How can one arrive at the claim amount on the LIC policy?
Amount payable under a policy in settlement of its claim depends upon its status as on date of death.
In case of a reduced paid-up policy which has not been specifically enclosed for paid-up conversion, LIC will pay the claim for the full sum assured instead of the paid up value provided certain conditions are satisfied:
Claims concession is not available on certain policies during the deferment period in case of Children’s Deferred Endowment Assurance, Temporary Assurance and Convertible Term Assurance. Extended claims concession is an extension of the regular claims concession. Here, the claim for the full sum assured is payable under a reduced paid-up policy provided two conditions that:
Who should sign the Discharge Voucher of LIC under varying circumstances?
How can you stay protected with LIC policies if the key person important to your business dies?
What procedure should one follow to obtain a duplicate copy if the original LIC policy is lost?
How should one notify LIC in the change in address?