Topic: few queries about LICs Marriage Endowment policy (T-90)

This message was edited 2 times. Last update was at 30/09/2009 15:59:29

I have taken a Marriage Endowment policy (T-90) policy of 1 lac for 21 years commenced from Nov2002.
I am the policy holder and my nephew is the beneficiery.

My queries :

1. If I am alive on maturity, the amount will be given to me or to the beneficiery
2. If anything happens to me in the middle
a) to whom the amount will be disbursed (if beneficiery is still minor)
b) when the amount will be disbursed (immediately after death of policy holder or only after maturity)
3. At this point of time, is it possible to change the beneficiery?
4. Is it possible to add additional beneficieries to this policy, so that multiple children are benefited at maturity?
5. Is the term Beneficiery and Nominee are same?

Note:
I had taken the policy to help my nephew. Now I would like to give the benefit to more than one children in my family. what are the advised ways of achieving this?

So suprising..

No one have answer?

Hi
Have tried my best to clear your doubts .

Taken a Marriage Endowment policy (T-90) policy of 1 lac for 21 years commenced from Nov2002.
I am the policy holder and my nephew is the beneficiary
.
YOUR queries

1. If You are alive on maturity, the amount will be given to you .'

2. If anything happens to me in the middle
a) to whom the amount will be disbursed (beneficiary has to be 18yrs old to receive the amount )
b) The Sum Assured plus accumulated bonuses up to maturity is payable on maturity even though death occurs during policy term. This may be paid in a lump sum or in ten half-yearly installments at the option of the beneficiary
· In case, the Double Accident Benefit is availed, then an additional sum equal to the basic Sum Assured becomes payable immediately on death due to accident during the policy term
Death benefit

3. At this point of time, is it possible to change the beneficiary? if u are alive than u can change .
4. Is it possible to add additional beneficiaries to this policy, so that multiple children are benefited at maturity?
Yes u can keep multiple nominee
5. term Beneficiary
A person or entity named in a will or a financial contract as the inheritor of property when the pOLICY owner dies.

example
in your case if you are alive money will be given to policy holder . if you die in the middle of policy term beneficiary is your nephew ,however as or if he is a minor money will be with lic till the time he gets major .

Hope i have made it clear

Note:
what are the advised ways of achieving this? just write a letter to lic office and they will change the nominee. HOWEVER PLEASE WRITE A WILL TO BE SAFE.

Dear Hemant ,

Thanks for the attention, commitment, and support.

This is my first post and VERY SATISFIED with the service.

I will recommend to people surrounding me to make use of this site.

I would rate this site is information/solution provider for ALL INVESTMENT NEEDS UNDER ONE ROOF.

1. If I am alive on maturity, the amount will be given to me or to the beneficiery
= It will receive to beneficiary, if its being major.

2. If anything happens to me in the middle
= Suppose if something happen to u at mid of term, your premium payment will stop & after competion i.e. on the maturity date of policy your nominee will get money.

a) to whom the amount will be disbursed (if beneficiery is still minor)
= Amount will disbursed to Appointee as beneficiery is still minor

b) when the amount will be disbursed (immediately after death of policy holder or only after maturity)
= only after maturity

3. At this point of time, is it possible to change the beneficiery?
= will reply you later by checking. After Diwali

4. Is it possible to add additional beneficieries to this policy, so that multiple children are benefited at maturity?
= I guess, not possible.

5. Is the term Beneficiery and Nominee are same?
= No

Note:
I had taken the policy to help my nephew. Now I would like to give the benefit to more than one children in my family. what are the advised ways of achieving this?

Dear Kishor,

Thanks for adding more clarity.

I have not got full clarity on below items

1.At this point of time, is it possible to change the beneficiery?

2. Is it possible to add additional beneficieries to this policy, so that multiple children are benefited at maturity?

3. If Beneficiery and Nominee are not same then what is the difference?

4. Can both beneficiery and nominee the same person?

5. Can the beneficiery and nominee a major and already got married (i have this question bcos the policy is Marriage endowment policy)

6. I had taken the policy to help my nephew. Now I would like to give the benefit to more than one children in my family. what are the advised ways of achieving this?

I wil get back to you within 2-3 days.

This message was edited 1 time. Last update was at 02/12/2009 06:00:56

Dear Folks,

Any updates on the information requested?

Please give directions...

Any update on this query due for long time?

1.At this point of time, is it possible to change the beneficiery?
Answer- only proposal or policy holder can change nominee or beneficiery

2. Is it possible to add additional beneficieries to this policy, so that multiple children are benefited at maturity?
ansew- No

3. If Beneficiery and Nominee are not same then what is the difference?
Answer- There is only nominee or Appointee if nominee is minor

4. Can both beneficiery and nominee the same person?
Ans- if nominee is above 18 age then no need of apointee

5. Can the beneficiery and nominee a major and already got married (i have this question bcos the policy is Marriage endowment policy)
Ans- The policy amount gives to nomee after maturity if he/she completed 18 yrs

6. I had taken the policy to help my nephew. Now I would like to give the benefit to more than one children in my family. what are the advised ways of achieving this? -
Ans- Get the new policy Jeevan Chaya -103 beneficial with PWB premium waivers benefit

Thanks for the answers and thanks for patience shown to answer for long list...

I have paid 8 premiums(Apprx Rs.36,000) for 1 lac policy. If I do not pay any more premiums what would be the maturity amount the child receive?

Hi,

Let me clear one thing. In T.90. On survival of Policy Holder at the time of maturity benefits will be given to the Policy Holder not to the beneficiery. In case of Death of the Policy holder benefits will be given to the beneficiary at the time of maturity.

Regards,

Bhupesh Khurana
Financial Advisor
# 9810677172
Email: khurana.bhupesh@yahoo.com

Thanks.

This short answer given me lot of clarity for most of my questions.

i think, now you have to write your querry to LIC. Everybody had given views on it.

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