10 Questions
What is the primary purpose of verifying whether an FIR is filed in case of loss of policy by theft?
To determine the validity of the claim
Who bears the costs of issuing a duplicate policy document?
The policy holder
What is the basis for calculating surrender value?
Actual premium paid and number of years the policy is in force
What is the minimum period required for a surrender value in LIC?
3 years
What happens if the nominee dies before the policy matures?
The amount is paid to the policy holder
What is the purpose of a policy loan?
To provide financial assistance to the policy holder
What is the security required for a policy loan?
The policy itself
What happens to the policy amount if the policy holder dies after the nominee?
It is paid to the legal representatives of the insured
What is the consequence of not communicating a change in the nominee's name to the insurer?
The nominee's name is not updated
What is the significance of a rubber stamp indicating 'Duplicate' on a new policy document?
It indicates the policy is a duplicate copy
Test your knowledge on policy loans and interest rates for life insurance policies. Learn about loan amounts, interest rates, assignment procedures, and consequences of non-payment.
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