General Questions about LIC and Life Insurance Policies:

1. What is LIC, and what does it stand for?

   • LIC stands for Life Insurance Corporation of India. It is the largest insurance company in India.

2. Is LIC a government-owned company?

   • Yes, LIC is a government-owned corporation established under the LIC Act of 1956.

3. How long has LIC been in operation in India?

   • LIC was founded on September 1, 1956, and has been serving customers for over six decades.

4. What types of insurance policies does LIC offer?

   • LIC offers various types of policies, including term insurance, endowment plans, ULIPs, and more.

5. Who can purchase LIC policies in India?

   • LIC policies are available to Indian citizens, including NRIs (Non-Resident Indians).

6. Can I purchase LIC policies online?

   • Yes, LIC offers online policy purchase options through its official website.

7. What is the minimum age to buy an LIC policy?

   • The minimum age to purchase most LIC policies is 18 years, but it varies by policy.

8. What is the maximum age for buying an LIC policy?

   • The maximum age for purchasing LIC policies depends on the specific policy and its terms.

9. How do I find my nearest LIC branch office?

   • You can locate your nearest LIC branch office by visiting the LIC India website and using their branch locator tool.

10. Can I have multiple LIC policies simultaneously?

    • Yes, individuals can hold multiple LIC policies at the same time, provided they meet the eligibility criteria.

11. What is the role of the Insurance Regulatory and Development Authority of India (IRDAI)?

    • IRDAI is the regulatory body responsible for overseeing and regulating the insurance industry in India.

12. What are the tax benefits of LIC policies?

    • LIC policies may offer tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

13. How do I calculate the premium for an LIC policy?

    • You can use LIC’s premium calculators available on their website to estimate policy premiums.

14. Are medical examinations required for all LIC policies?

    • The need for medical examinations depends on factors like your age, sum assured, and the specific policy.

15. What happens if I miss paying a premium?

    • LIC typically provides a grace period for premium payment; if you miss it, your policy may lapse.

16. Can I take a loan against my LIC policy?

    • Yes, most traditional LIC policies allow you to take loans against the policy’s cash value after a specific period.

17. How do I nominate someone for my LIC policy?

    • You can nominate a person when purchasing the policy or update the nomination later as needed.

18. Can I change my nominee later?

    • Yes, you can change the nominee at any time during the policy term.

19. What is the surrender value of an LIC policy?

    • The surrender value is the amount you receive if you choose to surrender your policy before maturity, subject to policy terms.

20. How can I check the status of my LIC policy online?

    • You can check your policy status on the LIC website using your policy number and details.

21. What is the difference between a paid-up policy and a lapsed policy?

    • A paid-up policy is one where you stop paying premiums but receive reduced benefits, while a lapsed policy means you stopped paying without any benefits.

22. Can I revive a lapsed LIC policy?

    • Yes, you can revive a lapsed policy by paying overdue premiums and fulfilling other requirements as per the policy terms.

23. What is the grace period for LIC premium payments?

    • The grace period varies but is typically 30 days for yearly, half-yearly, and quarterly premium modes.

24. What is the maturity benefit of an LIC policy?

    • The maturity benefit is the amount payable to the policyholder if they survive the policy term.

25. Can LIC policies be used for tax-saving purposes?

    • Yes, LIC policies may provide tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

26. Can I change the premium payment frequency of my LIC policy?

    • In some cases, you can change the premium payment frequency.

27. How can I surrender my LIC policy?

    • You can surrender your policy by visiting the nearest LIC branch and submitting the required documents.

28. What are riders in LIC policies?

    • Riders are additional benefits that you can add to your base policy, such as accidental death or critical illness riders.

29. Can I convert my term insurance policy into an endowment policy later?

    • Some policies may allow conversion, but it’s best to check policy-specific terms and conditions.

30. Are LIC policies available for senior citizens?

    • Yes, LIC offers policies designed specifically for senior citizens.

31. Can I buy LIC policies for my children?

    • Yes, LIC offers child plans designed to secure a child’s future.

