LIC Agent Mahesh Nagar Goregaon

Every year around January to March, many people rush to buy an LIC policy to save tax. Often they choose a plan in a hurry and later realise the premium is too high or the policy does not fit their needs. If you are looking for an LIC Agent in Mahesh Nagar Goregaon, I would suggest we start planning well before that rush.

I am S. Kulkarni, and people from Mahesh Nagar usually reach me by phone first before visiting the Goregaon West office near Samrat Talkies. My advice is simple: plan early and buy only what you can keep paying.

LIC Agent Mahesh Nagar Goregaon: buying for the right reasons

Tax saving can be a benefit of some policies, but it should not be the only reason to buy one. An LIC policy is usually a long commitment, often 15 to 25 years. The premium you pick in March will be due every year after that.

Before buying, I ask a few simple questions:

• What is the main purpose: protection, savings or pension?
• Can you comfortably pay this premium every year for the full term?
• Do you already have enough life cover?
• Do you file under the old tax regime or the new one?

A note on tax

Under the old tax regime, life insurance premiums may be eligible for deduction under Section 80C, within the overall limit and subject to conditions. Under the new tax regime, this deduction is generally not available. Maturity proceeds may be tax-exempt under Section 10(10D), subject to conditions. Please confirm your case with a chartered accountant, since tax rules change.

Planning areas

Protection first

A term plan gives the highest life cover per rupee of premium. For most earning adults, this is the base of any insurance plan.

Savings with clear terms

Plans like the LIC New Endowment Plan or Jeevan Labh offer a maturity benefit. I will explain what part is guaranteed and what depends on bonuses declared by LIC.

Retirement

Planning for pension early spreads the cost. Annuity plans can be discussed when you get closer to retirement.

Look at the full commitment

Multiply the yearly premium by the number of years you have to pay. That total is the real cost of the policy. Seeing this figure often changes how people choose between plans, and it helps you avoid taking on more than you can manage.

Reviewing policies bought in a hurry

If you bought a policy in a past March and are unsure about it, bring it in. I can explain what you have and what you gain or lose by continuing it. Stopping a policy in its early years usually means losing a large part of what was paid, so this decision needs care.

Residents of Sundar Nagar and Shastri Nagar ask me similar questions every tax season.

Frequently asked questions

Contact S. Kulkarni

For more, visit the main LIC Agent Goregaon page.