How to Buy a New LIC Policy in Chandigarh – Step-by-Step Guide

Buying an LIC policy is one of the most important financial decisions for a family. In the Chandigarh tri-city, many people still believe they must visit an LIC branch and stand in queues. In reality, an authorised LIC agent can complete the entire process at your home or office. Here is how it works.

Step 1: Decide your goal

Start with the purpose, not the plan name. Common goals are:

• Protecting the family if the earning member is not there – term plans
• Children’s education and marriage – child plans
• A lump sum at a fixed time – endowment plans
• Regular income later in life – whole life income plans or pension plans

Step 2: Fix your budget and cover

Decide how much you can comfortably pay every month or year for the full premium paying term. Never stretch so much that you may stop paying later – a lapsed policy loses value. For protection, use our life cover calculator.

Step 3: Compare 2–3 plans with official illustrations

Use our LIC calculators to see when each plan pays – for example the Jeevan Umang calculator or the Children’s Money Back calculator. Then ask for LIC’s official benefit illustration for each option. It shows premiums, death benefit and the expected maturity or income at different bonus scenarios. Compare not only returns but also flexibility, premium paying term and riders.

Step 4: Keep documents ready

• Aadhaar card and PAN card
• Recent passport-size photograph
• Address proof (if different from Aadhaar)
• Income proof for higher sum assured (salary slips, ITR)
• Bank account details (cancelled cheque) for NACH and payouts
• Nominee’s name, date of birth and relationship

Step 5: Fill the proposal honestly

Disclose your health history, smoking or alcohol habits and existing insurance correctly. Honest disclosure is the most important factor for smooth claim settlement in future.

Step 6: Medicals (if needed) and payment

Depending on age and sum assured, LIC may ask for medical tests. Your agent arranges these. The first premium is paid through official LIC channels, and you receive an official receipt.

Step 7: Receive and check your policy bond

Once LIC issues the policy, check your name, date of birth, nominee, plan, sum assured and premium. You also get a free-look period to review the policy as per policy conditions.

Why use a local LIC agent?

A local agent is with you for the whole life of the policy – for premium reminders, loans, revival, nominee changes and, most importantly, claim support for your family. Vedpal Singh and his team of LIC agents at LIC’s Manimajra branch have been doing this for families in Chandigarh, Mohali, Panchkula and Zirakpur for over 20 years.

FAQs

This article is for general information. Plan features are subject to LIC’s latest brochures; tax benefits are as per prevailing laws.