My father bought some shares and bonds and opened bank account in my name prior to my arrival to US 13 years ago. He received dividends and interest all these years that he has been depositing into my account that he opened. The total investment amount is less than one lakh rupees.

During my stay in USA, I have purchased LIC policies whose surrender value exceeds $10K. They will mature in 2018. I am not receiving any dividend on this and used after tax money towards premium payments. I recently came to know about FBAR requirements. Am I supposed to report my LIC policies and pre USA stay bank accounts and the dividends from these earned during the USA stay?

Please help. Also, please let me know if there is anyone that can help professionally.

1) Yes, you should have been declaring the dividends and interest on the account on your tax forms
2) Life insurance policies with cash value are considered financial accounts for FBAR purposes.

If the maximum aggregate value of policy cash value + dividends and interest > 10K for any year, then both need to be reported on FBAR form.

About earnings from foreign Life Insurance policies, that's a very complicated matter. Depending on whether the policy is considered a life insurance policy or not by US laws, and whether its considered a modified endowment contract, dispositions may or may not be taxable. Even if there are no dispositions, if the policy does not meet US standards for life insurance policy, increase in cash value could be taxable. Its impossible to tell for sure without looking at your policy details.

Nadel's advice is exceptionally accurate. I really have nothing to add.

U.S. residents and citizens need to report all your foreign financial accounts irrespective of when they were open.
I am not sure about the Indian Life Insurance policy. It is just like Trad IRA plus a life insurance. To be safe report it on FBAR.

Any dividend and interest received is income to be reported on your tax return. Interest received means interest credited to your account --- not what you will receive after couple of years (based on cash accounting).

1) Life Insurance policy with cash value needs to be reported on an FBAR form. I doubt Indian life insurance is any different.

2) Even if interest is not explicitly credited to your account, it may need to be 'imputed' under OID rules. For instance, if a term deposit/CD equivalent > 1 year. interest needs to be ratably computed from day one. This is irrespective of whether the taxpayer uses cash accounting or not.