Life Insurance Policy

My husband and I have been paying for a life insurance policy for several years. Is it possible to get some of the money out we have paid? Another insurance agent told me this was possible but I am unsure what you call this process or if it is possible. Could someone help?

Thanks!

Before deciding to invest in a life insurance,it would be better if we can plan on what type of insurance will benefit us and the amount of premium we need to pay and other associated conditions.

Canadian Life Insurance

My ex spouse opened a variable life insurance policy on me years ago that I have since changed the beneficiary on. It has no premiums but I noticed that the little money the policy makes gets eaten up by fees/charges. I cashed in on the policy recently because I felt the money could be better invested. I have enough life ins thru my employer. I dont want to pay taxes on the surrender value $15000. I'd like to invest it in something that will avoid taxes but still earn a good return.

Any advice is appreciated.

The duration of the life insurance depends on the number of factors like the age of individual, age of dependents, income and many others.
Therefore, the term of the policy has to be determined on a case-to-case basis.

Ideally, the term of your policy should be equal to the number of years your family is likely to be dependent on you. Practically, however, one has to see how long one can support a policy in terms of payment of premium.

One has to strike a balance between the premium payment term and the period of risk cover.

There are many products available in the market, whereby you can select a shorter premium payment term to suit your earning life and have the risk covered for an extended period of time.

I want to change the assignment of a life insurance policy as the assignee has died suddenly, Is it possible?

A life insurance policy once assigned cannot be reassigned by the insured under any circumstances.

In fact, it is the assignee who has the right to reassign the benefits from the policy.

Assignments are primarily of two types – absolute and conditional.

In an absolute assignment, in the event of death of the assignee the legal rights in the life insurance policy vest with the legal heirs of the assignee.

In conditional assignment, the rights of reassignment will depend on the condition of assignment.

Are investments with private life insurance companies safe? Is there any guarantee like in the case of bank deposits through DICGC?

All insurance companies in India, public or private, are regulated by the Insurance Regulatory and Development Authority (IDRA) established by the Central government. IDRA keeps a strict control on the investments by these companies. Therefore, investing with private life insurance companies can be a safe bet.

However, there is no guarantee as is in the case with the bank deposits of upto Rs. 1 lakh.

hi suryakant

Did u viewed the reply to ur doubt. It was a spam actually done by one of the web site owner. The person posted the reply belongs to the foreign countries where as your doubt is regarding the LIC which belongs to the India. I am also from india. U can do one thing. If u know any lic agent consult him. Ask him to provide you with some general info regarding the lic policies which suits your needs. As u are a married person , there are some policies which can be done for the entire family. Also check out the benefits you get out of this policy before signing the policy.

Hope u will get the best of LIC.

chandra.