32. What is the minimum premium amount for LIC policies?

    • The minimum premium amount varies by policy and its terms and conditions.

33. How can I pay my LIC premium online?

    • You can pay your premium online through the LIC website or authorized payment portals.

34. Can I change the sum assured of my policy after purchase?

    • Generally, it’s not possible to change the sum assured after purchase, but some policies may offer flexibility.

35. Are LIC policies available for non-resident Indians (NRIs)?

    • Yes, LIC policies are available for NRIs.

36. What are the different bonus options in LIC policies?

    • LIC offers various bonus options, such as Simple Reversionary Bonus, Interim Bonus, and more, depending on the policy.

37. Can I surrender my LIC policy online?

    • Surrendering policies may require physical documentation and a visit to the LIC branch.

38. How is the premium amount determined for LIC policies?

    • Premiums are determined based on factors like age, sum assured, policy term, and other underwriting factors.

39. Can I make partial withdrawals from my LIC policy?

    • Yes, some policies allow partial withdrawals after a specific duration.

40. What happens if the policyholder passes away during the policy term?

    • In the event of the policyholder’s death, the nominee or beneficiary receives the death benefit as per the policy terms.

41. How do I update my contact information with LIC?

    • You can update your contact information through the LIC website or by visiting a LIC branch and submitting the necessary documents.

42. Are LIC policies available for individuals with pre-existing medical conditions?

    • LIC may offer policies with certain restrictions or exclusions for pre-existing conditions.

43. Can I add riders to an existing LIC policy?

    • Some policies allow you to add riders later; it’s best to check policy terms and conditions.

44. What is the Free Look Period for LIC policies?

    • The Free Look Period allows you to review your policy and return it within a specified time if not satisfied.

45. How can I contact LIC customer support for assistance?

    • You can contact LIC customer support through their website, toll-free numbers, or by visiting a local LIC branch.

46. Can I change my premium payment mode from monthly to yearly, or vice versa?

    • Some policies may allow changes in premium payment modes, subject to policy terms and conditions.

47. Can I change the policy term of my LIC policy after purchase?

    • Generally, the policy term cannot be changed once the policy is issued, but it’s best to check with LIC for specific policies that may offer such flexibility.

48. What is the difference between a single premium policy and a regular premium policy?

    • A single premium policy requires a lump-sum payment at the beginning of the policy term, while regular premium policies involve periodic premium payments.

49. How can I calculate the maturity amount of my LIC policy?

    • You can use LIC’s maturity calculator on their website to estimate the maturity amount based on your policy details.

50. Are LIC policies available for groups or organizations?

    • Yes, LIC offers group insurance policies for organizations to provide life insurance coverage to their employees or members.

51. Can I change the mode of receiving policy benefits (e.g., annuity to lump sum) after policy maturity?

    • The mode of receiving policy benefits is typically chosen at the time of policy purchase and may not be changed after maturity. Specific policies may have different rules.

52. What is the difference between a participating and a non-participating policy?

    • Participating policies share in the profits of the insurance company through bonuses, while non-participating policies do not participate in these profits.

53. Can I surrender my ULIP (Unit Linked Insurance Plan) policy?

    • Yes, you can surrender a ULIP policy, but the surrender value depends on factors like the fund value and policy duration.

54. What are the different premium payment modes available for LIC policies?

    • LIC policies typically offer premium payment modes such as yearly, half-yearly, quarterly, and monthly.

55. How do I change the address associated with my LIC policy?

    • You can update your address by visiting an LIC branch, filling out the required forms, and providing valid address proof.

56. What is the difference between a nominee and a legal heir?

    • A nominee is the person chosen by the policyholder to receive policy benefits in the event of their death, while a legal heir is someone entitled to the policy benefits according to inheritance laws if there is no nominee.

57. Can I pay my LIC premiums through mobile wallets or digital payment apps?

    • Yes, LIC offers the option to pay premiums through various digital payment platforms and mobile wallets.

58. How do I register a complaint with LIC regarding my policy or service?

    • You can register a complaint with LIC through their customer care channels, including email, phone, or by visiting a branch office.

