Question regarding LIC policy closing

POSTED BY Sam ON August 26, 2013 7:21 pm COMMENTS (6)

6 replies on this article “Question regarding LIC policy closing”

  1. Dear Sam, it’s in your own interest to stop the matter here. The maturity proceeds may become even more complex.

    thanks

    Ashal

  2. Dear Sam, from your query what I understood is your policy is case of forgery done by your agent with your consent. At the time of taking the policy you were not the Indian resident thus you were not allowdd to take this policy.

    Please contact LIC now. Inform all the details & youi ‘ll be lucky enough if you get your all prem. back.

    thanks

    Ashal

    1. Sam says:

      Thanks for your response. Can you please elaborate on your comment, “If there is a problem they should revert back” ?

    2. Sam says:

      Hi Ashal,

      Thanks for your response. The agent was a close relative and I could not say no. I asked him if I am allowed to take a policy since I’m not an Indian citizen anymore. He told me that since I was born and brought up in India, it should be fine. Since I was in India for a short vacation I didn’t get a chance to check with LIC or get it clarified. Plus, as I mentioned the agent is a relative and sometimes it is difficult to say ‘no’ and I don’t think he was hiding anything. It is a very common scene back home to see LIC agents chasing people when someone works abroad comes home a vacation. The LIC agents don’t care if they are just NRI’s or have foreign citizenship. I had no reason to forge anything since I have enough insurance coverage here (thru my employer and other personal insurance options).

      Anyway, thanks for your comments. If you know any additional details, please share here

  3. If you have paid all premiums there is no reason for you to close it. Leave the policy be.

    Send your current residential address to LIC. Anyway they want it.

    If there is a problem they should revert back. If they don’t you can use this as instance to argue your case and get your maturity amt.

  4. Sam says:

    Not sure why I can not see own posting. I just see only the subject line, not the actual message. So, I’m posting it here again.

    I look a Jeevan Shree policy in 2004 with premium payment till 2013 and final maturity
    in 2024. I managed to pay the full premium without missing any payment (last and final
    was paid in April this year). Now I have to wait another 10 years for final maturity.

    I am person of Indian origin, currently holding a Canadian citizenship. What options I
    have, if I want to close this policy? Can I close it now without losing any premium paid
    so far? I am not into taking any loans, but want to close it. What is the process to close it?

    Also, now that I am Canadian citizen, does it affect my policy? In fact I took the policy after I became a Canadian citizen. My agent (a relative) assured me that it is ok. Now he is not an active LIC agent. I’m concerned that my nationality might affect the policy. Recently I received a letter from LIC asking me to provide couple of documents as a proof for my identity and residence. I don’t have any documents to show my Indian residence or identity, except my old Indian passport.

    Can you please comment on my case and share your suggestions?

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