Accident cover in LIC Amulya Jeevan

POSTED BY kramasundar ON September 13, 2012 10:44 pm COMMENTS (2)

Hi,

 

I am an 31 years old NRI. After readig this forum for quite some time, I decided to go for pure term insurance.I decided to go for 25 Lakhs insurance with LIC Amulya Jeevan.

 

1. But I am not sure whether accident cover also covers accident in a foriegn country, eg. Flight accidents. FYI, I am also filling the NRI questionare (a sheet of paper to be filled for NRIs). My agent told me that this is sufficient for such cases, please confirm.

2. If something happens to me and wife (my nominee), will the sum assured will be given to my parents? Is it allowed so?

3. Is there any trial period, so that i can return the insurance if the terms and conditions differ from what i heard from my agent?

If you don’t know the answers, could you please let me know where I can look/refer to? It seems that my agent doesn’t know the exact answer and he is bluffing. I would like to be sure about the terms and conditions.

 

Thanks a lot,

Ram

 

 

2 replies on this article “Accident cover in LIC Amulya Jeevan”

  1. kramasundar says:

    Dear Ashal,

    Thanks a lot for the reply.

    My agent (my father’s friend, so i trust him a bit) told that accident rider is not available in term plans.

    1. Accident rider means that actual sum assured is twice right? I am not interested in the X factors… i am happy with 1 X sum assured. Did i understand it correctly?

    2. I started with 25 Lakhs since i am new to life insurance. Also i plan to take another 2-3 25 lakhs term policies from different vendors (HDFC, etc), just in case if one vendor denies the sum assured my nominee will get (hopefully) from the other one.

    Thanks Ashal,
    waiting for your input.
    Ram

  2. Dear Ram, First a shock to you. Being NRI, most of insurers ‘ll not provide you Term cover. I do not know on what basis you feel that 25L Rs. term cover is enough to your family?

    Amulya Jeevan does not offer Accident rider.

    For the given situation that policy holder as well as nominee both are no more, you should prepare a WILL to guide the insurer that policy benefits should be given to your parents.

    Yes a 15day free look periodis available with all insurance policies. Some insurer from their own offer a bit higher free look period. This 15 day period starts from the day you receive the policy. It’s a mandatory period as per IRDA guideline.

    Thanks

    Ashal

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