59. Can I assign my LIC policy to someone else?

    • Yes, you can assign your LIC policy to another person or entity, subject to the terms and conditions of the policy.

60. What is the process for making a claim on an LIC policy after the policyholder’s death?

    • The nominee or beneficiary should contact the nearest LIC branch and submit the necessary documents, including the death certificate and policy details, to initiate the claim process.

61. Are there any restrictions on policy payouts in case of death by suicide?

    • Most LIC policies have a suicide clause that restricts payouts within the first policy year. The policy may refund premiums or provide a reduced sum assured in such cases.

62. What is the difference between a joint life policy and a single life policy?

    • A joint life policy covers two or more lives (e.g., spouses) under a single policy, while a single life policy covers only one individual.

63. Can I change my premium payment frequency during the policy term (e.g., switch from yearly to monthly payments)?

    • Some policies allow changes in premium payment frequency during the policy term, subject to terms and conditions.

64. What is the process for making a claim for the policy’s maturity benefit?

    • To claim the maturity benefit, policyholders should submit the required documents to the LIC branch, including the original policy document and bank details for fund transfer.

65. How do I change the contact details associated with my LIC policy?

    • You can update your contact details, such as phone number and email address, by visiting an LIC branch and providing the necessary documents for verification.

66. What happens to my LIC policy if I move abroad permanently?

    • If you move abroad permanently, you can typically continue paying premiums and maintain your policy, but it’s essential to inform LIC about your change of residence.

67. Can I get a duplicate policy bond if I lose the original?

    • Yes, you can request a duplicate policy bond by visiting an LIC branch and providing the necessary information and documents.

68. How do I update my bank account details for premium payments?

    • You can update your bank account details for premium payments by visiting an LIC branch and providing the new bank account information.

69. What is the nomination in an LIC policy, and why is it important?

    • Nomination in an LIC policy is the process of specifying a person who will receive the policy benefits in the event of the policyholder’s death. It is crucial to ensure a smooth claims process.

70. Can I surrender a policy after the lock-in period for tax-saving benefits?

    • Yes, you can surrender a policy after the lock-in period, but you may lose out on tax benefits, and the surrender value is subject to policy terms.

71. What happens if I don’t pay premiums for a considerable period, and the policy lapses?

    • If your policy lapses due to non-payment of premiums, you can typically revive it within a specific grace period by paying overdue premiums.

72. What is the policy bond, and why is it essential?

    • The policy bond is a legal document that serves as proof of the insurance contract. It contains critical details about the policy, such as the sum assured, premium, and terms.

73. Can I assign my LIC policy as collateral for a loan?

    • Yes, you can assign your LIC policy as collateral for a loan, subject to terms and conditions and the lender’s approval.

74. How do I know if my LIC policy is still in force or has lapsed?

    • You can check the status of your LIC policy online by using your policy number and other details on the LIC website or by contacting LIC’s customer service.

75. Can I pay my LIC premium in advance for multiple years?

    • Yes, you can pay premiums in advance for multiple years by choosing the appropriate premium payment mode when paying.

76. What is the difference between the policy term and the premium payment term?

    • The policy term is the duration of the insurance coverage, while the premium payment term is the period during which you pay premiums.

77. What is the procedure for transferring an LIC policy from one person to another?

    • Transferring an LIC policy from one person to another typically involves an assignment process, which is subject to policy terms and conditions.

78. Can I add or change riders to an existing LIC policy?

    • Some policies allow the addition or modification of riders during specific policy periods, subject to terms and conditions.

79. How do I claim the policy benefits if I live outside India?

    • If you live abroad, you can claim policy benefits by following the standard claims process and submitting the required documents through an LIC branch or agent in your country.

80. What is a revival period for a lapsed LIC policy?

    • The revival period is the specified duration during which you can revive a lapsed LIC policy by paying overdue premiums and fulfilling other requirements.

81. Can I change the premium payment frequency of my LIC policy to align with my income schedule?

    • Some policies allow changes in premium payment frequency to better suit your income schedule, subject to terms and conditions.

