How long will it take to receive money for LIC after a month of maturity?
Shailesh Kumar, Co-founder, Insurance Samadhan
Answered on February 21,2022
Answered on February 21,2022
LIC is very respectable organisation . They send maturity voucher 90 days in advance , You need to sign the voucher along with Bank details and Policy Doc.
Your bank gets direct credit 45 days before the maturity . So there is no question of delay else you can reach your branch.
Related Questions
-
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on October 13,2021An LIC agent told me that if I invest 5 lakh per year for 5 years in SBI Life Retire Smart scheme, then from 10th year onwards I will get 40000 per month pension for rest of my life. And after our expiry (me and my spouse), nominee will get the Corpus amount. Is it true or Am I missing something? How to verify it?
Dear You have been given wrong information through mis-selling . Facts are stated below : SBI Retire Smart is a Unit Linked ...
1 0 1949 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on January 05,2022In a term plan we are paying premium every month for the coverage but what if a person face death early (say after one year only of taking life insurance) in the period so he has not paid the amount of the coverage so will his family be getting the full coverage amount?
Yes , claim will be payable .That is the purpose of Insurance to cover the risk of uncertain event ...
1 0 71 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on November 03,2021Is it advisable to take a life insurance for a senior citizen at the age of 62 years?
Dear It is not advisable as mortality cost becomes very high . Moreover, by age 62 all financial liabilities are ...
1 0 168 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on December 17,2021If i bought a term life insurance and I end up paying till maturity age. What's my benefit then ? will I get any premium ?
Dear Pure Term Insurance offer sum assured on death only and nothing is payable on survival . However , there are ...
1 0 43 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on March 01,2022Can we update the nominee later for life insurance? Can we have multiple nominee so that we can split the claim amount percentage wise. How the nominee will claim the payout?
Yes , you can change the nominee by giving an application for change of nominee . Yes , you can ...
1 0 24 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on January 31,2023I need a Life Insurance cover of 1cr. Should I take up to 1cr including ADD ONs or should it be 1cr plus add ons? Should my total cover include add ons or exclude add ons?
Dear Go for basic cover of Rs 1 crore which is guaranteed under all deaths . You can add add ons ...
1 0 26 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on December 08,2022How do you change your premium date with Life insurance Corporation of India (LIC)?
Dear It is like marriage date , you can not change your Policy anniversary .
1 0 63 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on September 17,2022If I buy a term insurance plan from any insurer and unfortunately the company gets shutdown in the middle of term then what happens to my insurance policy, will it be active or not for the entire term?
Dear As per Insurance Act , no insurance company can shut down . At the most , another company would ...
1 0 160 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on December 21,2021If a person dies abroad, will term insurance taken in India is still valid? and sum assured will be given to nominee in case of death?
Yes , term insurance is universal and claim will be paid in case death happens in foreign land . ...
1 0 396 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on December 11,2021If we take insurance of two companies, will we get the claim of both companies if we get sick?
Dear Health insurance works under the principle of indemnity and you will be compensated to the extent of loss only ...
1 0 0 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on February 14,2022If I opted for an Endowment plan of 1 crore cover and nothing happens to me in the covered period, does the insurance company returns 100% of the amount I paid all these years after the maturity of the policy?
Yes , that is the meaning of endowment . On maturity , you receive guaranteed sum assured along with accrued ...
1 0 45 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on December 26,2021Is there any reliable website to check the claims made by LIC agents regarding the schemes? It should be easy to understand as well.
Dear Each website has their own purpose and give their own interpretations . Every person need to verify all facts under ...
1 0 36 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on November 06,2021I took an LIC term plan (Plan no. 825) at the age of 25 (2018), which did not had any option of add ons at that time. How can I correct this now for both Critical Illness and Disability Addon ? Any alt solution ?
Dear As per my knowledge , riders are not available in table no 825 . You can buy Critical illness and ...
1 0 28