Is it possible to change lic agent

Hi, My existing LIC agent provides me very bad service. Reply Follow. Kalaiselvan, Advocate Advocate 17 October There is no provision to change LIC agent on the policy he has introduced, no doubt his service may be bad, but you should know one thing that a LIC agent's job is only to introduce a customer to LIC for policy and he is not obliged to offer after sale service hence demanding he same from him is not justified. But policy holder is help less..

Leave a reply. Recent Topics Property disputes. Related Threads. Start a New Discussion Unreplied Threads. Missing person Wife using fake dv case to extort money Common arear modification in apartment Refusing to return money back Bail query How file a suitable case Property related question Rcr vs divorce likely to be filed by hus Impact of death of main accused Fighting an ugliest divorce case against.

Forum Home Forum Portal. Today's Topic Popular Threads. Post New Topic Unreplied Threads. Articles Forum Jobs Events. The policies whose effecting agent is entitled to renewal commission under Section 44 of the Insurance Act, 2. Only LIC Branch office is allowed to allot any of the lapsed Orphan life insurance policies to insurance agents for revival and rendering policy servicing to the policyholders eligible for allotment as per agent portability rules of the branch and whose licence is in force.

At the start of each month, LIC Branch will generate the list of lapsed orphan policies and agents eligible for allotment as per the rules. Share on Twitter. Share on LinkedIn. Share on Email. Share More. Start a discussion Unanswered Report Abuse. Reply Follow. Deepak Investment Advisor 29 February Though you cannot change the LIC agent for an LIC policy, you can choose to change your servicing branch by sending a signed letter to your current home branch.

Leave a reply. Previous Thread. Disability benefit claims consist of waiver of future premiums under the policy and extended disability benefit consisting in addition of a monthly benefit payment as per policy conditions. The Corporation settles a large number of Death Claims every year. Only in case of fraudulent suppression of material information is the liability repudiated. This is to ensure that claims are not paid to fraudulent persons at the cost of honest policyholders.

The number of Death Claims repudiated is, however, very small. Even in these cases, an opportunity is given to the claimant to make a representation for consideration by the Review Committees of the Zonal office and the Central Office. As a result of such review, depending on the merits of each case, appropriate decisions are taken. This has helped providing transparency and confidence in our operations and has resulted in greater satisfaction among claimants, policyholders and public.

Non-forfeiture regulations: If the policy has run for atleast 3 full years and subsequent premiums have not been paid the policy shall not be void but the sum assured will be reduced to a sum which will bear the same ratio as to the number of premiums paid bear to the total number of premiums payable. Forfeiture in certain events: In case of untrue or incorrect statement contained in the proposal, personal statement, declaration and connected documents or any material information with held, subject to the provision of Section 45 of the Insurance Act , wherever applicable, the policy shall be declared void and all claims to any benefits in virtue thereof shall cease.

Suicide: The policy shall be void, if the Life Assured commits suicide whether sane or insane at the time at any time or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of the policy. Salary Saving Scheme: The rate of installment premium shown in the schedule of the policy will remain constant as long as the employee continues with the employer given in the proposal.

Alterations: After the policy is issued, the policyholder in a number of cases finds the terms not suitable to him and desires to change them. Duplicate Policy: A duplicate policy confers on its owner the same rights and privileges as the original policy. 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 Age Proof accepted by LIC: The Proofs of age, which are generally acceptable to the Corporation, are as under: »Certified extract from Municipal or other records made at the time of birth.

Nomination: The nominee is statutorily recognized as a payee who can give a valid discharge to the Corporation for the payment of policy monies. Assignment: An assignment has an effect of directly transferring the rights of the transferor in respect of the property transferred.

Re-assignment: An assignee may during the term of policy reassign the interest in the policy to the assignor. Concessions for claims during the lapsed period: 1.

Revivals: If the premium under a policy is not paid within the days of grace the policy lapses. Survival Benefit- cum- revival Policy Loans: The Corporation can grant a loan to the policyholder against his policy as per the terms and conditions applicable to the policy. Claims settlement procedure: The settlement of claims is a very important aspect of service to the policyholders. The procedure for settlement of maturity and death claims is detailed below : Maturity Claims: 1 In case of Endowment type of Policies, amount is payable at the end of the policy period.

Death Claims: The death claim amount is payable in case of policies where premiums are paid up-to-date or where the death occurs within the days of grace. Double Accident Benefit Claims: Double Accident Benefit is provided as an additional benefit to the life insurance cover. Disability Benefit Claims: Disability benefit claims consist of waiver of future premiums under the policy and extended disability benefit consisting in addition of a monthly benefit payment as per policy conditions.

Insurance Ombudsman »The Grievance Redressal Machinery has been further expanded with the appointment of Insurance Ombudsman at different centers by the Government of India.