List of Alteration Allowed with LIC Policy

While taking life insurance we miss certain things by mistake like so we need to make some alteration in Insurance Bond after receiving it.

Here are the LIST OF ALTERATIONS, WHICH ARE PERMISSIBLE WITH LIC POLICY:-

(1) In class (plan) or term.

(2) Reduction in sum assured.

      *Alteration in above case is allowed if basic risk cover is not increased &

        same time premium should not be decreased.

(3) Mode of Premium :

      During term, IN POLICY ANNIVERSARY MONTH Life Assured can change             premium paying mode.

      In case of higher mode to lower mode (not require for SSS or ECS) Rs. 
      50/- service charge to be paid.

(4) Splitting up of single policy into two or more policy.

(5) Merging of the policies in one policy if having same plan / term /             doc.

(6) Without profit to with profit plan.

(7) Grant of accident benefit.

         If any time of taking policy L.A. has not availed D.A.B., but after issue of 

         policy, request for granting D.A.B. if the L.A. is eligible for it, may be
         granted.

         Use form no. 3772 & if accident benefit is not asked from date of 

         commencement of policy then Rs. 50/- service charge be paid.

         In case of minor life assured on completion of their age 18 years, he or 

         she can avail double accident benefit.

        (Maximum up to 50 lakhs or equal to basic S.A. Whichever is less.)

        This benefit may be granted from the due date of policy anniversary 

        following immediately after the date of application.

(8) Grant of premium waiver benefit:

      (1) From no. 300 / 302 of proposer 

      (2) Standard age proof of proposer 

      (3) Medical requirement of proposer as per rules. 

      (4) An Application is required.

ALL Above 1 to 8 alterations will be allow only after 1 policy year complete.

(9) Alteration in Name :

      (1) If original name is required to be changed : GAZZET COPY & I.D. Proof

      (2) In case of female life after her marriage : Marriage certificate with                     application is required.

(10) Settlement option of Payment of Sum assured by installment. At time of           maturity payment.