I have insruance policy with LIC. But, it is for a long term [21 years].. how do I change to a different plan?

Question

Hi Friends, I signed up for an insruance policy with LIC. But payment term is for a long term period[21 years].. how do I change to a different plan? Any suggestions are appreciated!

Answer 1

By switchover plan from one to other (Desired one). Contact LIC office, it is possible.

Answer 2

You please contact your LIC agent or office and reduce the period and your premium will go up.

You can change the policy to a reduced period but I think such corrections are allowed only after 1 year. Better contact your LIC Branch and ask for the proper suggestions.

You may not get the required answer here.

good luck

[e-mail]

http://www.geocities.com/pnkmurthy/lic.h...

Answer 3

You can buy an insurance plan but can not modify it to a different plan. This is true. Also if you surrender the policy you lose the first year premium as well as the value accumulated is drastically reduced. So its a fools choice to surrender. Also when you buy a new plan the first year premium will be once again washed away in form of charges. So kindly bear with the policy till it matures, or attains a positive return on surrender value.

Regards

A. Jaishankar

Life Insurance, General Insurance, Mutual Funds, NFO

Bima Bachat aur Nivesh

http://www.naymz.com/search/ashok/jaisha...

Answer 4

What if you contacted your insurance company and discussed the proposed changes with them. After all, they are the pople with whom you have the policy and if you are going to make changes, it seems logical that they are the ones who should be consulted. What do you think about that?

Answer 5

depending on the plan, you will have to pay high surrender charges. Then depending on the new plan , you will have to bear high initial charges on your investment.

Due to these issues with insurance policies, I dont like insurance plans other then Term Insurance.

Answer 6

Sorry friend... you can't do that... even if u start investing in some other plan you will loose the first premium which you have paid for this plan.