Q.1193 Surrender Insurance policy in India after becoming US citizen

Question: Sir I have few policies of LIC in India and now I am a citizen of USA. Can I surrender policy and get full value and what are the questions those need to be replied before surrendering. except surrender form and the original policy? Answer: Check your policy document for specific requirements and procedure on policy surrender options. Generally surrender value comes into effect after policy holder has paid insurance premium for at least three years. The surrender value usually works out to about thirty percent of premiums paid after the first year. To get precise information check you policy documentation and/or contact your insurance company. While NRIs living abroad cannot purchase insurance policies in India, they do have the option of continuing any policy they hold that was issued prior to their becoming non-resident.

Information by Virendar Chand

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