Frequently Asked Questions About LIC Plans & Services

LIC (Life Insurance Corporation of India) is India's largest life insurer, established in 1956 and government-owned. This website is an independent portal maintained by S. Kulkarni, an LIC Agent, and is not LIC's official website.

An LIC Agent helps customers understand and choose suitable LIC plans, assists with the application process, and provides ongoing policy servicing — premium reminders, revivals, nominee updates, and claim assistance — for the life of the policy.

Yes, an initial consultation to discuss your requirement and understand suitable plan options does not carry a separate fee.

LIC does offer some plans through direct online purchase, though many customers still prefer agent assistance for plan comparison and long-term servicing support that a purely online purchase doesn't include.

LIC plans are broadly grouped into term insurance, endowment, whole life, money-back, child plans, and pension/annuity plans — see the LIC Plans page for current options in each category.

It depends on your age, income, dependents and specific goal. See our guide on How to Choose an LIC Policy, or share your situation for a tailored suggestion.

Some plans (like guaranteed-addition plans) offer more certainty than others; participating (bonus-linked) plans depend partly on LIC's periodic bonus declarations, which are not guaranteed in advance. Always check a plan's specific structure before assuming guaranteed returns.

No — premiums vary by age, sum assured, policy term, chosen options, and for some plans, health/lifestyle factors.

Starting earlier generally gives more years for the plan to build toward the goal and can spread the premium commitment further — but plans are available across a range of child ages depending on the specific product.

Most LIC child plans include a premium waiver benefit, meaning future premiums are generally waived while the plan's benefits continue for the child, subject to the plan's specific terms.

LIC Amritbaal, the New Children's Money Back Plan, and Jeevan Tarun are current child-focused plans — see the Child Education Planning page for a comparison.

Earlier is generally better, since it allows more years for savings to accumulate and spreads the required contribution over a longer period — but it's worth starting at any age.

LIC's New Jeevan Shanti (deferred annuity) and Saral Pension (immediate annuity) are specifically structured for retirement income; whole life plans like Jeevan Umang and Jeevan Utsav can also play a role.

This depends on your expected post-retirement expenses, other income sources, and years of retirement planned for — best worked out as a personalised calculation rather than a generic figure.

A deferred annuity (like New Jeevan Shanti) lets you choose when payouts begin in the future; an immediate annuity (like Saral Pension) begins payouts soon after purchase.

Yes, LIC's annuity plans typically offer joint-life options so payouts continue to a spouse after the primary annuitant's death.

Annuity income is generally taxable as per applicable income tax provisions at the time of receipt — confirm current rules with a tax advisor.

Contact the servicing branch or your agent to confirm the outstanding premium and applicable revival period, then submit a revival request along with any required health declaration or medical tests.

Submit a nomination request form to LIC's servicing branch along with your policy details — see our Nomination Guidance page.

Maturity claims involve submitting a discharge form and supporting documents around the maturity date; death claims involve submitting the policy bond, death certificate, claim forms and nominee details to the servicing branch. See our Claim Assistance page for detail.

Savings-oriented plans (endowment, whole life) that have acquired a surrender value generally qualify for a policy loan; pure term plans typically do not.

Pune city and the wider metropolitan area, including Kothrud, Baner, Aundh, Wakad, Hinjewadi, Kharadi, Hadapsar, Viman Nagar, Koregaon Park, Shivajinagar, Pimpri-Chinchwad and more — see the Areas We Serve page for the full list.

Yes, the office is on Ganesh Khind Road, Shivajinagar, Pune — call or WhatsApp ahead to confirm availability.

No — LIC plan features and premium rates are standardised nationally and don't vary by city or locality within India.