questions to ask a lic agent

Questions you must ask your LIC agent

There would be many questions that the LIC agent would be asking you when you plan to buy LIC policy and meet i. There are certain very important questions that you also need to ask him before you finally made the premium payment.

How much insurance do I need?

You need insurance that is 10 times your annual income plus the loans you have taken. If your annual income is 10 Lakhs and you have a loan of 15 Lakhs. You need 1 Crore 15 Lakh in life insurance cover.

My company has life insurance cover for me. Why should I buy another one?

Company / employer insurance is good to have in addition to your own policy. But you cannot solely be dependent on company’s insurance for two reasons. I the benefits of the policy will stop as soon as you leave the company. Secondly, the life insurance premiums are directly proposal to your age. Which means with increase on age your premium increases. SO if you are planning to buy a insurance after you leave the company, you will surely have to pay a lot more than what you will pay if you get the life insurance at right time.

Are there any conditions where the claim will not be paid?

LIC of India make no exceptions where the claim will not be paid. Any reason for the death, you will be paid the claim.

I smoke and drink occasionally, should I mention that in the policy form?

I is always a good idea to disclose all your habits in the policy application as these may affect the premium you will be paying. LIC of India asks about these habits because these can one day lead to the untimely death of the policyholder.

What if I am unable to pay premiums for my policy?

You have multiple options here. You can pay premium after a month of due day with absolutely no penalty. If even after 1 month you are not able to pay he premium you can leave the policy in paid up state, which can be revived anytime in next 2 years. As a last option you can surrender the policy and get back you paid premiums.

Can I increase my life insurance cover after the policy starts?

There is no way to increase the life insurance cover once the policy starts. You can always buy a new policy. The new policy will require all the documents / medical examinations again.

Can a friend or a family member pay premiums for my policy?

No.

What if I don’t die during the term of a term policy

If you don’t die during the policy term, the policy terminates and the life cover ceases to exist. There are no maturity claims in term policy, so you are paid nothing.

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