Can LIC policy be altered?

After the policy is issued, the policyholder in a number of cases finds the terms not suitable to him and desires to change them. LIC allows certain types of alterations during the lifetime of the policy. However, no alteration is permitted within one year of the commencement of the policy with some exceptions.

Which type of alterations are not allowed in life insurance policy?

Types of alterations not allowed in LIC policies Increase in sum assured amount. Alterations for policyholders above 70 years of age. Modification from ‘with profit plan’ to ‘without profit plan’ Alternation from any mode of payment to single premium policy.

Which one of the following alterations will be permitted by an insurance company?

Solution(By Examveda Team) Splitting up of the policy into two or more policies will be permitted by an insurance company.

What happens if LIC premium is not paid?

If your policy has lapsed due to non-payment of premiums within the due date, the terms and conditions of the policy contract are rendered void, till you revive your policy. Always keep your policy in force to ensure that your family gets their financial protection assured by your policy.

How do I cancel my LIC policy?

How To Surrender LIC Policy

1. Original policy bond documents.
2. Request for surrender value payment.
3. LIC Surrender form- form 5074.
4. LIC NEFT form.
5. Bank account details.
6. Original ID proof like Aadhar card, pan card or driving license.
7. A cancelled cheque.
8. Hand-written letter to LIC stating the reason to discontinue.

What is insurance alteration?

An alteration of the risk occurs when there is a change in the circumstances which, according to the contract, are to form the basis of the insurance, and the risk is thereby altered contrary to the implied conditions of the contract.

How can I break my LIC policy before maturity?

How can reduce sum assured in LIC?

No you can’t reduce the premium amount. But if you paid premium completely 3 years then you can go for Paid up value or you can surrender the policy.

Is LIC agent get pension?

Group pension Group pension is also available under Lic Agent Benefits.

Can I close my LIC policy after 5 years?

The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30\% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.

What are alterations in LIC policy?

However, once the policy has been purchased, one may find certain discrepancies that one may want to change. These discrepancies are called alterations. Alterations in LIC policy can be requested by the relevant policyholder after the purchase of the policy.

How do I make alterations to my policy documents?

All requests related to alterations in a policy must be made only in the home branch where the policy is purchased. The application must be provided in writing along with all the documents required for making the alteration. The documents required may differ based on the type of alterations you wish to make in your policy documents.

Can I make changes to my LIC policy online?

LIC allows policyholders to make different kinds of alterations in their policy document. However, this process cannot be done online. The policyholder must provide a written application of the required alteration to the company, and it must be done in person by visiting the branch office.

Can nominees be changed in LIC policy?

In case of inclusion or alteration of nominee: Nominations play an integral role in the sector of life insurance. Therefore, including one in an LIC policy is of utmost importance. One is free to update the nomination section anytime during the lifespan of the policy.