LIC Guidelines

Your Policy Bond And Its Safety
The policy bond is the document that is given to you after we accept your proposal for insurance.
The risk coverage commences after acceptance of your proposal and the conditions and privileges of your policy are mentioned in the policy bond.
This is an important document which would be referred to for various servicing interactions with you – Keep the policy bond safe. It will be required at the time of settlement of claims on the policy. You will also require it if you are availing a loan or want to assign the policy.
Inform your spouse/Parents/Children as to where the policy is kept.
In case you are handing over the policy bond to any person or office, please take a written acknowledgement. Keep a Photostat copy of the policy for your reference.
Call Invest Inn 94 23 53 1005


Your Policy Number
The policy number is consisting of nine digits and can be found at the top left hand corner of the schedule of your policy bond.

This is a unique identification number that distinguishes your policies from other policies and will remain unchanged throughout the lifetime of the policy.

Remember to quote the policy number every time in your correspondence, as it helps us to locate your records for reference.
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Policy Conditions
Every policy is taken for different types of needs; therefore the conditions for your policy will vary according to the Plan and Term of the policy.

The policy schedule contains on the first page of your policy, like the ones mentioned above as well as other information like nominee, your address etc. It also shows the date of commencement of your policy, date of birth, date of maturity, due dates and months in which the renewal premiums are to be paid etc.

The second page onwards carries the various policy conditions like risk coverage, additional risks coverage if opted for, standard benefits that are available for all policies, accident benefit if opted for, exclusion of risks if any and other conditions that govern the contract of insurance.

Apart from death benefits there are other standard benefits and benefits opted by the policyholder, which you might want to familiarize yourself with (to know more about various types of policy conditions and their implications).


Alterations In Policy
There may be instances when you would like to make alterations in your policy like change of premium payment mode, reduction in premium paying term etc.
Your applications may be given in writing to the branch that services your policy for our further action.
Call Invest Inn 94 23 53 1005

There are different types of alterations that are allowed on our life insurance policies(to know more about alterations).


If Your Policy Is Lost
Kindly make a thorough search before concluding that you have lost the policy bond. Look for the same within your residence, among your investment papers, at your office and even with your agent to whom you might have entrusted the document for some reason.
It could have been even pledged with LIC/any other financial institution for availing a loan by you. LIC retains the policy bond when you go in for a loan against the policy. Make sure that the document you are searching is not one that has already been assigned to LIC, or to another financial institution.

If the policy bond is partially destroyed due to natural causes like, fire, flood, etc, the remaining portion may be returned as evidence of loss of policy to LIC, while applying for a duplicate policy.

In case you are sure that the policy bond is untraceable due to unknown causes, there is a simple procedure to comply with while applying for the duplicate policy at the branch that services your policy (to know about obtaining duplicate policies).


Your Contact Address – Keep Us Posted Without Fail
Your address is very important for us. Without your latest address we would not be in a position to contact you for any service offering. We would not like to keep any benefit that is due to you pending for want of this very important information. Whenever you shift residences, please inform the new address to us. Otherwise any communication we send to you, like premium notices, discharge vouchers for maturity and survival benefits etc., will get delayed in reaching you.

LIC provides for change of addresses, inclusion of telephone numbers, mobile numbers and email addresses in your contact addresses information. Kindly inform your servicing branch to incorporate the same in your policy records.
Call Invest Inn 94 23 53 1005


Admission Of Age
Check your policy bond and see if your date of birth is correctly given therein.
This is one of the factors on which the premiums you pay for your policy is arrived at.
This would also form the basis of all future policies you might avail from us.
In case your earlier policies do not have your date of birth incorporated and you do have a date of birth certificate issued by the competent authority, you may send an attested copy of the same to us, with a request to admit your age (to find out the certificates of age that LIC accepts.)



Nomination
Ensure that the nominees name is correctly incorporated in the policy bond.
You may change the nomination in your policy any time during the lifetime of the policy
In case you have not included the name of the nominee till now, please do not delay; inform us your nomination immediately. Kindly note that the change of nomination has to be done in the branch that services your policy.

The nominee is the person to whom the insurance claim amounts would be payable, in case anything unfortunate within the purview of the policy conditions happens to you.
The policy is usually taken by you to benefit your family – nominate the persons who’ll have the welfare of your family in your absence; the usual preferences being spouse and children.

You may nominate even minors like your children, in which case you have to name another person who’ll have the welfare of the minor children, as an appointee(to know more about nomination).



Assignment
In case you are raising a loan against your policy from LIC or any other financial institution, your policy would have to be assigned to LIC or the financial institution.
When you assign the policy the title of the policy is shifted from your name to that of the institution.

The policy would be reassigned to you on the repayment of the loan.
A fresh nomination should be done after reassignment of the policy.
Assignment of policies can be done even when a loan is not required or for some special purposes (To learn more about assignment).




