Frequently asked questions
Quick answers to common questions.
LIC insurance
Which LIC plan is right for me?+
It depends on your goal — protection (term), savings (endowment), income (money-back), retirement (pension) or growth (ULIP). Use the 'Find my policy' quiz or ask Gopal Dey.
How much term cover do I need?+
A common rule: 10–15 times your annual income, or enough to cover loans plus family expenses. Gopal Dey helps you work out the right number.
Are LIC premiums guaranteed?+
Premiums are fixed for the term. Bonuses are declared by LIC each year and vary — they are not guaranteed.
Can I get a loan against my policy?+
Yes — most LIC savings plans offer loan facility once the policy gains surrender value.
General insurance
Is car insurance compulsory?+
Yes — at least third-party cover is mandatory by law in India.
What does a family floater cover?+
Hospitalisation for the whole family under one sum assured.
How do I make a claim?+
Call Gopal Dey — he helps with the documents and the entire claim process.
Investing
Is SIP safe?+
SIP doesn't remove market risk, but it averages your cost over time. Equity returns are not guaranteed.
What's the difference between equity and debt?+
Equity = ownership, higher returns but volatile. Debt = lending, lower returns but steadier.
When should I start investing?+
The sooner the better — compounding works best over a long horizon.
Tax & claims
Do I get tax benefits?+
LIC premiums qualify under Section 80C, health premiums under 80D, and ELSS/NPS offer deductions too. Rules change — confirm the current law.
Is the maturity amount tax-free?+
Maturity proceeds are generally tax-free under Section 10(10D) if conditions are met.
What documents do I need?+
Usually age proof, ID and address proof, and income details for higher cover.
How do I buy a policy?+
Tell Gopal Dey what you need, share a few details, and he handles the whole policy issuance.