Which Engineering College Should I Choose: Thapar Patiala, VIT Bhopal, KIIT Bhubaneswar, or HS Gaur Central University Sagar?

Ans: I trust you want to ask about 15G and not 16G.
No, you cannot file 15G based on your income

Ans: Your sister-in-law and her husband have made the right decision to surrender their LIC policies. Since they have not paid premiums for seven years, the policies are already in a lapsed state. It is best to recover whatever surrender value is available and reinvest it wisely.

Since they are abroad and have entrusted you with their LIC documents, you will need to follow a structured approach to complete the surrender process.

Below are the answers to your queries in detail.

1. Can You Submit the Surrender Form on Their Behalf?
Yes, you can submit the surrender forms on their behalf. However, LIC requires proper authorization from the policyholders. You will need an authorization letter from them, along with the required documents.

2. Required Documents for Policy Surrender
When visiting the LIC branch, you need to carry the following documents:

Original LIC Policy Bonds for each policy.
Duly filled and signed Surrender Form for each policy.
Authorization Letter from the policyholders allowing you to surrender on their behalf.
Self-attested copies of the policyholders’ passports (as they are abroad, this is essential for identity verification).
Copy of the latest premium receipt (if available).
Bank account details of the policyholders (a cancelled cheque or bank passbook copy).
NEFT Mandate Form duly filled and signed by the policyholders for direct credit of the surrender value.
A self-attested copy of your Aadhaar and PAN card (for branch verification purposes).
3. Is a Separate Surrender Form Required for Each Policy?
Yes. You need to submit a separate surrender form for each LIC policy. Since there are six policies, you must fill six separate forms. LIC processes each policy independently.

4. Is an Authorization Letter Required?
Yes. Since you are handling the surrender process on their behalf, LIC will require a properly signed Authorization Letter from both policyholders. This ensures LIC has legal consent from the policyholders to process the surrender request through you.

5. Format of the Authorization Letter
The letter should be addressed to the specific LIC branch where the policies were issued.

6. Should the Authorization Letter Be Handwritten or Typed?
The letter can be typed and then printed. However, LIC requires the policyholder’s signature to be handwritten. The policyholder must print, sign, and send a scanned copy to you.

For added authenticity, it is advisable for them to sign in blue ink and include a copy of their passport for identity verification.

7. Can the Surrender Amount Be Credited to a Different Person’s Account?
No. LIC strictly credits the surrender amount only to the policyholder’s bank account. The policyholder must provide a cancelled cheque or a bank passbook copy in their name for verification.

If they do not have an Indian bank account, they may have to:

Reopen an Indian account and provide the details to LIC.
Nominate an Indian joint account holder (like a parent) where LIC can transfer the amount.
Check with LIC if direct remittance to an NRO/NRE account is possible.
8. Can the Surrender Amount Be Claimed Online from Abroad?
No, LIC does not have a fully online process for surrendering policies. The policyholder (or an authorized representative) must visit the branch in person to submit the documents.

However, LIC may allow online submission of NEFT details and certain forms through email in some cases. Your sister-in-law and her husband should check with the LIC branch for any specific exemptions.

Additional Considerations
Apart from the above queries, here are a few additional insights:

Tax Implications: If the LIC policies were held for less than five years before lapsing, the surrender value may be taxable. If they were held beyond five years, tax implications will depend on policy type.

Processing Time: LIC usually takes 7-15 working days to process surrender requests. The amount will be credited directly to the provided bank account.

Policy Status: Since premiums have not been paid for seven years, some policies might have acquired a paid-up status rather than surrender value. You can confirm the exact surrender value from the LIC branch.

Final Insights
Your sister-in-law and her husband are making the right decision to surrender these LIC policies. Traditional LIC plans usually provide low returns (4-5%), which do not even beat inflation. Since they have already lapsed, it is better to reclaim whatever surrender value is available.

Instead of keeping the surrender amount idle, they should invest in high-return options like mutual funds for wealth growth. Since they are abroad, they should consider a mix of international and Indian investments to maximize returns.

