1. New health protection scheme will provide health cover up to One lakh per family. For senior citizens an additional top-up package up to 30,000 will be provided. 2. General Insurance Companies owned by the Government to be listed in the stock exchanges. 3. Exemption of … [Read more...] about Budget 2016 – Changes to Insurance Industry
Archives for February 2016
How to Calculate Late Payment Fee for delayed LIC Premium?
LIC India provide you 30 days (30 days if mode of payment is Yearly/Half-yearly/Quarterly and 15 days if the mode is monthly) grace period to make policy premium payment without paying any additional charges. But if you have crossed 30 days you need to pay policy revival late … [Read more...] about How to Calculate Late Payment Fee for delayed LIC Premium?
Going Abroad Permanently : (NRIs) How to update Your LIC Policy Record?
The life insurance policy purchased in India will cover death that occurs anywhere in the world. The life insurance policies taken as a resident in India can continue even after moving abroad and becoming an NRI. It is not necessary to submit below documents but helpful in case … [Read more...] about Going Abroad Permanently : (NRIs) How to update Your LIC Policy Record?
How to Change LIC Branch for your LIC policies?
You can change the LIC Branch of your LIC Policy by three methods: 1. By Visiting Current Branch: You can go directly go to the nearest LIC branch with the application and photocopy of the LIC policy. This is a new facility by LIC India. 2. By Email: You can also send a mail … [Read more...] about How to Change LIC Branch for your LIC policies?
How Claim Paid in Assigned Life Insurance Policies?
In case the life insurance policies assigned in favour of financial institution, the claim would be paid after 3 months of commencement, the claim would be admissible to the extent of the amount of the loan or actual sum assured, which ever is less, provided such notice of … [Read more...] about How Claim Paid in Assigned Life Insurance Policies?
How to Surrender LIC Policy by Post?
The LIC policy can only be surrendered at the branch, where it's currently being served (i.e. Servicing Branch). So you need to change the policy servicing branch first, before surrendering it. This will add time for the surrender process. But you can now surrender LIC policy by … [Read more...] about How to Surrender LIC Policy by Post?
How to Prematurely close your PPF Account?
With the recent changes (effective from 1st April 2016) by Government, you can now prematurely close your PPF Account. But please note that premature closure of PPF accounts shall only be permitted in genuine cases, such as cases of serious ailment e.g. cancer, higher education … [Read more...] about How to Prematurely close your PPF Account?
How to File Claim under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
PMJJBY is a life insurance policy available to people in age group 18 to 50 years with bank account. The maximum cover available is Rs. 2 lakh for an annual premium of Rs. 330. Documents you need: 1. Claim Form & Discharge Receipt 2. Death Certificate or Original FIR or … [Read more...] about How to File Claim under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
How to File Claim under Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
PMSBY is a personal accident and death insurance policy available to people in age group 18 to 70 years with bank account. The sum insured is Rs. 2 lakh for an annual premium of Rs. 12. Documents you need: 1. Claim Form & Discharge Receipt 2. Death Certificate or … [Read more...] about How to File Claim under Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
What is Nomination in Life Insurance?
As per Section 39 in The Insurance Act, 1938, Nomination is a right to the insured to appoint a person/s to receive the policy moneys in the event of the claim by the insured’s death. Nomination can be effected by the life assured only and not by any other title holder or … [Read more...] about What is Nomination in Life Insurance?