FAQs about LIC Form 360 in English

FAQs about LIC Form 360 in English

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Form No 360 is required while buying LIC policy. Under normal circumstances, there is no need to know what information the customer has given in the LIC form during the entire policy term.

But when the policy lapses and that policy is proposed for revival, the corporation checks this form. Apart from this, the corporation checks this form even if there is a death claim in the policy.

Now after knowing this many questions may arise in your mind. That's why we are going to answer all the questions arising in your mind in this article of "Jeevan Bima Bazaar".

By the way, I am sure that here you will find answers to all your questions. But still if you have any question regarding LIC Form No 360 then you can ask your question by commenting. We will definitely include worthy questions in this list.

Know, how to fill LIC Form 360?

What is LIC Form Number 360?

LIC Form No 360 is a form. Which is used while buying a New Life Insurance Policy from LIC. This form is also called Proposal Form.

When a child is below 18 years of age and for that one has to buy LIC policy. Then the form number 360 of LIC is used.

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When will LIC Form No 360 be used?

When an insurance policy is to be issued on the life of a child who is below 18 years of age. Then the form number 360 of LIC is used.

For which age group LIC Form Number 360 is used?

LIC Form No. 360 is used for insurance in the age group of 0 to 18 years.

Where to get LIC form number 360?

LIC Form Number 360 can be obtained from any Branch Office of LIC. Keeping in mind your convenience, in that article of "Jeevan Bima Bazaar", in which information has been given to fill the Form No 360 of LIC. There is also an option to download this form.

Can LIC Form Number 360 be obtained by the customer from the branch office of LIC?

LIC Form No. 360 is required while buying a child insurance policy. LIC policy is bought and sold by the Development Officer/CLIA/agents of the corporation.

Hence LIC gives this form only to the Development Officer/CLIA/agents. Hence, this form is usually not given to the customers from the branch office of LIC. To buy an insurance policy, the customer can contact the LIC agent and ask for this form.

How much money is required to buy LIC Form No 360?

This form of LIC is free. Which can be obtained from the branch office of LIC.

LIC Form No 360 should be filled by whom?

LIC Form No 360 is used while buying an insurance policy on the life of the child. So this form should be filled by the person who will pay the premium of the policy and be the original proposer of the policy.

We would suggest you to check the question related to the proposer and its answer.

Can LIC agent fill Form No. 360?

Under the rules, LIC's form number 360 should be filled only by the proposer, but in practice 95% of the forms are filled by agents only. If you want to buy or sell the policy under the rules, then we will be of the opinion that the form number 360 should be filled by the proposer or his close relative only.

Who will be called the proposer for LIC's form number 360?

When LIC policy is issued on the life of the child, who is below 18 years of age. Then he cannot pay the premium of his policy on his own. Indian law also states that a minor below the age of 18 years cannot take the right decision for himself.

In such a case, the person who pays the premium for that child's policy and fills the form number 360 for that life insurance policy. Such a person is called the proposer of the policy.

Can one become a proposer of a children's LIC policy?

No, no person can be a proposer in children's LIC policies. In order to become a proposer, it is necessary to be insurable interest. When due to loss of life of the child, the person likely to suffer actual economic loss. The same person can be a proposer to buy LIC policy on the life of the child.

Why are parents usually the proposers for children's Life Insurance Policies?

In fact, from the economic point of view, it is known that every child is important for the future of his parents. An economic view may be that parents try to do better the future of their children for the convenience of their old age. This is one of the reasons due to which parents spend a major part of their life's earnings for the children.

No parent can think bad for their child and making the future of their children is the big goal of every parent. Now from the point of view of life insurance companies if the child dies then the future of that parent is ruined i.e. each parent have insurable interest on the child's life. This is the reason why parents can be the proponents of a child's life insurance policy.

Does the Corporation issue the policy after depositing the premium and filling up Form No. 360?

The Proposal Form (Form No. 360) is filled to take the policy of LIC. After submitting all the policy documents, based on the information provided in the proposal form, the corporation decides whether to issue the policy to any individual or not. This process is called underwriting.

The corporation can also refuse to give the policy if the proposal form is not eligible.

What if wrong information is given in LIC Form 360?

If any information, which was very important at the time of issuance of the insurance policy, is misrepresented or suppressed while filling the LIC Form 360. So the corporation can refuse to pay the claim that may arise in future. Premiums deposited can also be forfeited in special circumstances.

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