Can Life Insurance Policy be shown as funds

[Dexter_22]

Hello All,

Can you please advise if Life Insurance Policy be a consideration as a Proof of Funds.
I am from India.

 

[lampbreaker]

If the life insurance policy also has an investment part to it, which has guaranteed payout at maturity (not death) and a current face value, then it is possible that it can be used. But you will have to provide a lot of documentation and then it depends on whether CIC accepts it.

 

[doobie.doobie]

Hello All,

Can you please advise if Life Insurance Policy be a consideration as a Proof of Funds.
I am from India.

For a fact, you can take loans against your life insurance policies in India. But, if you do that that would still be borrowed funds.
Either you cancel your insurance policy, and if there is an investment to it. You will be payed that amount which can be used towards the funds req for immigration. The cancellation of the policy would be the source of funds.
The part where lampbreaker explains about the current value of the investment may not work for CIC because the most important part of these policies is that it is subjected to maturity which means that it is locked in for certain period. And if you try to cancel before time you have to face some penalities.
So the best way is to cancel the policies. Which may or may not be a good idea.