GIC & Life Insurance ?

[zinten]

Hello people,
Can any of you advise me whether it is mandatory to have Overseas Life Insurance after GIC.
I have applied for GIC through Kodak Mahindra Bank & will be getting the GIC by early week of Nov.
They said I need to apply for Life Insurance from Kodak Mahindra. I already have Life Insurance & I am quite not sure if it is mandatory for Visa Purpose.

Need a guidance here !

Thanks

 

[vickyindia]

i dont think so bro ..heard it from u for the first time ! call VFS canada and ask them directly

 

[mead]

Hello people,
Can any of you advise me whether it is mandatory to have Overseas Life Insurance after GIC.
I have applied for GIC through Kodak Mahindra Bank & will be getting the GIC by early week of Nov.
They said I need to apply for Life Insurance from Kodak Mahindra. I already have Life Insurance & I am quite not sure if it is mandatory for Visa Purpose.

Need a guidance here !

Thanks

no it is not mandatory for visa to have life insurance. GIC and life insurance have no relation GIC is to cover ur living expense .....life insurance is ur choice ....u however would need health insurance( this is not the same as life insurance) once u get to canada and normally it is added in ur university fees. so university will issue health insurance card once u get to canada and charge it to ur fees. Check ur fee break down health insurance should be one of its components

side note:life insurance is given out if a person is dead( so u see its not mandatory). Health insurance is to cover illness , doctors visits , prescription drugs etc

 

[zinten]

Thanks guys ! It really helped.
Well I am going to Vancover Community College and I don't think the fees includes Health Insurance, however Kodak Mahindra was saying it is mandatory to make one if not then it will be a problem while applying for visa which I don't think so.

It was not mentioned in VFS Checklist about the Insurance Requirements except for GIC.

I think I am better off without the Insurances. ONLY the GIC would do right?

 

[mead]

Thanks guys ! It really helped.
Well I am going to Vancover Community College and I don't think the fees includes Health Insurance, however Kodak Mahindra was saying it is mandatory to make one if not then it will be a problem while applying for visa which I don't think so.

It was not mentioned in VFS Checklist about the Insurance Requirements except for GIC.

I think I am better off without the Insurances. ONLY the GIC would do right?

yes thats right

 

[zinten]

yes thats right

Thanks Mead

 

[sabby2612]

Thanks Mead

You should not opt for life insurance, secondly you must take action against Kotak rep. File a formal complaint with the ombudsman of the bank.
Had it been the case with me, I would rather take to consumer court. It's misleading, mis-representation and fraudulent activity.

Usually college/uni fee includes group health coverage. You might wana check with your respective college/uni.