LIC Policy – Frequently Asked Questions
Buying a new LIC policy
It depends on the plan. Child plans can start from a very young age (as per brochure), while most adult plans start from 18 years. Ask us for the plan you like.
Aadhaar, PAN, recent photograph, address proof, bank details and nominee details. Income proof and medical tests may be needed for higher sum assured.
Yes, some plans like New Tech-Term are sold online. Buying through an agent gives you personal guidance at the time of purchase and, more importantly, at the time of claim.
A simple rule is 10–15 times your annual income plus outstanding loans. Use our life cover calculator.
Not always. It depends on age, sum assured and the plan. LIC decides based on its underwriting rules.
Premium & tax
Through LIC’s official website/app, authorised payment channels, NACH auto-debit or LIC branches. We help you set up auto-debit so you never miss a due date.
There is a grace period after the due date. If the premium is still not paid, the policy lapses but can usually be revived within the revival period with interest, as per policy conditions.
Premiums may qualify under Section 80C in the old tax regime, and maturity proceeds may be exempt under Section 10(10D) subject to conditions and limits. Tax laws change – please confirm with your tax advisor.
Service & claims
Yes, on plans that offer loans, once the policy acquires surrender value. Interest is charged as per LIC rules.
Fill the nomination change form with your policy details. We provide the form and submit it for you.
The nominee submits the claim form, death certificate, policy bond, ID and bank details. We personally guide the family through the full process.
No. LIC Click is the personal website of Vedpal Singh, Development Officer at LIC’s Manimajra branch. The official LIC website is licindia.in.
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