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 Article on: LIFE INSURANCE CORPORATION INDIA - UK ~ Broker Help 2020


LIFE INSURANCE CORPORATION OF INDIA

LIFE INSURANCE CORPORATION OF INDIA  UK ( LIC UK )

History

The Life Insurance Corporation of India (LIC) was established in 1956 by the Indian Parliament to bring the life insurers in India under one roof, and is now a £65 billion company. LIC state they have 170 million policyholders so are one of the largest insurance companies in the world. The company employs 122,000 people for administration in India and worldwide.

Life Insurance Corporation of India has a worldwide presence. As part of its worldwide operations, the UK branch was established in 1961 in London. LICI UK provides information and advice on the Protection, Pensions, Savings and Investment products and services from its own range of products and carefully selected third party products.

LICI UK is the trading name of Life Insurance Corporation of India. It is authorised and regulated by the Financial Services Authority.

LICI UK is a branch of Life Insurance Corporation India. LICI UK and is committed to provide customers in the UK with competitive products and services.

With knowledge of the UK and the Indian markets, LIC state they are well-placed to deal with customers in the UK as well as those from India living in the UK on a temporary basis.

  The Life Insurance Corporation of India in the Uk currently offer various savings & protection products. These include a whole of life plan called Guaranteed Lifetime Protection Plan, a critical illness policy & term life insurance called Guaranteed Personal Protection plans.

Note: Some plans cannot be transferred to India but you can retain them in the UK if you do move back to India.

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LIC Uk

LIC LIFE INSURANCE - Frequently Asked Broker Questions

Can you make changes to your Life Insurance of India UK Insurance policy ?

In terms of changing your life insurance policy, often you can request some of the following via LIC:

  • reduce or perhaps extend the period of cover
  • decrease or increase the amount of lifecover
  • remove indexation option or any specific paid for policy features
  • change the collection date of your usual premiums
  • remove a life assured from a joint policy
  • joint life policy separation, allowing a joint policy to be split into 2 new single policies if a couple divorce, split up or say change a joint mortgage into a sole name. 

The changes could be subject to medical underwriting based on your circumstances at the time & may well affect your premiums.

What if my health or lifestyle changes after I have taken the LIC out ?

Life Insurance cover is based on full disclosure at the time you took the policy out ie; being 100% as honest & accurate as possible. So any health or lifestyle changes since usually does not void your existing policy, as it wasn't relevant at that time of initial application. Please check your original T&C's 

How do I make a Death Claim ?

Check firstly if premiums are still being paid or alternatively is the policy perhaps "paid up" meaning no further premiums were needed. 

Then contact the Insurers claims line to inform them. They will provide you with their claim form for completion. You will need to send in a number of documents, most importantly being the death certificate proving the cause of death.

Insurers ( as well as other Providers ) will need the original death certificate, so ideally ask for several certified copies. Enclose your policy document, if you can find it and then send by recorded delivery or registered post to Insurers. 

Once received, the Insurers usually cross check all information before processing and settling a valid claim ie; was the medical & lifestyle information correct at the time of original application

If everything is hopefully in order, the Insurer may pay out a claim & usually in a matter of days or weeks.

Life Insurance of India UK

Death Claims, LIC Life Insurance Trusts & Life of Another

Who the life insurance maybe actually then paid out to can be more complicated & many people wrongly assume it is a simple process.

If it is a joint life 1'st death policy or if it single life policy owned by another person " life of another"  then it will just be paid to the survivor. 

However, if it is a single life policy it can be more complex. Check if the policy was setup & written into a trust. If so the Insurer will pay the life insurance via the trustees named to the nominated beneficiaries directly. Sometimes there are a named beneficiary & others times a list of potential beneficiaries. The life insurance paid out doesn’t have to be included in the legal documents sent for probate and potentially it won’t be liable for inheritance tax either.

Should I put my Life Insurance of India UK policy into Trust ?

If the life insurance wasn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely. If you have not made a will this can then cause further complications with the life insurance monies.

Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues

So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage & help avoid possible probate delays & IHT costs. Ask the Insurers if they provide any standard trust form wordings & seek legal advice if unsure.

If I started smoking after taking out my LIC Life Insurance - Do I need to now tell them ?

If you had legitimately stopped smoking for over 12 months at that time of original application, you may wish to advise the Insurers you have started smoking again - but this should not affect the original policy terms which should still stand - you were being honest. Also maybe suggest letting your GP know if this is the case. 

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LIC Uk Life Insurance Corporation of India

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By completing one of our no obligation quotation request forms, you may be provided with comparison protection quotes, key facts from leading Providers - based just on the basic information you have provided. Note: These quotes will not take account of any personal, health or lifestyle issues unless a full application is completed. You also consent for us to then kindly contact you by phone - where we may offer Professional Broker help & guidance if needed. We may as appropriate then help to arrange a suitable protection policy based upon your own circumstances & needs after a further review by "advice & recommendation". This will usually be on a non face to face basis.

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