Express Entry FSW-POF - LIC Policy + PF + EPF+PPF

[kunalgdas]

Hi

I have total eligible surrender LIC policy value which is payable to me 200000 + PF which is eligible to withdrawn 50% that is 30k +epf 200000+Gratuty 60k = total 490000 which is 9420 CAD

also I have a appartmet cost 40lakh- peding load ammount 25lakh= total 15lakh in CAD 28850

Total POF = 38266 CAD

I have one question regarding above assert and policy, is it acceptable as a POF for express entry FSW.

Please help me....

Thanks

 

[Dexmoody]

Re: express entry FSW-POF

To tell you the truth, I was having trouble following your post.

I have no idea what that first financial product is that you are talking about.

Real estate can't be used as proof of funds. It must be cash or cash equivalent, and it must be directly available to you at time of submitting your application and when you land in Canada.

 

[kunalgdas]

Re: express entry FSW-POF

Thanks for your reply,

I am also not sure about Real estate property.

Could you please help to know if below funds are consider as POF.

LIC insurence policy value which is payable to me 200000 + PF which is eligible to withdrawn 50% that is 30k +epf 200000+Gratuty 60k = total 490000 which is 9420 CAD

Appreciate your help.

 

[Dexmoody]

Re: express entry FSW-POF

Thanks for your reply,

I am also not sure about Real estate property.

Could you please help to know if below funds are consider as POF.

LIC insurence policy value which is payable to me 200000 + PF which is eligible to withdrawn 50% that is 30k +epf 200000+Gratuty 60k = total 490000 which is 9420 CAD

Appreciate your help.

I don't know what an LIC insurance policy is, so I can't tell you if it qualifies. I'm not from India (I assume that's where you're from?).

I guess the question is under which circumstances will you be able to withdraw the money?

 

[kunalgdas]

Re: express entry FSW-POF

Sorry for the confusion,

yes, I am from India.

My question is, if I am eligible to withdrawn the insurence policy amount 490000 which is 9420 CAD at any time. then can I show these insurence policy as POF?

 

[Dexmoody]

Re: express entry FSW-POF

Sorry for the confusion,

yes, I am from India.

My question is, if I am eligible to withdrawn the insurence policy amount 490000 which is 9420 CAD at any time. then can I show these insurence policy as POF?

Again, I'm not familiar with this type of financial product, but if you can withdraw the money at any time without any specific conditions and you can show CIC proof of that, then they will possibly accept it.

Not 100% sure though. Best to wait for other Indian forum members to reply who may have experience with this.

 

[kunalgdas]

Re: Express Entry FSW-POF - LIC Policy

Thanks,

Thats correct,

 

[nerd]

Hi

I have total eligible surrender LIC policy value which is payable to me 200000 + PF which is eligible to withdrawn 50% that is 30k +epf 200000+Gratuty 60k = total 490000 which is 9420 CAD

also I have a appartmet cost 40lakh- peding load ammount 25lakh= total 15lakh in CAD 28850

Total POF = 38266 CAD

I have one question regarding above assert and policy, is it acceptable as a POF for express entry FSW.

Please help me....

Thanks

1. property cannot be used as POF in any way, shape or form.......
2. I don't think you can use LIC policy surrender value as a POF. My guess is that the officer evaluating your file will have no clue what an LIC policy is either! If you want to use it as POF liquidate the policy and have the money in your bank account.
3. I have seen some people mention in various forum discussion threads that PF can be used as POF, but given that you cannot withdraw that money at your will I am not sure how that can be used as POF.....CIC wants the funds to be liquid and unencumbered.

In the end: cash is what they want to see.

 

[Stanlee]

Hi

I have total eligible surrender LIC policy value which is payable to me 200000 + PF which is eligible to withdrawn 50% that is 30k +epf 200000+Gratuty 60k = total 490000 which is 9420 CAD

also I have a appartmet cost 40lakh- peding load ammount 25lakh= total 15lakh in CAD 28850

Total POF = 38266 CAD

I have one question regarding above assert and policy, is it acceptable as a POF for express entry FSW.

Please help me....

Thanks

LIC cannot be considered as proof of funds as the benefit of the policy will be available only in the event of any contingency/occurrences mentioned in the policy document. It can be only considered, if you have surrendered the policy and per the surrender clause the proceeds are transferred to your bank account.

Property/apartment cannot be considered as POF as the requirement states that the funds should be unencumbered and readily transferable.

Provident Fund can be considered as POF. Check this link to know more about the procedure to get PF Balance Certificate and account statement from PF Office - INDIAhttp://www.canadavisa.com/canada-immigration-discussion-board/procedure-to-get-pf-balance-certificate-and-ac-statement-from-pf-office-india-t412640.0.html

Since gratuity is paid on resignation and the funds are transferred to the bank account, in my personal opinion, I think it can be considered as POF. Yes, if an employer can certify the amount of gratuity that is due unto you as on date, then it should be good. It should basically show a statement with month on month accrual of the gratuity from the date of your joining and the letter should also state when you would be eligible to receive the amount.

 

[aunty acid]

Hey Congratulations stanlee i just saw you got an ITA!

 

[kunalgdas]

Thanks Stanlee for your infoemation, it will helpfull.


I am working in IT company, and company have provided PF Statement for the Financial year 2016-17. Can I use the same PF statement for POF.


Appreciate your help.

 

[Stanlee]

Hey Congratulations stanlee i just saw you got an ITA!

Thanks! Wishing you all the best for your PR!

 

[Ravstar79]

Hi guys

Real estate is possible to use however only certain visa offices will accept. London VO being one of them.

Thanks