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Thread: Jargon Buster: Change or Alteration in LIC Policy

  1. #1
    Moderator Rahul's Avatar
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    Feb 2009

    Lightbulb 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 -

    Last edited by Rahul; 05-11-2009 at 05:05 PM.
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  2. #2
    Moderator Expert's Avatar
    Join Date
    Feb 2009
    New Delhi


    Good Info - Rahul. Thanks for sharing with us.
    * SAFE
    Self Appointed Financial Expert

  3. #3
    PW Stalwart v.r.s.nathan's Avatar
    Join Date
    Apr 2009

    Thumbs up

    Excellent work - Rahul. Hats off to you

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