Life Insurance FAQs – Part 1
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Introduction
This blog post answers few questions related to Life Insurance policies. Frequently I am getting questions from our readers in various topics. I have decided to compile all the questions and post in the each topic regularly. Here I am starting with LIC policies. Hope this will clear your doubts. If you have any questions please post it in the comments section. I will add in the next set of questions. Subscribe to our future articles here.
1. Can I change the due date of the LIC policy?
The due dates are given at the time of taking the policy. It is not possible to change the due date once the policy is started. But, there is 30 days time given to pay the premium without any interest amount.
2. What is Double Accident Benefit Policy?
Double accident benefit in a life insurance policy provides for the payment of an additional amount equal to the sum assured in case of the death of a policyholder owing to an accident. You can read more details about double accident benefit.
3. I want to start insurance for my child’s education. Is it good idea?
Yes. If you want to invest for your child’s education please invest in the insurance. It has many advantages like premium waive of when you are no more. The policy will continue even if you are died. It will save your child’s education.
4. What is family income benefit rider?
A family income benefit rider is usually attached to a basic life insurance policy. If one opts for this rider, the life insurance company not only pays the death benefit in case of the unfortunate death of the policyholder, but also provides a regular monthly income to the family for the rider policy term.
5. I have a Life Insurance Policy with sum assured Rs.2000000. Can I take loan against this policy? What is the maximum amount I can take the loan?.
Yes. You can take the loan against LIC policy. You can read our article about the loans against lic policy. The loan amount is decided based upon the surrender value of the policy.
6. I am NRI. Can I take LIC policy in India?
Yes. NRI can take LIC policy while they are in India or staying in abroad. If they are in abroad, they can use the mail order business and apply for the LIC with present address.
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6 Comments on this post
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Jay said:
Hi
I’ve a money back policy for 16 yrs in an annual premium of nearly 25,000 INR. I believe there is less returns in this policy, i’ve already paid 2 premium. will i be able to change my policy or any option to increase my returns.Regards,
JayOctober 19th, 2009 at 8:29 pm -
krishnas said:
Hello Jay,
The following alterations are allowed by the LIC policy. That happens only after one year of the policy commencement.
1. Alteration in class or term.
2. Reduction in the Sum Assured
3. Alteration in the mode of payment of premiums
4. Removal of an extra premium
5. Alteration from without profit plan to with profit plan
6. Alternation in name
7. Correction in policies
8. Settlement option of payment of sum assured by installments
9. Grant of accident benefit
10. Grant of premium waiver benefit under CDA policies
11. Alteration in currency and place of payment of policy moniesA fee for the change or alteration in the policy is charged by the Corporation called quotation fee and no additional fee is charged for giving effect to the alteration.
Please contact LIC agent for more details.
Thanks,
KrishnaOctober 19th, 2009 at 8:43 pm -
ravi said:
Can minor children of NRI parents holding citizenship of other countries get an LIC policy?
October 27th, 2009 at 9:56 am -
krishnas said:
Hello Ravi,
If you are applied for the citizenship or you are already citizen of other country not eligible to get the LIC policy. If you are NRI without any citizenship in other country, then you can get the LIC policy.
Thanks,
KrishnaOctober 27th, 2009 at 5:17 pm -
Nikhli said:
Hi, I hold a policy since 5 years. Now, I am planning to apply for Australian Citizenship.
After acquiring Australian Citizenship, do I need to do some modification with my policy terms or is there any change in the premium amount.If you can inform me something, that would be really great.
Thanks,
NikhilDecember 1st, 2009 at 9:58 pm -
krishnas said:
Hello Nikhli,
First of all you have to inform the LIC branch about your status and your plan. As per their policy, they will issue insurance for the NRI, but not for the person who has foreign citizenship. It is better check with the the LIC persons to get more details. read here for more details:
http://licindia.com/nri_centre.htm
Thanks,
KrishnaDecember 2nd, 2009 at 7:32 pm
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