As I have configured geoip for city and ASN. So is there any limit for number of IP can be searched? is it totally free for lifetime?
Yes The geoip processor is a Basic / Free Feature using the GeoLite2 Free Database.
As long as you're using it for the intended purpose and letting Elasticsearch download and update the databases automatically (which it will) that will keep you in compliance with the Maxmind license requirements.
With respect to intended purposes You can view the Maxmind GeoLite2license here
https://dev.maxmind.com/geoip/geolite2-free-geolocation-data?lang=en#license
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