Premium online facility available on LIC Website. Customers can pay their premium online as registered user or direct user. Customer no need to register for pay premium. They can pay through direct link with the important information of policy details, DOB (date of birth), email id and phone number. In the home page click the online users link that lead into the online page. Registered and LIC PayDirect both links are connected to the payment gateway.

This facility is available for all non-ULIP policies.

Now the payments can be made using VISA/Master Credit Card (Domestic Only) with some convenience charges.

Unregistered customer Pay Premium through LIC PayDirect.

When using direct pay option, Please provide correct and valid mobile number and email id.

• A digitally signed receipt would be mailed to your e-mail id.
• Online premium payment should be made by the policyholder himself. No third party payment should be made using this mode of payment.
• If the premium amount is debited from your Bank Account but error page displayed, a digitally signed receipt will be sent to your email id in three working days after receiving the confirmation from your Bank. You can report such occurrence to bo_eps1@licindia.com.
• .If Re-trying: Please first check whether your bank account/card is already debited/charged with the amount of earlier transaction. If debited/charged please do not pay again. Receipt will be sent as stated above.

Registered User Pay Premium through Registered User.

Here’s a simple step-by-step guide on how you can go about using this facility:

• Once you have enrolled your policy(s), you can click on the link ‘Pay Premium Online’ to see a list of policies whose premium is due.
• You have a choice to select the policies for which you want to pay premium.
• You will be directed to a page where you can choose from multiple banks for payment and will be directed to the login page of the selected bank. It is essential that you have a net banking account with at least one of these banks.
• At the bank site you will need to login with your net banking username/password. On successful login, the total amount to be paid by you towards LIC will be displayed.
• Please verify your balance (displayed) and confirm the transaction to the bank. Simultaneously successful/unsuccessful transaction message will be flashed.
• On successful transaction, a digitally signed e-receipt will be generated and e-mailed to you. In case of an unsuccessful transaction you will be informed and the reason thereof.

LIC User Login

After completion of successful registration user can view all details of their policy. All about New user registration was stated in previous post or click the link. Customers can enroll their policies on their own life and pay premium online. Login facility is provided on the Home Page for the use of registered users.

After Successful login the policyholder will have access to information regarding status of policy/s, revival, premium due/ policy calendar, maturity calendar etc.

Customers can add any number of policy details using the menu of Enroll Policy if have.

The Policy Maturity links provides information about policies maturing in the next three months. 

If no details are appearing it might be that,

• You may not have enrolled any policies,
• The enrolled policies are yet to be verified, or.
• No policies are maturing in the next three months.