Dear Policy Holders

Thank you for choosing LIC (Nepal) for Insurance. Your money is safe in our hands. And the trust that you placed in us, as has over 28 crores of policy holders across the globe, humbles us, and makes strive to serve you better. Here are some points you can do to help us serve you better.

1.       Keep Nomination under your policy valid – change of nomination is possible- so as to avoid problems at settlement. Change nomination, when required.

 2.       Pay premium in time – keep your policy in force. It not only entitles you to higher bonuses, but keeps the light of insurance burning ensuring your family’s protection. Lapsed policies are a loss - both to you and to us - and reviving lapsed policies can be very cumbersome with added medical requirements, in addition to late fee.

 3.       Assignment of policy is possible.

 4.       Lesser the frequency of payment, easier to keep track. Change of mode of payment is possible. Lower frequency also entitles you to small rebates.

 5.       You can pay premium through cash or cheque/DD. Premium can also be paid at the universal account of LIC with Nepal SBI bank at all its branches, or any of our other collecting banks across the country. Please take care to mention your policy number correctly when paying premium through banks. As far as possible keep record of payment with you- date, memo number and bank. Keep paying in the same bank always, instead of changing banks. When paying through banks, pay premium with in a month from due date as otherwise it attracts penalty and such payments will not be adjusted without penalty amount. Payment at banks must be by cash.

 6.       For your own money safety our payments are made through A/C Payee "At Par" cheques on our Banks. It is always advisable for you to have your own bank account. NSBI offers facility to open accounts with zero balance to LIC’s customers at all its branches.

 7.       Loan facility is available under select policies, after two years, after taking the policy, subject to payment of interest. Please pay interest on loan in time  (Paush and Ashad every year) to avoid compounding of interest and forfeiture of policy.

 8.       Before you decide to surrender your policy just think.

a.            Insurance is family's right and a symbol of your love for them. By premature surrender, you are denying them that.

b.            Surrendering a policy is always a loss – both to you and us. We lose a valued customer. You lose out on bonuses and money, not to mention the loss of valuable insurance cover.

c.            To take a policy again will be much more costly due to increase in age and charge in  medical conditions.

d.            When you surrender you get only the present value of amount payable on maturity. This will be much less than you total payment, because you are discounting the future value.

 9.       Insurance is based on principles of “Utmost good faith”. Disclosing everything you know about your health and circumstances at proposal stage will help avoid complications later.

 10.     In case of the policy resulting into claim by death, please inform the nearest LIC office in writing. Obtain a Death Certificate from authorities, and inform the LIC office along with the Original Policy document. They will guide you to obtain your claim easily.

 11.     Your original policy document is as good as cash – it is proof of the contract - so please keep it safely. Preparation of duplicate of policy is time consuming and is costly.

 12.     Inform changes in your address to the office of LIC which services your policy. This will help us to communicate fast.

 13.     Give clear address in your documents - it enables us to trace you easily.

 14.     Survival benefits are usually paid by post dated cheques in advance so that the amount is available to you on the due date itself. However if we do not have your address it is difficult for us to reach you.

 15.     Inform us your mobile/phone numbers. It will help us reach you faster.

 16.     When issuing cheques for payment of premium, (acceptable only at our cash counters) please ensure the following.

a.    That the cheque is drawn in the name of “Life Insurance Corporation (Nepal) Ltd” or “LIC (Nepal) Ltd”. Cheques drawn otherwise are not accepted.

b.    That the cheque contains your signature, bear date and also the branch name of the bank.

c.    That the amounts in words and figures  are the same.

d.    That the cheque is not mutilated.

e.    That you have sufficient balance in your account, before issuing the cheque. Bounced cheques not only attract penalty but are punishable offices under law.

f.     That cheques are crossed “A/C Payee”. No cash or bearer cheques. Outstation policy holders can pay by DD - charges for which will be borne by LIC. NSBI will issue DDs without charges if payable to LIC.

Cheques of bank which are not members of clearing house, are not accepted.

 17.     Premium have to be paid on or before due date. However a period of grace is allowed to the customer to pay premium without interest. The days of grace is 30 days for Yearly, Half yearly and Quarterly modes, and 15 days for Monthly mode. If the last day falls on a holiday, the next working day will be taken as the last day. If the premium is not paid with in these day of grace, the policy becomes lapsed from the due date of premium. Penal interest and additional medical requirements will be required for reviving lapsed them.

 Consider reinvesting your money with us. Insure yourself and your families- ensure their smiles.

HELP US TO SERVE YOU BETTER

LIC – With You – Always.