Claim LIC Maturity amount without KYC as Foreign Citizen

[newprouser]

Has anyone claimed LIC maturity amount without KYC as foreign citizen ?

Currently facing a situation where the policy holder is no longer a citizen of india, and does not have any KYC documents - PAN, Aadhaar, Indian bank account etc

As per the LIC agent, the only option is for the policy holder to mail to LIC to give email consent to open an single premium annuity policy, which can be cancelled after 2 years, and even this needs to be done before the policy matures.

LIC customer number only gives the option of the policy holder coming to india and opening a bank account and claim the amount themselves.

 

[Ash Kumar]

Has anyone claimed LIC maturity amount without KYC as foreign citizen ?

Currently facing a situation where the policy holder is no longer a citizen of india, and does not have any KYC documents - PAN, Aadhaar, Indian bank account etc

As per the LIC agent, the only option is for the policy holder to mail to LIC to give email consent to open an single premium annuity policy, which can be cancelled after 2 years, and even this needs to be done before the policy matures.

LIC customer number only gives the option of the policy holder coming to india and opening a bank account and claim the amount themselves.

No Options really.

Here what we did in our family. We had a LIC Policy in my sister's name - who now is a US citizen. She does not have Aadhaar, PAN Indian Bank account. So it got stuck. Finally she brought a annuity policy in my mother's name and entire proceeds was transferred to new policy in my mother's name. We submitted a letter written by my sister and KYC docs of my mother.

 

[newprouser]

No Options really.

Here what we did in our family. We had a LIC Policy in my sister's name - who now is a US citizen. She does not have Aadhaar, PAN Indian Bank account. So it got stuck. Finally she brought a annuity policy in my mother's name and entire proceeds was transferred to new policy in my mother's name. We submitted a letter written by my sister and KYC docs of my mother.

Thanks for posting this.

This exactly what happened in my case. I really though the BM was cheating us by artificially forcing us to buy the annuity because they kept saying, it had to be done before the policy maturity date.

They also told that the annuity can be broken after 1 year, and we get the value as on date with some loss - were you told anything similar ?