FAQ

 Question: - Can I transfer my policy to other LIC Branch?

Answer:- Yes . You can check the procedure given in Transfer of Policy

Question: - Can I see status of my policy online?

Answer: - Yes. For this you have to register you policy with LIC. You can check the procedure given How to create account in LIC.

Question:- Can I change my correspondence address?

Answer: - Yes you can check the procedure given in article “Change of Address”.

Question: - Can I change the mode of payment of instalment of my policy?

Answer: - Yes you can check the procedure given in article “Change of mode of payment”.

Question: - Can I change my name?

Answer: - Yes you can check the procedure given in article “Change of name”.

Question: - Can I raise loan on my policy?

Answer: - Yes you can check the procedure given in article “LIC Policy Loan Procedure?

Question: - How is the Loan on Policy calculated under Conventional Life Insurance Policies?

Answer: - If the policy conditions permit grant of loan, loan is sanctioned as a percentage of

 the Surrender Value. (It is normally 85% of Surrender Value)

Question: - How is Surrender value calculated in Unit Linked Policies?

Answer: - Surrender value in Unit Linked Policies is usually expressed as fund value less the

 surrender charge.

Question: - Can I get duplicate in case I lost my policy?

Answer: - Yes, you can check the procedure given in article “Duplicate Policy Procedure”.

Question: - Can I change nominee in my policy?

Answer: - Yes, you can check the procedure given in article “Change of Nominee”.

Question: - What is meant by settlement options?

Answer: - Settlement option means the facility made available to the policy holder to receive

 the maturity proceeds in a defined manner, i.e. installments. (The terms and conditions are

 specified in advance at the inception of the contract).

Question: - What is the importance of a proposal and the disclosures made therein?

Answer: - The disclosures made in a proposal are the basis for underwriting a policy and

 therefore any wrong statements or disclosures can lead to denial of a claim.