LIC E Term Plan is the online term insurance plan from LIC of India. Online term plans got very popular due to their low premium factor when the life cover is very high. E.g. You can buy a life insurance of Rs 1 crore by paying a very nominal premium in case online term plans. Anyway, in this article we will share about lic e term plan review, lic term plan key features, details, lic eterm plan benefits, lic term insurance plan buy online guide, lic life term plan alternative, lic e term plan premium calculator and many more.
lic e term plan Details & Features
LIC’s e-Term policy is a pure life cover policy. Under this insurance policy, against payment of regular premium, the insurer agrees to pay your beneficiaries the sum assured in event of your premature death during policy term. However, if you survive till the end of the policy term, nothing is payable to you. Few of the key highlights are
- Available through Online mode (www.licindia.in)
- Pure Term plan
- Differential premium rates for Smoker/Non-Smoker lives
- Proposal on own life ONLY will be considered
Why should you buy a Term Insurance Plan Online?
Buying a term plan online is one of the cheapest modes to buy insurance as it saves your time and money. With the arrival of e-commerce the world has moved ahead fast, competitively.
Eligibility conditions of LIC E Term Policy 825
- Minimum Age – 18 years (completed)
- Maximum Age – 60 years (Nearest birthday)
- Minimum-10 years
- Maximum – 35 years
|Minimum Sum assured
- Rs.25 lakhs (for Aggregate category)
- Rs.50 lakhs (for Non-smoker category)
|Maximum Sum assured
- No limits for both categories
|Maximum Coverage Age
- 75 years (Nearest Birthday)
|Premium Payment Mode
- Yearly (Payment mode is through online only)
- 12.36% of Service tax is applicable on premium.
- If the Premium is not paid within the time then a delay of 30 days is extended to pay the premium amount which is grace period.
|Cooling off period
- If you are not satisfied with this policy term you may return the policy within 30 days from the date of receipt of the policy.
- The policyholder must be residing in India only.
- The policyholder must have own earned income.
- The Person should not be Non-Resident Indian (NRI), Overseas Citizen of India (OCI) or Person of Indian Origin (PIO).
- One cannot propose for anyone other than self. Key Man Insurance (KMI)/ Partnership/ Employer-Employee Cover will not be allowed.
|Details needed while filling online application form.
- PAN Number is must.
- Form 16 or ITR of last three years is must.
- Details of all your existing insurance (irrespective of insurance company)
- Details of family members.
- Details of medical history.
- Details of Bank like Account number and MICR code etc.
- e Term Access Id – Click on Proceed tab and which asks for 10 Digit Access ID. Provide the same and click on proceed.
Benefits of LIC E Term Policy 825
Benefits under the LIC E Term Policy plan no 825 are
- Death Benefits: If in case of any unfortunate death of the Life Assured during the policy term then the Sum Assured shall be payable. In LIC E Term Policy 825 death benefit will be equal to Sum Assured.
- Maturity Benefits: There is no maturity benefit under this plan, nothing is paid at the end of policy term.
Will my premium amount change during the tenure of the policy after I have bought the plan?
Once the policy is issued, Premium will remain the same for the entire tenure of the policy. This is subject to service tax regulations as declared by the Government of India from time to time.
What is the Grace Period under the product?
A Grace Period of 30 days from the premium due date will be allowed under the product.
Can a loan be taken under this product?
Loan is not available under this product.
How can I pay the subsequent premium?
The subsequent premium can be paid online either through Net-Banking/ Credit Card/ Debit Card.
In case I have an existing term plan cover with another company can I still purchase LIC’s e-Term?
The customer has to disclose his income details & his existing insurance cover details in corresponding sections while applying for cover under e-Term. Based on income and eligibility, the customer’s request for cover can be considered.
Why should I buy a life insurance policy if I am already insured under a group insurance scheme by my employer?
It is always prudent to buy an individual life insurance policy because:
a. The amount of insurance you are covered for may not be a very large sum.
b. If your employer decides on cost-cutting, you may no longer be insured.
c. If you decide to leave your employer, you may no longer be covered.
d. The older you are when you buy insurance, the higher is the premium you have to pay for the same insurance cover.
Can I buy it under Non-medical Scheme?
Yes, if you are within 35 yrs. of age, with annual income > 3 lacs, you may purchase upto 40 lacs and if between 35 to 45 yrs of age, with annual income > 5 lacs, you may buy upto 30 lacs subject to you being Non-Smoker, No past medical history and underwriter’s decision.
Will I have to undergo a medical test?
The requirement for a medical test may or may not arise depending on the underwriting requirements and your health disclosures. Your medical tests will be short and basic (some examples are: blood test, urine test etc.) and rest will depend on your health status which will be communicated to you by our office. Medical test is mandatory if proposed for Non-smoker rate and if it is not covered under Non-medical scheme. All medical expenses will be borne by LIC of India if your proposal results into a policy.
Can I buy one more online policy?
Yes, you can buy another online policy in your name if you believe you need more life cover.
When will my life insurance cover begin?
Your coverage will begin only on acceptance and completion of your proposal.
If I am travelling abroad for business/vacation will I be covered?
Once the policy is issued you are covered across the globe. Even in case you get an opportunity to work abroad the coverage shall be applicable.
What is Non-Smoker Rate?
Non-Smoker rate is applicable for sum assured 50 lacs and above and offered to people who are Non-smoker or do not use tobacco in any form. For people other than Non-smoker and proposer of e-Term upto 49 lacs, Aggregate rate will be applicable.
Where can I contact / write to know the status of my application?
You can write to us at [email protected] or call our toll free number 1800227717
Claim Procedure For LIC E Term Policy 825:
The documents required for claim procedure under online term policy from lic are given below
- NEFT form
- Discharge form
- Cancel check or Bank Pass book xerox
- Policy bond
- Death certificate
For more details and How to buy guide please visit LIC E Term Plan Official page.