LIC Surrender value quotation NOC

[djmehta33]

Do I need an NOC if I show my wife's LIC surrender value as one of the POFs? Is it required to have an NOC saying that I have access to my wife's money?

 

[nitingoescanada]

Yes, as the surrender certificate will be in your wife's name, you should submit a letter/affidavit from her that you have access to this money.

 

[djmehta33]

Thanks for your prompt response. Is there a kind of format for that? Please could you share?

 

[nitingoescanada]

Dear sir,

This is to inform you that my husband XXX received an invitation to apply for permanent residence to Canada. I am the accompanying spouse.

The funds for settlement are held in my name and these funds are available for use for our settlement in Canada. I have no objection in handing these funds over to my husband for settlement in Canada.

With kind regards,
Wife

Mention details of funds as well.

 

[djmehta33]

Oh this is great. Thanks for your help.

 

[djmehta33]

Also, if you can let me know if is there a format for LIC Surrender Quotation? Or it can be used as given my LIC in the standard format?

 

[nitingoescanada]

Also, if you can let me know if is there a format for LIC Surrender Quotation? Or it can be used as given my LIC in the standard format?

LIC has fixed auto generated template format for this. They wont give any specific letter based on contents provided by you. That format should suffice. Rest you know CIC is God, they can better decide

 

[mr.preetsingh]

Do I need an NOC if I show my wife's LIC surrender value as one of the POFs? Is it required to have an NOC saying that I have access to my wife's money?

The money would have come to your wife's account or your account. In any case, there will be a tag on the transaction about it.
So, a simple LOE is enough to prove from where the money came from.

 

[djmehta33]

The money would have come to your wife's account or your account. In any case, there will be a tag on the transaction about it.
So, a simple LOE is enough to prove from where the money came from.

Hello Mr. Preetsingh,

Do my wife need to surrender the policy and withdraw the amount? Then do I need to transfer that amount to my account? A bit confused as that money can be liquidated anytime so do we need to liquidate it right away? As of now I only have the Surrender Quotation Value Print out from LIC. Thanks in advance.

 

[mr.preetsingh]

Hello Mr. Preetsingh,

Do my wife need to surrender the policy and withdraw the amount? Then do I need to transfer that amount to my account? A bit confused as that money can be liquidated anytime so do we need to liquidate it right away? As of now I only have the Surrender Quotation Value Print out from LIC. Thanks in advance.

LICs are not ideal to provide as Proof of Fund, since that is not cash is not readily available. So, better surrender them and transfer the money in your account.

I was also thinking about that for my LIC policies, however I took money from my friend instead of going this route.

 

[djmehta33]

Ok. but doesn't LIC Surrender Quotation Certificate works as it is readily available funds anyways? As I have received my ITA and don't want to show any fund which is not 3 months old. What do you suggest?

 

[mr.preetsingh]

Ok. but doesn't LIC Surrender Quotation Certificate works as it is readily available funds anyways? As I have received my ITA and don't want to show any fund which is not 3 months old. What do you suggest?

As per CIC, it says readily available.

What we accept as proof
Funds must be readily available to you. For example, you can't use equity on real property as proof of settlement funds.

The funds must be available both when you apply and when (if) we issue you a permanent resident visa. You must prove to an immigration officer that you can legally access them to use to settle here when you arrive.

For proof, you must get official letters from any banks or financial institutions where you are keeping money.

Letter(s) must:

• be printed on the financial institution’s letterhead
• include their contact information (address, telephone number and email address)
• include your name
• list outstanding debts such as credit card debts and loans
• include, for each current bank and investment account:
  • account numbers
  • the date each account was opened
  • the current balance of each account
  • the average balance for the past six months

 

[djmehta33]

As per CIC, it says readily available.

What we accept as proof
Funds must be readily available to you. For example, you can't use equity on real property as proof of settlement funds.

The funds must be available both when you apply and when (if) we issue you a permanent resident visa. You must prove to an immigration officer that you can legally access them to use to settle here when you arrive.

For proof, you must get official letters from any banks or financial institutions where you are keeping money.

Letter(s) must:

• be printed on the financial institution’s letterhead
• include their contact information (address, telephone number and email address)
• include your name
• list outstanding debts such as credit card debts and loans
• include, for each current bank and investment account:
  • account numbers
  • the date each account was opened
  • the current balance of each account
  • the average balance for the past six months

This surely makes sense but LIC is giving the Surrender Quotation on their printing page and not a separate Letterhead. Is that okay? They are saying that this document works as a proof of funds and doesn't require a letterhead as it already have all the details on it.

 

[djmehta33]

I don't require to show these funds as of now but I want to show that as some more money as a Proof of Funds. I have an FD which is only 2 months old. Will that work?

 

[mr.preetsingh]

This surely makes sense but LIC is giving the Surrender Quotation on their printing page and not a separate Letterhead. Is that okay? They are saying that this document works as a proof of funds and doesn't require a letterhead as it already have all the details on it.

I would advice not to put LIC Surrender Quotation as POF. Rather withdraw money and put in Savings Account.