What is a Lic Siip 852 Proposal Form Used For?

Definition & Meaning of the Lic Siip 852 Proposal Form

The Lic Siip 852 proposal form is a crucial document used in the application process for the Life Insurance Corporation of India's Systematic Investment Insurance Plan (SIIP) 852. This form serves to collect essential personal and financial information from the proposer and the insured. It is specifically designed for individuals seeking to combine life insurance coverage with investment opportunities in a unit-linked insurance product.

Key components of the form include:

• Personal Information: Details such as name, address, and contact information of the proposer and the insured.
• Financial Details: Information about income, existing investments, and financial goals to assess suitability for the plan.
• Lifestyle Information: Questions regarding health and lifestyle habits that may affect insurance underwriting.
• Fund Choices: Options for selecting investment funds that align with the policyholder's risk appetite and investment objectives.

How to Use the Lic Siip 852 Proposal Form

Using the Lic Siip 852 proposal form involves several steps to ensure that all required information is accurately provided. This process is essential for initiating the application for the SIIP 852 plan.

Steps include:

• Gather Necessary Information: Collect all required personal, financial, and lifestyle details before starting the form.
• Complete the Form: Fill out the form with accurate information, ensuring all sections are addressed.
• Review for Accuracy: Double-check all entries for correctness to avoid delays in processing.
• Submit the Form: Follow the designated submission method, whether online, by mail, or in person.

How to Obtain the Lic Siip 852 Proposal Form

The Lic Siip 852 proposal form can be obtained through various channels to facilitate easy access for potential policyholders.

Options include:

• Official Website: Download the form directly from the Life Insurance Corporation's official website in PDF format.
• Insurance Agents: Request a physical copy from licensed insurance agents who offer the SIIP 852 plan.
• Branch Offices: Visit local LIC branch offices to obtain the form in person.

How to Fill Out the Lic Siip 852 Proposal Form

Filling out the Lic Siip 852 proposal form requires careful attention to detail to ensure that all information is complete and accurate.

Consider the following guidelines:

• Personal Information Section: Enter your full name, date of birth, and contact details as they appear on official documents.
• Financial Information Section: Provide your annual income, existing investments, and any liabilities to give a clear picture of your financial status.
• Lifestyle Section: Answer health-related questions truthfully, as these can impact your insurance coverage.
• Fund Selection: Carefully review the available funds and select those that match your investment goals and risk tolerance.

Important Terms Related to the Lic Siip 852 Proposal Form

Understanding key terms associated with the Lic Siip 852 proposal form can enhance comprehension and facilitate informed decision-making.

Some important terms include:

• Unit-Linked Insurance Plan (ULIP): A type of insurance plan that provides both insurance coverage and investment opportunities.
• Net Asset Value (NAV): The value per unit of the investment fund, which fluctuates based on market performance.
• Premium: The amount paid by the policyholder to maintain the insurance coverage and investment.
• Sum Assured: The guaranteed amount payable to the nominee upon the insured's demise.

Who Typically Uses the Lic Siip 852 Proposal Form

The Lic Siip 852 proposal form is primarily used by individuals seeking to secure their financial future through a combination of insurance and investment.

Typical users include:

• Young Professionals: Individuals starting their careers who want to invest early while securing life insurance.
• Families: Parents looking to provide financial security for their children’s future education or marriage.
• Retirees: Older adults seeking to manage their investments while ensuring life coverage for their dependents.

Steps to Complete the Lic Siip 852 Proposal Form

Completing the Lic Siip 852 proposal form involves a systematic approach to ensure all necessary information is captured effectively.

Here are the steps to follow:

• Step One: Begin by downloading the form from the official LIC website or obtaining a physical copy.
• Step Two: Fill in personal details, ensuring accuracy in spelling and numerical values.
• Step Three: Provide financial information, including income and existing investments, to help assess your eligibility.
• Step Four: Answer lifestyle questions honestly, as these can affect underwriting decisions.
• Step Five: Choose your preferred investment funds based on your risk profile.
• Step Six: Review the completed form for any errors before submission.
• Step Seven: Submit the form through the chosen method, ensuring to keep a copy for your records.

Legal Use of the Lic Siip 852 Proposal Form

The Lic Siip 852 proposal form is legally binding once submitted and accepted by the Life Insurance Corporation. It is essential to understand the implications of signing this document.

Key legal considerations include:

• Disclosure Requirements: The proposer must disclose all relevant information truthfully, as failure to do so may result in policy cancellation.
• Acceptance of Terms: By signing the form, the proposer agrees to the terms and conditions outlined in the policy document.
• Data Protection: Personal information provided in the form is subject to privacy laws, ensuring protection against unauthorized use.