Check your insurance commitment and verify that your date of birth is correctly indicated. This is one of the factors on which the premiums you pay for your policy are obtained. This would also be the basis for any future policy you might claim from us. If your previous policies do not include your date of birth and you have a birth certificate issued by the appropriate authority, you can send us a certified copy requesting approval of your age (click here to find out which LIC age certificates accept.) As mentioned earlier, when the policy is returned, the cash value is paid. The cash surrender value is determined to be the greater of the guaranteed cash value or the cash surrender special value. Let`s understand these two concepts in detail – charging the policy is a better option than giving up the policy. A payment policy promises a death or due date benefit that is not promised at the time of delivery. The policyholder must therefore understand the difference between deposits and returns and make an informed decision. We welcome you as a policyholder and as an interested party in our customer service. This section walks you through the different intricacies of a life insurance policy and the facts you need to know to get the most out of your life insurance policy.
Please read our policies carefully. If your policy has expired due to non-payment of premiums on the due date, the terms of the insurance contract will become invalid until you reinstate your policy. An expired policy must be reinstated by paying accrued premiums plus interest and providing health requirements as needed. (Click here to learn more about the resuscitation procedure and the different types of resuscitation) Always keep your policy to make sure your family gets financial protection through your policy. However, some concessions depending on the length of time for which you paid premiums are available, with the exception of certain claims concession plans. (Click here for discounts in case of late payment of compensation and claims during the past period). Similar to the minimum policy delivery period, there is a minimum period after which the policy can be filed. In addition, premiums must be paid over the minimum term to pay the policy.
The minimum term is usually two or three years of insurance, depending on the length of the policy and the period of premium payments. Yes, policyholders can purchase their LIC policy before the end of the term. This closure is called surrender. Let`s understand the importance of abandoning LIC plans and how such a buyback can be done – please do thorough research before concluding that you have lost the insurance commitment. Look for the same thing in your residence, in your investment documents, in your office and even at your agent to whom you could have entrusted the document for whatever reason. It could even have been promised to LIC/another financial institution to receive a loan from you. LIC retains the insurance bond if you take out a loan on the policy. Make sure that the document you are looking for has not already been assigned to LIC or another financial institution. If the insurance link is partially destroyed due to natural causes such as fire, flood, etc., the remaining portion can be returned to LIC as proof of the loss of the policy, while a duplicate policy is requested. If you are sure that the policy binding cannot be found for unknown reasons, there is a simple procedure you should follow when requesting the dual policy from the branch that serves your policy (click here to learn more about receiving duplicate policies). Your address is very important to us. Without your last address, we would not be able to contact you for a service offer.
We do not want to miss any benefit that is due to you because of this very important information. If you change your place of residence, please let us know the new address. Otherwise, any communications we send you, such as premium notices, due date and survivors` benefit release certificates, etc., will be delayed in order to reach you. LIC takes care of address changes, the inclusion of phone numbers, mobile phone numbers and email addresses in your contact addresses. Please inform your service department to include it in your police records. Ensure that the candidate name is correctly included in the policy binding. You may change the nomination in your policy at any time during the term of the policy If you have not yet provided the name of the nominee, please do not hesitate; Let us know your appointment immediately. Please note that the change of appointment must be made in the industry that serves your policy.
The nominee is the person to whom the insured sum would be paid if something unfortunate happened to you under the insurance conditions. The policy is usually made by you for the benefit of your family – name the people who have the well-being of your family in your absence; The usual preferences are spouse and children. You can even appoint minors as your children, in which case you will need to appoint another person who has the welfare of minor children as an agent (click here to learn more about the appointment). Discontinuation of a CRT policy means that the policy is abandoned before the policy expires. The policyholder may abandon the policy at any time. When the policy is issued, the company pays the cash value and coverage ends. There may be times when you want to make changes to your policy, such as changing how premiums are paid, reducing the length of time premiums are paid, etc. Your requests may be submitted in writing to the branch that will manage your policy for us to take action.
Different types of changes are permitted in our life insurance policies (click here to learn more about the changes).