Jargon Buster: Change or Alteration in LIC Policy
1- Can I change the address of the LIC policy?
2- Can I change mode of premium payment of the LIC policy?
3- Can I reduce sum insured of the LIC policy?
Yes, you can do all of the above. Other than above the following alterations are allowed in the LIC policy -
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.
Source - licindia.com