When To Pay The Premiums
Remember to pay your premium in time, even if our notices do not reach you. There may be a postal delay.

LIC usually sends premium notices one month in advance to the due month of the premium.
The months in which premiums are due are given on the first page of the Policy bond.





Grace Period For Premium Payment
In case you have not paid the premium within the due date there is still time for you to make the payments without payment of interest on the premium. This period is called the grace period. (With the exception of some plans)
The grace period for policies where the premium payment mode is monthly is 15 days from the due date.

The grace period for policies where the premium payment mode is quarterly, half-yearly or yearly is one month but not less than30 days.





How And Where To Pay The Premiums

• By cash, local cheque (subject to realization of cheque), Demand Draft at Branch Office.
• The DD and cheques or Money Order may be sent by post.
• You can pay your premiums at any of our Branches as 99% of our Branches are networked.
• Many Banks do accept standing instructions to remit the premiums. So by providing a standing instruction to your Bank to debit your account for the premium amount and send it vide a banker’s cheque to LIC, on the due dates and months mentioned on your policy bond.
• Through Internet : Payment of premiums can be made through Internet through Service Providers viz.HDFC Bank, ICICI Bank, Times of Money, Bill Junction, UTI Bank, Bank of Punjab, Citibank, Corporation Bank, Federal Bank and BillDesk.
• Premium payment can also be made through ATMs of Corporation Bank and UTI Bank.
• Premium payment can also be made through Electronic Clearing Service (ECS) which has been launched at Mumbai, Hyderabad, Chennai, Kolkata, New Delhi, Kanpur, Bangalore, Vijaywada, Patna, Jaipur, Chandigarh, Trivandrum, Ahmedabad, Pune, Goa, Nagpur, Secunderabad & Visakhapatnam. A policyholder having an account in any Bank which is a Member of the local Clearing House can opt for ECS debit to pay premiums. The policyholders wishing to use this system would have to fill up a Mandate Form available at our Branches/DO and get it certified by the Bank. The certified Mandate Forms are to be submitted to our BO/DO.
• Policy can be anywhere in India: Citibank Kiosks at Industrial Assurance Building, Churchgate, New India Building, Santacruz, Jeevan Shikha Building, Borivili are dedicated for collection of premiums through cheques.
• Call Invest Inn 94 23 53 1005

Policy Status – Where Available
Status of your policy indicates if your policy is in force or has lapsed due to non-payment of premium. It also provides other important information with respect to your policy, for your reference.

The status of your policy is available at the branch that services your policies.
It is also available through our Interactive Voice Response Systems in select cities (to find out if your city is covered).
In cities connected by our computerized networks the status will be available in any of the branches.

Now the policy status of policies being serviced in the cities connected by network are also available through Internet (to register for these services). In select cities online touch screen kiosks are also provided where you can view your policy status.


Revival Of Lapsed Policies
If your policy has lapsed due to non-payment of premiums within the due date, the terms and conditions of the policy contract are rendered void, till you revive your policy.

A lapsed policy has to be revived by payment of the accumulated premiums with interest as well as giving the health requirements as required . (for knowing more about the revival procedure and the different types of revival allowed)
Always keep your policy in force to ensure that your family gets their financial protection assured by your policy.

However certain concessions dependent on the term for which you have paid the premiums are available with the exception of some plans for claims concession.( to know the concessions for delayed premium payment and for claims during the lapsed period).

Availing Loans On Policies
Many of our plans are of endowment type and you would be allowed to raise a loan against your policy should you require funds.
You repay the loan with interest or continue paying the interest and allow the loan to be deducted at the time of the claim payments.
Further loans on policies are also allowed after deduction of earlier out standings (to find out more about loans on policies).
Most financial institutions too allow loans against LIC policies based on the value LIC quotes on request from you.
Call Invest Inn 94 23 53 1005



Surrender Value
This is the value which is the amount payable to you should you decide to discontinue the policy and encash the same from LIC.
Surrender value is payable only after three full years premiums are paid to LIC. More over if it is a participating policy the Bonus get attached to it as per prevalent rules.
Surrender of policy is not recommended since the surrender value would always be proportionately low.
Should you decide to go in for another insurance at this stage further insurance would be available to you at a much higher premium because your age would have advanced since taking out the earlier policy.
Therefore retention of earlier policies and continuation of all policies without allowing them to lapse is the best strategy for continuing life insurance protection.