If they want a structured investment plan, they can consult a Certified Financial Planner (CFP) to reinvest the proceeds efficiently.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

Ans: Nidhi, as your percentile is above 98, you can start confidently preparing for JEE Advanced, however, keep practising mock tests of JEE-Main (offline or online) by allotting 20% of your time for JEE-Main April Session. All the Best for your Prosperous Future.

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

Ans: To get an approximate idea which National Institutes of Technology (NITs) and branches you might be eligible for, consider the following steps: Identify your Preferred Branches: Check JoSAA Opening and Closing Ranks of 2024: The Joint Seat Allocation Authority (JoSAA) provides detailed information on the opening and closing ranks for NITS and branches. To access this information: Visit the official JoSAA website. Navigate to the section and select "Opening and Closing Ranks 2024". Input the desired parameters such as counseling round (preferably the last round for comprehensive data), institute type (e.g., NIT), specific institute names, academic programs (branches), and your category (general). Review the displayed data to identify institutes and branches that align with his percentile and preferences. For a broader perspective, consider exploring opening and closing ranks from previous years, which can provide insights into trends and help set realistic expectations. While your current score is commendable, it's prudent to have alternative options by appearing for additional entrance examinations to keep multiple pathways open. All the Best for your Prosperous Future.

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

Ans: Elvish, if you are targeting colleges in Madhya Pradesh (MP), you should apply to those that accept JEE scores. Additionally, consider neighboring states' colleges to expand your options.

Before proceeding with B.Tech, ensure that your 12th-grade percentage meets the eligibility criteria for admissions. If you are confident in your decision, go ahead with your plan.

To make a more informed career choice, you may also consider taking an online Psychometric Test (if possible and affordable). This will help assess your interests, aptitude, attitude, orientation style, and personality traits, guiding you toward the right career path. All the Best for your Prosperous Future.

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

Ans: Since the MFs are being held and sold in India, you are liable to pay tax on the capital gain @ 12.5% (On exceeding Rs 1,25,000 gains)

Ans: To know which National Institutes of Technology (NITs) and branches he MIGHT be eligible for, consider the following steps: Identify Preferred Branches: Discuss with your son to understand his interests and preferred engineering disciplines. Check JoSAA Opening and Closing Ranks of 2024: The Joint Seat Allocation Authority (JoSAA) provides detailed information on the opening and closing ranks for NITS and branches. To access this information: Visit the official JoSAA website. Navigate to the section and select "Opening and Closing Ranks 2024". Input the desired parameters such as counseling round (preferably the last round for comprehensive data), institute type (e.g., NIT), specific institute names, academic programs (branches), and your son's category. Review the displayed data to identify institutes and branches that align with his percentile and preferences. For a broader perspective, consider exploring opening and closing ranks from previous years, which can provide insights into trends and help set realistic expectations. While his current score is good under EWS category, it's prudent to have alternative options. Encourage him to appear for additional & state entrance examinations / participate in his State Counselling Process to keep multiple pathways open. All the Best for your Son's Prosperous Future.

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

Ans: Madam, To know which National Institutes of Technology (NITs) and branches he MIGHT be eligible for, consider the following steps: Identify Preferred Branches: Discuss with your son to understand his interests and preferred engineering disciplines. Check JoSAA Opening and Closing Ranks of 2024: The Joint Seat Allocation Authority (JoSAA) provides detailed information on the opening and closing ranks for NITS and branches. To access this information: Visit the official JoSAA website. Navigate to the section and select "Opening and Closing Ranks 2024". Input the desired parameters such as counseling round (preferably the last round for comprehensive data), institute type (e.g., NIT), specific institute names, academic programs (branches), and your son's category. Review the displayed data to identify institutes and branches that align with his percentile and preferences. For a broader perspective, consider exploring opening and closing ranks from previous years, which can provide insights into trends and help set realistic expectations. While his current score is good under SC category, it's prudent to have alternative options. Encourage him to appear for additional entrance examinations (such as COMEDK, AEEE, Nitte Meenkashi Entrance Exam etc.) to keep multiple pathways open. All the Best for your Son's Prosperous Future.

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

Ans: If you are selling the flat that has been owned for more than 24 months, you can claim exemptions under Sec 54, 54F 54 EC. etc based on type of asset.