PROFIT LOSING SITUATION TO POLICY HOLDER

Following is the profit losing situation to insurance policy holder

•   Delay in premium payment. That is with in the premium due date you have to pay the premium amount. If you didn't pay with in due date you can pay the premium amount with some penalty amount. This penalty amount is loss to any insurance policy holder.

• Most of the policy you should pay premium amount for 3 years correctly. If you paid one or two years only, then the policy may be lapsed. Some of the lapsed policy we cannot reactivate.

• Claim problem may occur if the details you given initially wrong. Such us name, age, initial in name, wrong date of birth, Nominee name wrong, Nominee age wrong, spelling differ in Nominee name. So policy holder must take care of this. Policy holder must check the all details given in the  policy bond. Solution is also there. If any problem arises contact us.

• Initial period LIC OF INDIA invested your money in share market. According to the NAV value the maturity amount varied daily. In this types of policy most of the policy holder faced loss. Nowadays no need to worry. Among all insurance company LIC OF INDIA only does not invest your money in share market.

• Policy choosing is very important. LIC OF INDIA has more policy according to the requirements of people. We should choose the best policy only (not good or better policy) according to our requirements. For that we need the details about policy. Agent will help to choose the best policy. But Agent must know all of this policy details. So choosing LIC agent is very important. So that you can choose the best policy. Experienced agent is available in LIC OF INDIA or contact us. 

• You should tell about the policy you taken to your family members. If any risk happens family members can claim easily. Otherwise it is loss to policy holder and their family.

• 15 or 20 years maturity period policy is better than 5 or 10 years maturity period policy. Because more year you paid leads LIC OF INDIA gives more bonus value. If you get more bonus value your maturity amount will also be high. This is profit to policy holder.

• Overdue policy. After paid all the premium payment, you didn't close the policy for long period. So you can get only 8% interest amount for your maturity amount after maturity period. So you should close the policy immediately after the maturity period.

         

For any type of help related to insurance policy closing you can contact our Development officer or Contact us.