Home |Shailesh Kumar Shailesh Kumar Co-founder, Insurance Samadhan 128 Answers, 0 Claps, 9148 Views Share × Feeds Questions Answers How do you change your premium date with Life insurance Corporation of India (LIC)? Dear It is like marriage date , you can not change your Policy anniversary . 1 0 16 What is the commission an LIC agent gets for a premium of Rs.1 crore? Will depend on Type of policy , premium payment term and policy term . It may vary from 10% to 35% ,of premium paid 1 0 28 What is the difference between a direct agent of LIC and an agent under a development officer? A Direct agent works like an employee and gets salary plus commission whereas an agent under DO get only commission . 1 0 21 If we surrender our LIC policy, in how many days will the amount reach our bank account? If you have submitted all documents then your account will be credited on 4th day . 1 0 27 How do you transfer an existing LIC or SBI life insurance policy to a new address after shifting? They will be pleased to help . Send a request letter along with an authorised address proof . 1 0 19 If someone’s LIC bond is lost, how do I get the money back at the time of maturity? Dear Now a days , money back is credited directly in account . But you should apply for a duplicate copy by visiting your service branch . 1 0 15 Will I get an accrued bonus if I surrender my LIC policy post 3 yrs of premium payment? And also which option is better, surrendering the policy with 30% of the premium amount or leave it as paid up till the maturity period? If you have surrendered then it gets a paid up value which remain same for full term . Only benefit is you remain covered for reduced sum assured . But you are not entitled for any bonuses . 1 0 23 How can I transfer my LIC agency to another branch? Yes , agency is transferrable to another branch of LIC . Take a No objection from your Development officer and a no objection from new Branch , make an application with both NOC . it will be done in 30… 1 0 16 What may happen when I can't pay the LIC premium within the due date? Your policy will lapse . Insurance company will not be contractually bound to keep the promise . Insurance is important and premium should be paid in time . 1 0 13 Can I change our LIC premium from quarterly to monthly? Yes you can and you will save over 6% in your annual premium . This can be done 30 days before the Policy anniversary date . 1 0 16 How does life insurance get taxed? Proceeds of life insurance are tax free under section 10(10) D if sum assured is more than 10 times of annual premium . 1 0 14 How life insurance is an investment? Dont treat life insurance as investment . It is a risk management plan where a pool is created and one transfer personal risk to the pool . Always use Life insurance as risk management product . You can… 1 0 13 How to cancel jubilee life insurance? In India , there is no registered company with the name of Jubilee Insurance 1 0 14 Is an LIC agent a permanent or a government job? LIC Agency is not a job . You become an agent to sell Insurance Policies of LIC . It is your own business where LIC provides you training and a Development officer mentors you . If you can give approx… 1 0 312 What is the average premium that should be paid for a family floater policy from Life insurance Corporation (LIC) or State Bank of India (SBI) Life? Dear Family Floaters are available in Health Insurance and not in Life Insurance . Neither LIC nor SBI Life offers family floater because both are life insurance companies . 1 0 31 Which term plan is best whether Term plan with Maturity amount or No Maturity amount? Dear Vanilla term is always better .The difference amount can be put in SIP which would give far superior maturity. 1 0 3 How does life insurance work when you die? Dear Life insurance contract says that nominee would make a claim by submitting desired documents and Insurance Company would pay the claim amount . Claim amount will be Sum assured plus accrued… 1 0 15 If I buy a term insurance plan from any insurer and unfortunately the company gets shutdown in the middle of term then what happens to my insurance policy, will it be active or not for the entire term? Dear As per Insurance Act , no insurance company can shut down . At the most , another company would take it over and all liabilities will be taken care of .So dont worry , your insurance company… 1 0 47 What is the grace period for LIC premium payments? Dear Under annual mode , you get a grace period of 30 days . In other modes , you get a grace period of 15 days . In case of death during grace period , LIC would pay full premium after debit of… 1 0 167 What will I get if I break the LIC insurance in between? If you break in between the term then you shall receive surrender value . This surrender value is initially around 35 % of premium paid but keeps increasing with passage of time . For example , if premium… 1 0 64 Can I transfer my LIC one plan to other LIC plan? No , it can not be done . Each plan is a contract and premium rates are worked out as per features on one scheme . Best wishes 1 0 33 Can I change my wrong DOB on an LIC policy? Yes , you can do that by giving a valid proof . Policy will be underwritten again and may demand additional premium if revised age is more . 1 0 31 Can we pay the LIC premium for the next two years? No there are no system of advance premium . You can do bank ECS to ensure regular premium . Please note Insurance is not bank and they are not allowed to keep advance premium . Best wishes … 1 0 15 Can I buy a LIC policy without the help of any LIC agent? Dear No , all LIC plans can be bought through intermediaries only . LIC has launched one Term plan under Direct model which you can buy directly . Good agents are like Financial Doctors who suggest… 1 0 32 How do I change a nominee name in LIC online? This is very simple . Visit your Branch office and give a request for change of nominee from Old Nominee to _New Nominee _______________. Your name and signature / Policy No Take an acknowledgement… 1 0 38 How does LIC pay money to a policy holder after maturity? Dear On maturity , LIC send discharge documents 90 days in advance . On submission of discharge voucher , maturity claim along with accrued bonuses are credited in account of Policy holder . 1 0 20 Can I take term plan on the base income generate from rental and interest on fix deposit? No , rental and interest income is not generated income hence can not be considered as basis for calculation of sum assured . This income will continue in case of death . 