82. How do I update my email address associated with my LIC policy?

    • You can update your email address by visiting an LIC branch and providing the necessary documents for verification.

83. What happens if I relocate to a different city within India? Do I need to update my policy?

    • You may need to update your policy address if you relocate to a different city within India to ensure that you receive important communication and policy-related updates.

84. What is the difference between the policy term and the maturity term?

    • The policy term is the duration for which the insurance coverage is in force, while the maturity term refers to the point in time when the policy matures and the benefits are paid out.

85. Can I change the nominee for my LIC policy online?

    • Some changes to the nominee can be made online through the LIC website, while others may require a physical visit to an LIC branch.

86. How does LIC calculate the surrender value of a policy?

    • The surrender value is calculated based on factors such as the policy term, premium paid, and the policy’s terms and conditions.

87. Can I change the mode of receiving policy benefits after policy maturity?

    • The mode of receiving policy benefits is typically chosen at the time of policy purchase and may not be changed after maturity. Specific policies may have different rules.

88. What is the LIC Jeevan Akshay VI annuity plan?

    • LIC Jeevan Akshay VI is an immediate annuity plan that provides a regular income stream for life in exchange for a lump-sum premium payment.

89. Can I nominate more than one person for my LIC policy?

    • In most cases, you can nominate more than one person for your LIC policy, specifying the percentage of the sum assured each nominee should receive.

90. Can I revive a policy that has lapsed for a long time?

    • Reviving a policy that has lapsed for an extended period may require additional documentation and consideration by LIC.

91. What is a paid-up policy, and how does it work?

    • A paid-up policy is a policy where the policyholder stops paying premiums but retains a reduced coverage amount with no further premiums due.

92. How does LIC determine the sum assured for a policy?

    • The sum assured is determined based on factors like the policyholder’s age, premium amount, and the chosen plan.

93. What is the LIC’s Jeevan Saral policy, and how does it work?

    • Jeevan Saral is an endowment policy by LIC with a flexible premium payment option and a loyalty addition feature.

94. What happens to the LIC policy in case of the policyholder’s demise before maturity?

    • In the event of the policyholder’s death before maturity, the nominee or beneficiary receives the death benefit as per the policy terms.

95. Is the interest on loans taken against LIC policies taxable?

    • The interest on loans taken against LIC policies is not taxable in India.

96. Can I change the mode of receiving pension or annuity payments from my LIC policy?

    • The mode of receiving pension or annuity payments is typically chosen at the time of policy purchase and may not be changed later.

97. Can I add or change the coverage amount (sum assured) for my LIC policy?

    • In most cases, you cannot change the sum assured for your LIC policy after it has been issued.

98. What is the nomination facility, and how does it work?

    • The nomination facility allows you to designate a person (nominee) who will receive the policy benefits in case of your demise during the policy term.

99. How do I calculate the premium for an LIC term insurance policy?

    • Premiums for term insurance policies are calculated based on factors like age, coverage amount, and policy term.

100. Is there a cooling-off period after purchasing an LIC policy, during which I can cancel it?

     • Yes, there is a free look period during which you can review your policy and cancel it if you are not satisfied. The specific duration may vary by policy.

101. Can I assign my LIC policy to a financial institution as collateral for a loan?

     • Yes, you can assign your LIC policy as collateral to a financial institution for a loan, subject to their terms and conditions.

102. What happens if I fail to pay premiums for a paid-up policy?

     • If you fail to pay premiums for a paid-up policy, it will continue with reduced benefits, but no further premiums will be due.

103. Is LIC’s Jeevan Anand a participating or non-participating policy?

     • LIC’s Jeevan Anand is a participating policy, which means it participates in the profits of the insurance company through bonuses.

104. What is the process for changing the name of the policyholder in an LIC policy?

     • Changing the name of the policyholder typically requires the assignment of the policy, subject to LIC’s terms and conditions.

105. What is the LIC Micro Insurance policy?

     • LIC Micro Insurance policies are designed to provide affordable insurance coverage to individuals with low income or limited resources.

