TRUST Indians bank upon

Share it...

Invest now and retire rich

Must View ...


Name Correction

Alterations (NAME CORRECTION):

After the policy is issued, the policyholder in a number of cases finds the terms not suitable to him and desires to change them. LIC allows certain types of alterations during the lifetime of the policy. However, no alteration is permitted within one year of the commencement of the policy with some exceptions. The following alterations are allowed.

  •     Alteration in class or term.
  •     Reduction in the Sum Assured
  •     Alteration in the mode of payment of premiums
  •     Removal of an extra premium
  •     Alteration from without profit plan to with profit plan
  •     Alternation in name
  •     Correction in policies
  •     Settlement option of payment of sum assured by installments
  •     Grant of accident benefit
  •     Grant of premium waiver benefit under CDA policies
  •     Alteration in currency and place of payment of policy monies

A fee for the change or alteration in the policy is charged by the Corporation called quotation fee and no additional fee is charged for giving effect to the alteration.