1 0 23 How do I become an LIC agent? Approach your nearest LIC office and meet a Development officer . They would organise a training and exam . Once you pass the exam , LIC would enrol you as agent . Hope this suffice Best wishes … 1 0 9 Can you make your friend a nominee in your life insurance? No , you can not make your friend as nominee 1 0 40 What if my private company has provided me health and term insurance of good amounts? Shall I still buy the personal insurance now or wait for some years until I quit the company and then buy the personal health and term insurance? Your group insurance is a rented property . You have it till you are part of group . You will be left uninsured the day you leave or asked to leave the group . Which private Corporate would keep you in… 1 0 28 How term insurance works ? It is very simple . Let us say that we have a pool of 100 people and each one of us have a mobile of Rs 10000 . On the basis of past 10 years , we know that 3 mobiles are lost each year : So total… 1 0 21 Is it possible to combine multiple term insurance from different fund houses? You mean to club term insurance from multiple insurers then it is not possible because each insurance is separate contract . 1 0 13 How old do you have to be to get life insurance ? Insurance is a legal contract and as per Indian contract Act , you need to be of age 18 and with a sound mind to enter into a contract . So any one above age 18 can take insurance 1 0 14 How much life insurance should I have? Dear Depends on your annual income . You should have minimum insurance of 10 times of your annual income . So if you earn Rs 10 lakh then you should have a cover of Rs 100 lakh . If you have any… 1 0 11 How many days does it take to get a refund for a surrendered LIC policy? Surrender value of an LIC policy should be credited in 15 working days else LIC is liable to pay interest . 1 0 3273 I need a Life Insurance cover of 1cr. Should I take up to 1cr including ADD ONs or should it be 1cr plus add ons? Should my total cover include add ons or exclude add ons? Dear Go for basic cover of Rs 1 crore which is guaranteed under all deaths . You can add add ons like Accident Disability and Critical illness which increase scope of risk . 1 0 4 How life insurance works? Answer is very simple , let us say 100 people own a mobile phone worth Rs 10000 and it is assumed that 1 person may loose mobile within one month .but there is equal probability of loss for each… 1 0 10 If my father has already taken an life insurance for me and if I also take another one separately. Is there any problem? There is no problem . Please declare the details of old policy when you apply for new . As you are major now , you can apply to Insurance Company for change of ownership in your old policy . Best wishes … 1 0 61 How to find lost insurance policies for free? There is no centralised system like Mutual Fund where You can get through PAN card . You need to visit branch of Insurance Company with PAN Card number and Date of birth . But there should be a centralised… 1 0 14 Where to check the amount settlement ratio for life insurance? You can always verify on IRDA website 1 0 50 How do I change my name in LIC policy? For name change , every insurance company demand authorised documents like AAdhar or PAN card . Please visit Branch of your Insurance Company along with Aadhar card or PAN card and ask for change . Thanking… 1 0 50 How to claim the 80c tax benifit? which documents we have to submit? You need to submit an evidence that you have saved money through eligible instruments like PPF / Insurance or NSC and other instruments . 1 0 10 Can we update the nominee later for life insurance? Can we have multiple nominee so that we can split the claim amount percentage wise. How the nominee will claim the payout? Yes , you can change the nominee by giving an application for change of nominee . Yes , you can have multiple nominees by giving percentages . Claim documents need to be submitted for claim settlement… 1 0 10 How to choose the best life insurance ? Dont choose best life insurance . Choose a good advisor and buy it . It is like asking which medicine is best . Choose a good doctor who understand your problem and advise good medicine that suits you.… 1 0 8 How can I change a nominee name in LIC? Just visit your Branch and submit a request for change of nominee . 1 0 74 I've already bought a term insurance with a fixed cover of 1cr. But now , I want to increase this cover amount to 2cr. Shall I buy a new one ? Or is there any other option? Dear You should buy a new plan . Continue the old and buy additional cover of Rs 1 crore as per reason below : First three year period is critical and gets an assurance of claim under section 45… 1 0 9 How much term insurance do i need ? Depends on your age and annual income . Ideally you should think that how mush money your family will need for 10 years if you are not around hence it should be 10 time of your annual income . 1 0 14 If I opted for an Endowment plan of 1 crore cover and If I'm getting hospitalized, does this policy covers the bill amount as well? Or that come under health insurance? Life insurance covers risk of death unless you had taken critical illness rider . For medical , you need Health Insurance . 1 0 14 How to get free life insurance? You cant get anything free , even govt schemes have a cost . Do not expect any thing free 1 0 23 Is it good to finish of the premium in less number of years rather than full term duration? No , it is not a good decision. It is better to pay annual premium for full term by making a discipline of ECS mandate . 1 0 9 No questions added by Shailesh Kumar. I’m an NRI can I buy Term insurance through Policybazaar or shall I approach insurance company directly. ? You can buy through any web aggregator platform... 1 0 4 I need a Life Insurance cover of 1cr. Should I take up to 1cr including ADD ONs or should it be 1cr plus add ons? Should my total cover include add ons or exclude add ons? Dear Go for basic cover of Rs 1 crore which is guaranteed under all deaths . You can add add ons like Accident Disability and Critical illness which increase scope of risk . 1 0 4 I’m 32 . Today I agreed to a term insurance plan from Tata aia which cost me 1500 per month and benefit is 1 crore up to 80 years. Am I right here or should I edit my policy? Dear Do two change : pay in annual mode - you will save 8% Reduce the term till age 65 . you will have additional saving of 15% . Also add , Accidental disability and critical illness . 1 0 2 What is a vested bonus in an LIC policy? Dear LIC declares bonus each year which gets attached to Policy but one can not use it till maturity For example : You have sum assured of Rs 10 lakh for 20 years endowment plan then you shall… 1 0 15 Can a person take multiple plan like a term insurance + endorsement plan + ULip ? Yes , one can take multiple insurance but need to declare all existing insurances. 1 0 1
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