106. How can I change the premium payment frequency for my LIC policy?

     • You can change the premium payment frequency for your LIC policy by visiting an LIC branch and requesting the change.

107. Can I continue my LIC policy if I move abroad temporarily for work or study?

     • You can typically continue your LIC policy if you move abroad temporarily, but you should inform LIC about your change of residence and payment preferences.

108. What is the LIC’s New Jeevan Anand policy, and how does it differ from the regular Jeevan Anand policy?

     • New Jeevan Anand is a participating endowment policy that offers a combination of insurance coverage and savings. It may have different features and benefits compared to the regular Jeevan Anand policy.

109. Can I transfer my LIC policy from one LIC branch to another?

     • Yes, you can transfer your LIC policy from one LIC branch to another by submitting a transfer request and required documents.

110. What is the procedure for availing a loan against my LIC policy?

     • To avail a loan against your LIC policy, you need to visit an LIC branch, fill out the loan application form, and provide the necessary documents.

111. Is there a maximum limit on the loan amount I can avail against my LIC policy?

     • The maximum loan amount you can avail against your LIC policy depends on the policy’s terms and conditions and the available cash value.

112. What is the LIC’s New Endowment Plan, and how does it work?

     • The LIC New Endowment Plan is a participating endowment policy that provides both insurance coverage and savings. It may have different features compared to the regular Endowment Plan.

113. Can I convert my existing LIC policy into a paid-up policy?

     • If you stop paying premiums for your existing LIC policy, it may automatically become a paid-up policy with reduced benefits, subject to policy terms and conditions.

114. What is the LIC’s Jeevan Tarun policy, and who is it designed for?

     • LIC’s Jeevan Tarun is a participating non-linked limited premium payment policy designed to meet the educational and other needs of growing children.

115. What is the LIC’s Jeevan Pragati policy, and how does it work?

     • LIC’s Jeevan Pragati is a non-linked, with-profit endowment assurance policy that offers both insurance coverage and savings benefits.

116. Can I purchase an LIC policy for my parents or other family members?

     • Yes, you can purchase an LIC policy for your parents or other family members, subject to their eligibility and consent.

117. What are the different modes of premium payment available for LIC policies?

     • LIC policies typically offer premium payment modes such as yearly, half-yearly, quarterly, and monthly.

118. How do I update my PAN card details for my LIC policy?

     • You can update your PAN card details for your LIC policy by visiting an LIC branch and providing the necessary documents for verification.

119. What is the LIC’s Jeevan Umang policy, and how does it work?

     • LIC’s Jeevan Umang is a participating non-linked whole life insurance policy that provides regular income even after the premium payment term.

120. Can I nominate a minor as the nominee for my LIC policy?

     • Yes, you can nominate a minor as the nominee for your LIC policy, but you will need to appoint an appointee to manage the benefits on behalf of the minor.

121. What are the different types of riders available for LIC policies?

     • LIC offers various riders, including accidental death and disability benefit rider, critical illness rider, and term rider, among others.

122. What is the LIC’s New Children’s Money-Back Plan, and how does it work?

     • The LIC New Children’s Money-Back Plan is a non-linked, participating, money-back insurance policy designed to meet the financial needs of children.

123. Can I add or change the nominee for my LIC policy at any time?

     • You can add or change the nominee for your LIC policy at any time during the policy term.

124. What is the process for transferring an LIC policy from one person to another?

     • The process for transferring an LIC policy from one person to another involves an assignment, subject to policy terms and conditions.

125. How do I update my Aadhaar card details for my LIC policy?

     • You can update your Aadhaar card details for your LIC policy by visiting an LIC branch and providing the necessary documents for verification.

126. What is the LIC’s Jeevan Labh policy, and how does it work?

     • LIC’s Jeevan Labh is a non-linked, limited premium endowment insurance policy that offers both insurance coverage and savings benefits.

127. Can I pay my LIC premiums through ECS (Electronic Clearing Service)?

     • Yes, you can pay your LIC premiums through ECS by providing the necessary authorization to LIC.

