17 Jul

What happens to LIC if I move abroad?

If you move abroad as a policyholder of LIC (Life Insurance Corporation of India), the policy you hold with LIC will generally continue to remain valid. LIC offers coverage to non-resident Indians (NRIs) and provides options for premium payments in foreign currency.

However, it’s important to note that the terms and conditions of your policy, including premium payment options, may vary depending on your change in residency status. Some specific points to consider include:

1) Premium Payment: You may have the option to continue paying premiums through various channels, including online payment facilities, NRI service centers, or authorized representatives of LIC in your country of residence. LIC may also allow premium payments in foreign currency.

2) Policy Servicing: You can continue to manage your policy, make changes, or avail of services related to your LIC policy through online portals or by contacting LIC’s customer service. This includes features such as updating contact details, nomination details, or making claims.

3) Communication: LIC may provide customer service support and communications via online channels, email, or telephone to cater to the needs of NRIs. You can stay in touch with LIC through these channels for any assistance or queries.

It is advisable to inform LIC about your change in residency status and update your contact details accordingly. This will ensure that you receive important policy-related information and updates promptly.