Comments on: Life Insurance FAQs – Part 1

By: krishnas

krishnas — Thu, 03 Dec 2009 02:32:26 +0000

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,
Krishna

By: Nikhli

Nikhli — Wed, 02 Dec 2009 04:58:49 +0000

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,
Nikhil

By: krishnas

krishnas — Wed, 28 Oct 2009 00:17:29 +0000

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,
Krishna

By: ravi

ravi — Tue, 27 Oct 2009 16:56:59 +0000

Can minor children of NRI parents holding citizenship of other countries get an LIC policy?

By: krishnas

krishnas — Tue, 20 Oct 2009 03:43:25 +0000

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 monies

A 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,
Krishna

By: Jay

Jay — Tue, 20 Oct 2009 03:29:49 +0000

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,
Jay