128. What is the LIC’s New Bima Bachat policy, and how does it work?

     • LIC’s New Bima Bachat is a single premium, non-linked, participating, money-back insurance policy that provides guaranteed returns.

129. Can I change the frequency of receiving annuity payments from my LIC policy after the policy has commenced?

     • The frequency of annuity payments is typically chosen at the time of policy commencement and may not be changed later.

130. How do I update my nomination details for my LIC policy?

     • You can update your nomination details for your LIC policy by visiting an LIC branch and submitting the necessary forms.

131. What is the LIC’s Jeevan Lakshya policy, and how does it work?

     • LIC’s Jeevan Lakshya is a participating non-linked plan designed to provide financial support for the family in case of the policyholder’s unfortunate demise.

132. What is the LIC’s Jeevan Shanti policy, and how does it work?

     • LIC’s Jeevan Shanti is a single premium, non-linked, non-participating, immediate annuity plan that provides a guaranteed income stream.

133. Can I change the premium payment term for my LIC policy after purchase?

     • Generally, the premium payment term cannot be changed once the policy is issued.

134. How do I update my bank account details for receiving policy benefits?

     • You can update your bank account details for receiving policy benefits by visiting an LIC branch and providing the necessary documents.

135. What is the LIC’s Anmol Jeevan II policy, and how does it work?

     • LIC’s Anmol Jeevan II is a pure term insurance policy designed to provide high coverage at an affordable premium.

136. Can I convert my LIC term insurance policy into an endowment policy later?

     • Converting a term insurance policy into an endowment policy may not be possible, but it’s best to check with LIC for specific options.

137. How do I update my mobile number associated with my LIC policy?

     • You can update your mobile number by visiting an LIC branch and providing the necessary documents for verification.

138. What is the LIC’s Amulya Jeevan II policy, and how does it work?

     • LIC’s Amulya Jeevan II is a pure term insurance policy designed to provide high coverage for specific needs, such as loan protection.

139. Can I change my premium payment mode from monthly to yearly or vice versa after policy issuance?

     • Some policies may allow changes in premium payment mode, subject to terms and conditions.

140. How do I update my marital status for my LIC policy?

     • You can update your marital status for your LIC policy by visiting an LIC branch and providing the necessary documents for verification.

141. What is the LIC’s Bima Shree policy, and how does it work?

     • LIC’s Bima Shree is a non-linked, participating, limited premium payment policy designed for high net-worth individuals.

142. Can I convert my LIC policy into a paid-up policy after a specific period?

     • Converting a policy into a paid-up policy may be possible after a specific period of premium payment; it’s best to check the policy terms.

143. How do I update my nominee details for my LIC policy online?

     • Some changes to the nominee can be made online through the LIC website, while others may require a physical visit to an LIC branch.

144. What is the LIC’s Aadhaar Shila policy, and how does it work?

     • LIC’s Aadhaar Shila is a non-linked, with-profit, limited premium payment policy designed for female lives.

145. Can I add critical illness coverage to an existing LIC policy?

     • Some policies allow the addition of critical illness riders to enhance coverage, subject to terms and conditions.

146. How do I update my email address for my LIC policy online?

     • You can update your email address online through the LIC website by logging into your policy account.

147. What is the LIC’s Aadhaar Stambh policy, and how does it work?

     • LIC’s Aadhaar Stambh is a non-linked, with-profit, limited premium payment policy designed for male lives.

148. Can I convert my LIC policy into a single premium policy after policy issuance?

     • Converting a policy into a single premium policy may not be possible after policy issuance, but it’s best to check the policy terms.

149. How do I update my contact details, including address and phone number, for my LIC policy?

     • You can update your contact details, including address and phone number, by visiting an LIC branch and providing the necessary documents for verification.

150. What is the LIC’s Bima Ujjwal policy, and how does it work?

     • LIC’s Bima Ujjwal is a non-linked, with-profit, limited premium payment policy designed for minors to secure their future education and marriage needs.

Please note that the specific terms and conditions of LIC policies may vary, and it’s essential to refer to the policy documents and contact LIC directly for policy-specific inquiries or updates.