MDRT is short form of Million Dollar Round Table and founded in 1927. MDRT is an international, independent association of finance professionals that has representation from more than 450 companies. Today, MDRT is a thriving association of over 40,000 members representing 76 … [Read more...] about What is MDRT (Million Dollar Round Table)?
Policy holders must nominate a nominee/beneficiary (as stipulated under Section 39 in The Insurance Act, 1938) at the time of the insurance proposal. One can have single, multiple or successive nomination. Documents you Need: 1. Filled LIC - Change of Nomination Form or … [Read more...] about How to Change LIC Policy Nomination?
Sometime the policyholder finds the policy terms not suitable (eg. High Premium Amount, Change in Mode of Premium) to him and desires to change them. LIC India allows certain types of alterations during the lifetime of the policy. What all alterations are allowed to your LIC … [Read more...] about How to Alter LIC Policy?
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?
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?
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?
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?
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?
LIC has introduced Agent Portability. But the agent portability is currently only applicable to LIC Orphan policies. What is an "Orphan policy"? The policies initially effected by an individual agent, whose services were subsequently terminated or removed from LIC, are … [Read more...] about LIC’s Agent Portability : How to change your LIC Agent?
An individual, who has bought a plan at any of LIC's international offices, can ask for a transfer of the policy when he decides to permanently return to India. The overseas bought policies are repatriable to any of the 2,048 branches of LIC of India, once the customer returns to … [Read more...] about How NRIs can transfer/port Overseas LIC policies to LIC India?