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Thread: Withdraw money from my LIC policy

  1. #1
    PolicyWala NewBie
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    Aug 2009
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    India
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    Default Withdraw money from my LIC policy

    Hi,

    I am currently an NRI residing in the US. Back when I was working in India in 2007, I took one LIC policy. I worked in India only for a year but I am still paying my premium for 2 years.

    Now, I would like to withdraw my amount and cancel my policy. How would I go about doing this. As an NRI, I don't have any Rupee bank accounts in India. I am not sure how I can receive the money. Can I nominate someone like my dad in India to take money on my behalf?

    Any inputs will be much appreciated.

    Regards,
    Zone


  2. #2
    PW Stalwart Master's Avatar
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    Feb 2009
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    Mumbai
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    Default

    The NRI a/c's can also be in Indian currency. Please check up with your bankers. As you are getting tax free returns from LIC you don't have to bother much bout taxation part.
    So I suggest you could continue running the policy.

  3. #3
    Moderator Expert's Avatar
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    Feb 2009
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    New Delhi
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    Default

    Quote Originally Posted by zone View Post
    Hi,

    I am currently an NRI residing in the US. Back when I was working in India in 2007, I took one LIC policy. I worked in India only for a year but I am still paying my premium for 2 years.

    Now, I would like to withdraw my amount and cancel my policy. How would I go about doing this. As an NRI, I don't have any Rupee bank accounts in India. I am not sure how I can receive the money. Can I nominate someone like my dad in India to take money on my behalf?

    Any inputs will be much appreciated.

    Regards,
    Zone
    Hi,

    You can withdraw any Life Insurance Policy in first 14 days free look period. After that period is over you cannot withdraw the policy. You can surrender the policy. For that please let us know which policy you are holding.
    * SAFE
    Self Appointed Financial Expert


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