What is a premium receipt?

1. Visit the LIC website (www.licindia.in) and click on 'LIC's e-Services' under the option which says 'Online Services'.
2. If you are a registered user, select 'Registered User'.

What is the difference between a conditional premium receipt and a binding premium receipt?

under a conditional receipt , a death claim will NOT be paid if the application is declined by the underwriter . under the binding receipt a death claim will be paid whether or not the applicants application is approved by the underwriter.

What is the difference between contract receipts and binding receipts?

A receipt is usually an acknowledgment of payment, but a binding receipt is different in that it acknowledges the role of the insurer: to provide coverage. This role will only be fulfilled on one condition: that the insured makes his or her first payment.

What happens when an insurance policy is backdated?

What happens when an insurance policy is backdated? Backdating your life insurance policy gets you cheaper premiums based on your actual age rather than your nearest physical age or your insurance age. You'll pay additional premiums upfront to account for the policy's backdate.

What is the reason for backdating a policy?

The purpose of backdating a life insurance policy is to use premiums based on an earlier age.

How long is a binding receipt?

The conditional binding receipt typically has a time limit of 60 days. 3 This is the amount of time the insurance company has to decide whether or not to approve the policy.

Which document is considered as a valid proof of insurance contract?

Policy document is a detailed document and it is the Evidence of the insurance contract which mentions all the terms and conditions of the insurance.

Is single premium life insurance taxable?

Tax Benefits of Single Premium Life Insurance Policy

Payment of premium in case of a life insurance plan is eligible for a tax deduction as per Section 80C of the Income Tax Act, 1961. This amount has a maximum limit of INR 1.5 lakh. Moreover,maturity benefits remain exempted from tax under Section 10 (10D) of the Act.

What documents are required for insurance?

What is renewal premium receipt?

A 'Renewal Premium Receipt' shows the amount of premium that you have paid for your policy. It can be submitted as an investment proof to the taxation authority for receiving tax benefits.

How do I know my LIC premium is paid?

You can check details of your LIC policy including details of the LIC premium payment online, accrued bonuses, group schemes, etc. by simply logging on to the official website of LIC India with your LIC login credentials.

How can I get LIC premium receipt online?

To download the LIC premium payment receipt online, you need to be a registered user of LIC's e-Services. Visit LIC Homepage and click on the link called LIC e-Services that is available on "Online Services". Click on the tab "Registered User". Because you are already a registered user.

Is backdating insurance illegal?

It is legal to backdate a life insurance policy by up to 6 months to help you get the lowest rate allowed for that age. While that can theoretically save you money, you need to realize that you'll have to pay the premiums for the months covered by the backdate.

Can you backdate an insurance policy?

Insurance companies typically don't offer backdated coverage because the loss has already occurred. ... As with most insurance policies, a backdated liability insurance policy will still contain a coverage limit. This protects the insurer from unlimited losses in the case that a claim becomes more expensive than estimated.

How are premiums paid by the insured for personally owned?

how are premiums paid by the insured for personally owned disability income insurance treated for tax purposes? premiums paid for personal disability income insurance are NOT tax-deductible by the individual insured, but the disability benefits are tax-free to the recipient.

Can you get money back from a lapsed life insurance policy?

If you cancel or outlive your term life insurance policy, you don't get money back. However, if you have a "return of premium" rider and you outlive the policy, premiums will be refunded.

What action should a producer take if the initial premium is not submitted with the application?

What action should a producer take if the initial premium is NOT submitted with the application? The correct answer is "Forward the application to the insurer without the initial premium". In this situation, the producer should submit the application to the insurance company without the premium.

What is a retroactive date?

The retroactive date is typically based on the date from which the insured has had (uninterrupted) professional liability coverage. Retroactive dates often pre-date the policy's inception, potentially providing coverage for claims that arise from acts or omissions taking place prior to the policy's inception date.

Is the insurance company bound by the receipt of premiums by its employees?

An acknowledgment in a policy or contract of insurance or the receipt of premium is conclusive evidence of its payment, so far as to make the policy binding, notwithstanding any stipulation therein that it shall not be binding until the premium is actually paid.

What are insurance receipts?

Introduction. In the insurance sector, a conditional binding receipt is a receipt which guarantees that the insurer has accepted the risk, and the insured party is deemed to be covered from the date on which the insured party receives the receipt.

What is insurability receipt?

The insurability conditional receipt is the type of receipt that is the most frequently used conditional receipt and is based on the condition that the applicant proves to be insurable.