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.
NriInformation Questions &Answers
Read Disclaimer at bottom of page
NRI Information for OCIs - PIOs on PAN Cards, OCI, Visas, Property, Immigration, Customs Duties & more
Information by Virendar Chand
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
Previous Next Page
Previous
BOOK for NRIs PIO, OCI Information at your fingertips!
Available worldwide from Amazon
Free delivery with Amazon Prime
nri guide v k chand NEW! EDITION
N
RI Information
Informing educating and connecting Indians across the globe
NriInformation Questions &Answers
Read Disclaimer at bottom of page
Previous Next Page
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
next next previous previous

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.
Previous
BOOK for NRIs PIO, OCI Information at your fingertips!
Available worldwide from Amazon
Free delivery with Amazon Prime
nri guide v k chand NEW! EDITION