A policy renewal is simply the continuation of set and terms and conditions under an existing policy, in a similar policy usually but not always with an increase in premium to accompany the renewal.
If you have moved to a different house, city, or country altogether, you will still be able to reap benefits from the existing life insurance policy, however, you will be required to change the address on the policy document.
The maturity claim amount is the payment received by the policy holder on paying the premium for the whole premium paying term and on completion of policy term. Please note that the premium paying term can be less than or equal to the policy term.
A surrender is a full cancellation of a life insurance policy. You are allowed to surrender your policy at any time(condition). A surrender does not affect your credit score, and a surrender will not affect your ability to get a new life insurance policy in the future.
A policy holder can change his nomination during the policy term and it can be changed any number of times. To change the nomination in LIC policy, the policyholder has to give a notice to LIC OF INDIA in a specified form and nomination has to be endorsed.
You have to write a request letter to LIC mentioning your 9 digits LIC policy number and attach the photocopy of your policy you wants to transfer.This will take around 15 to 45 days, depending upon case to case to transfer policy from one branch to another.
It is easier to get a loans against your LIC policy as they come at cheaper interest rates. However, they are only good for personal loan needs as there are restrictions in terms of the amount that can be borrowed even as a member of the policy.
In the event of the death of the policy holder during the term of the policy, the beneficiary can claim the proceeds of the death benefit. This claim is called the life insurance claim or more popularly death claim
it is possible to get your mode of premium payment changed through an endorsement. You need to contact your agent /office. There are four modes – yearly, half-yearly, quarterly, monthly. Monthly mode is expensive.