Maturity, Survival Benefits, Disability And Death Claims:
When your Survival Benefits (For Money back policies) or maturity benefits are due, we send intimations to you in advance. However, if the survival benefit amount is less than or equal to Rs.60,000/- the same will be sent to you directly without policy or discharge forms with a few exceptions.
If such intimations have not come to you before the due date kindly inform us so that we may take necessary action (to know about the claims procedure)


Policies Under Salary Savings Scheme
If you have taken your policy under salary Saving Scheme please read the following suggestions :

1. For each Salary Savings Scheme Policy your employer deducts the premium from your salary and sends a consolidated cheque for all the policies of the employees to a designated Branch of LIC, where all the policy files are maintained.
2. You can find out which Branch of LIC your policy file will be serviced either from your Agent or from the pay roll department of your employer.
3. You will need to know which branch of LIC services your policy because you will require their help in getting your Maturity/Survival Benefits, for any alterations like change of address and for availing loans etc.
4. In case you are in a transferable job please inform the designated Branch of LIC about your new place of posting.
   After you join your new place of posting please ask your employer the LIC Branch where the premiums are being remitted by your office there and inform the LIC Branch which was servicing you earlier so that your policy files can be transferred.
5. This way your records will be at correct place and will receive the services from us like maturity, in time.
   In case you are leaving your employer for a new job or joining another firm, you have the facility to either continue the policy under the Salary Savings Scheme of your new firm or to convert the payment mode into quarterly, half yearly or yearly mode.
6. Always ensure the continuity of premium payments to avoid frequent revivals of policy. This may become a cumbersome process for a person who is in a transferable job.
7. Please do not send any installments directly to us. Your premium must come through your employer only. We do not have systems to adjust single installments received from our policy holders. Otherwise please convert the mode into quarterly, halfyearly, or yearly and pay directly. This way you also get a discount on the premium payable.
8. Leave a permanent local address with us so that we can reach you wherever you are even after many years.

Helpline
To ensure that you get the best out of your policy please read our guidelines carefully.

1. Keep the policy bond safe. It will be required at the time of maturity or Survival Benefit. You will also require it if you are availing a loan or want to assign ypur policy.
2. Inform your spouse/Parents/Children as to where the policy is kept.
3. When you shift residences, please inform the new address to us. Otherwise any communication we send to you, like premium notices, discharge vouchers, etc., will get delayed in reaching you.
4. Ensure that the nominees name is correctly incorporated in the policy bond.
5. Remember to pay your premium in time, even if our notices do not reach you. There may be a postal delay. The months in which premium are due are given in the Policy bond.
6. You may pay the premium by Cheque, DD or Money Order. Remember to quote the policy number everytime in your correspondence. The policy number is consisting of nine digits and can be found at the top left hand corner of the policy bond.
7. Check your policy bond and see if your date of birth is correctly given therein.
8. In case you are handing over the policy bond to any person or office, including the LIC office please take a written acknowledgement.
9. When your Survival Benefits (For Money back policies) or maturity benefits are due, we send intimations to your three months in advance. If such intimations have not come to your even within one month of the due date kindly inform us so that we may take necessary action.
10. When in doubt call your agent or the Branch from where you took the policy.
11. Call Invest Inn 94 23 53 1005

Our Branches are our Operating Units. Hence, for any servicing matter, contact the Servicing Branch of your policy. Contact www.punelic.com However, for obtaining general information, you can contact any of the Branches of LIC.

Cost of Living in USA

Congrats for getting USA offer,

Who is new to USA always worried about Cost of living in USA. Question is always open ended but I can understand what you are looking for. If you are coming with family of course in that case you are saving less.

It will start from Visa
A

First on which Visa you are going to work? L1 Employer will pay taxes and u will get net salary, H1 you will pay taxes.(H1 and L1 you get regular Salary, so you will pay taxes). B1 you will get Per Diem.

B
1. Salary: It totally depends on your experience and market demand. Most tricky part which state you are going to work. e.g if you are getting 60k in FL it is equal to get salary 80-85K in NY due to state Taxes and living expenses.
But you can check approx net salary on http://www.paycheckcity.com/cointuitonlinepayroll/netpayCalculator.asp?ID=EE

C
2. I can tell your avg expenses:
Rent 1-2bhk: $900-1000(location dependent)

Rent Check:

http://www.realtor.com/rentals

 Grocery: $300-500

Utility/Phone/Intenet Bills: $150. 
Health Insurance: $250(Depend on plan and employer), 

You will need car and you can buy it from Dealer or Online. Check kbb.com for true car price.
Car Insurance $60/month Avg.
Car Gas: $60-$200($3/Gal)
On an Avg you can expect 1800-2500 monthly expense.
I am talking about Family consist of 2-3 members. It depends on your living standard, you can manage in $1200 as well.
You can check Cost of living

http://www.numbeo.com/cost-of-living/country_result.jsp?country=United+States

D
3. Net Salary depends with whom you are working. Desi company $3600-4200 Salary.
But it totally depends on employer what he is offering  

Check: Salary.com
Four Taxes you are going to pay: Federal Withholding: 25%, Social Security: 4.2%, Medicare: 1.45% and State Tax: 5-7% if applicable NH, FL, TX, AZ doesn't have taxes.

Three Things you will need to survive:) just kidding. important things for you in US: 1 Ph, 2.Credit Card(Ask ur employer ), 3. Driving License.

Hope you got the expected answer. You can always search online for any help or question.

Regards,

Experienced NRI