FAQs

Income Tax Guide

Life Insurance

1.	How can one arrive at the claim amount on the LIC policy?
2.	Who should sign the Discharge Voucher of LIC under varying circumstances?
3.	How can you stay protected with LIC policies if the key person important to your business dies?
4.	What procedure should one follow to obtain a duplicate copy if the original LIC policy is lost?
5.	How should one notify LIC in the change in address?

Non Life Insurance

1.	Can motor policies be issued for a longer term than a year?
2.	Can motor vehicles be insured against fire and theft risks only?
3.	Does a third party claim affect the bonus/ malus rate under the comprehensive motor insurance policy?
4.	Are accessories and extra fittings of the vehicle covered under the comprehensive motor insurance policy?
5.	What happens if at any point of time there are in existence two policies for insurance of a vehicle?

Mutual Funds

1.	What if a fund sells a scheme to another fund?
2.	What if a fund decides to end its operations?
3.	What is an asset management company (AMC)?
4.	What is the difference between mutual funds and portfolio management services (PMS)?
5.	Who is a custodian?

Bonds

1.	Who can invest in the RBI Relief Bonds?
2.	What is the minimum and maximum investment limit for RBI Bonds?
3.	What is the issue price of RBI Bonds?
4.	What will be the date of issue of RBI Bonds?
5.	What will be the period of holding for RBI Bonds?

Loans

1.	Now that I've applied for my loan, what are the modalities involved?
2.	How do financiers go about assessing my loan application?
3.	How soon will I get my loan money?
4.	Will I need to provide any collateral for my loan?
5.	What about self-employed people? Can they get personal loans too?