Insurance FAQ

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Do I need to secure my life by having life insurance policy ? 

Ans)
If you have dependents or significant debts that are more than your assets, then you need insurance to ensure that your dependents are looked after if something happens to you.
If you don’t have dependents or debts you can still consider life insurance as it is an effective tool for systematic and regular savings. 

Do I need to have a Health Insurance Policy ?

Ans)
Life is full of uncertainties and hence it is better to purchase health insurance when you are healthy. Insurance cover is a protection against uncertain events and in future if you suffer from any disease it may be difficult to get insurance cover for such disease. 

How to Obtain Duplicate Policy with LIC ?

Ans)
The following are the requirements for issuing a duplicate policy:
1. Insertion of an advertisement at the policyholder’s cost in one English daily newspaper having wide circulation in the State where the loss is reported to have occurred. A copy of the Newspaper in which the advertisement appeared should be sent to the servicing office one month after its appearance. If no objection has been lodged with LIC regarding the policy in question, a duplicate policy will be issued after complying further requirements, i.e., Indemnity Bond and payment of charges for preparing duplicate policy and stamp fee.
2. However, the requirement of advertisement and Indemnity Bond may be dispensed with or modified in certain circumstances as given below :

• loss of policy by theft
• destruction of policy by fire
• loss of policy while in custody of an office of government
• mutilated or damaged policy
• policy in torn and a part of it is missing
• policy partially destroyed by white ants

  

What is student Insurance Plan ?

Ans) 
These plans are similar to global travel policy and meant for students travelling abroad for further studies. Most universities abroad require international students to be insured. While some universities (like in Canada and New Zealand) include insurance charges in the tuition fee, others (like in UK and US) accept insurance bought in the home country.The policy provides accidental death or dismemberment coverage and medical coverage depending on the plan. Coverage of dental expenses may be included.

What Rights does a Nominee has ?

Ans)
A nominee is entitled to receive benefits from the insurance policy, only after the insured’s death. If the insured outlives the term of the policy, the nomination will stand cancelled. A nominee receives the proceeds in their capacity as a trustee for the legal heirs of the insured. The proceeds don’t belong to the nominee unless the nominee is also a legal heir.