Understanding the In-Force Status of your LIC Policy

When you see that your LIC policy is in the active in-force status, it means that your policy is correctly paid, and you will continue to receive the full benefits of the policy as per its terms and conditions.

Premium Payments

The in-force status of your policy indicates that all required premiums have been paid up to date, and there are no outstanding payments. This ensures that your insurance coverage remains active and uninterrupted.

Coverage

As long as your policy is in-force, the policyholder is entitled to the benefits provided by the policy, such as life cover, maturity benefits, or any other specified benefits. This means that you can claim the benefits when an insured event, such as the policyholder’s death or the maturity of the policy, occurs.

Claims

When your policy is in-force, you can make claims under the policy in case of an insured event. This ensures that you receive the benefits you are entitled to when the event occurs, such as upon the death of the insured or the maturity of the policy.

What if the Policy is Not in Force?

If a policy is not in-force, it means either the premiums have not been paid or the policyholder has failed to fulfill certain obligations, resulting in a lapsed policy. It is crucial to keep your policy in-force to ensure continuous coverage and eligibility for the benefits provided by the insurance policy.

In-Force Status of Ordinary Mode Policies

For Ordinary mode of policies, thelsquo;in-forcersquo; status means the policyholder has paid all payable due premiums up to the current date. Even after the due date, if the policy is in a grace period, i.e., up to 30 or 15 days from the due date as per policy conditions, then the policy is also considered in-force. All benefits are payable upon the occurrence of the insured event, subject to certain conditions. However, the context may be different for Salary Savings Scheme mode of policies.

Salary Savings Scheme Mode of Policies

In the Salary Savings Scheme mode, there might be some missing premium deductions or adjustments due to various reasons. Even if the status is shown as in-force, the policy is subject to verification and recovery of the defaulted premia before the validity of the benefits is confirmed. This means that full benefits may not be available until these issues are resolved.

Understanding the in-force status of your LIC policy is crucial to ensure that you are protected and can access the benefits you are entitled to. Always ensure that your premiums are paid on time and that you adhere to the terms and conditions of your policy to maintain its in-force status.