LIC’s e-Term is an internet-based term assurance plan. It is a yearly premium-based plan meant for oneself. One can avail the plan only via internet based application procedure without the involvement of any intercessors. If you are interested in this plan then you buy this LIC online Term plan for yourself.
The plan offers two sets of premium rates. They are
- Aggregate Lives
- Non-Smoker Lives.
The Aggregate class rates will be applicable for Amount Guaranteed till Rs. 49 lakh. In the instance of Sum Guaranteed for Rs. 50 lakh and more the Life Assured has a choice of opting for a differential premium amount for Non-smoker group. Nevertheless, the applicant would have to undergo the Urinary Cotinine test and would be awarded the non-smoker group only if the test shows negative results. In all other cases, the Aggregate premium amounts shall be applicable.
LIC Online Term Plan
LIC’s E-term Plan is a pure tenure online plan. There are different premium rates meant for smokers and non-smokers. A person can avail this policy on his or her own life only. The beneficiary would receive the death benefit on the demise of the policyholder.
Maturity Benefits in Online Term Plan
As a pure term plan, the LIC’s E-Term plan does not provide the facility of maturity benefit. The Life Assured would not be provided any maturity benefit if he/she survives through the end of the plan.
Death Benefits in Online Term Plan
The beneficiary gets the sum assured on death on the demise of the policyholder. The aggregate policyholder would get a minimal amount guaranteed of 25 lakh INR while a non-smoker policyholder could opt for minimal amount guaranteed at 50 lakh INR. There is no ceiling on the upper limit on death assured.
Policy Loan:
The plan does not supply the facility of a policy loan.
Paid Up Value
The plan does not supply the facility of paid up value.
Cooling Off Duration
The applicant may return the plan back within a fortnight of plan purchased if he/she is unsatisfied with the policy’s terms and conditions. This period is known as Cooling off Duration.
Surrender Value in Online Term Plan
The plan does not supply the facility of surrender value.
Policy Eligibility for Online Term Plan
| Lowest Eligibility Age | The interested candidate must have completed 18 years to be eligible for this plan. |
| Highest Eligibility Age | The interested candidate must be below 60 years on his oncoming birthday. |
| Highest Cover Ceasing Age | The interested candidate must be below 75 years on his oncoming birthday. |
| Smallest Policy Tenure | 10 years |
| Longest Policy Tenure | 35 years |
Premium Payments in Online Term Plan
The policy premiums must be paid on a yearly basis. The policy member gets a grace period of a month within which the premium has to be paid. If the policy premium is not paid in a timely manner then the policy would lapse.
Revival
A lapsed policy could be revived back within a 24-month span from the initial day of policy lapse and prior to the expiry of plan tenure by paying up all the defaulted premiums and the existing company rates. For a revival process, the candidate would once again have to undergo all the medical examinations and the expenditure charges would have to be borne by the candidate.
How to Buy LIC Online Term Plan Policy Online?
- Log-on to the LIC official website licindia.in. for purchasing LIC’s e-Term. Click on ‘Buy Online’ and choose the e-Term plan.
- Select your preferred Sum Assured along with Plan tenure (the desired duration of the plan). The Sum Assured chosen by you would be funded to the selected beneficiary in the instance of life assured’s demise.
- Now fill in your Basic information such as your name, age, sex, educational qualification, and other details in the respective columns as shown on the website.
- Once the details are filled in, a policy calculator would estimate the premium for the selected constraints. The different factors on which the Premium amount would depend on age, sexual category, tenure, amount-assured, fitness and the usage of tobacco in everyday life. Lesser premium amounts are applicable for candidates with non-tobacco results for Amount Assured greater to 50 Lakhs.
- You can pay the premiums on a yearly basis.
- So, without the need for any third party intermediary, you can easily complete the application process by filling up all the required columns and start paying premiums through the internet banking.
Exclusion
The plan would be deemed void if the Life Assured takes his/her life within 1-year duration from the risk initiation date or within 1-year duration from the revival date. In this instance, the Company would just pay 80 percentile of the entire premiums paid until the demise date exclusive of any duties or any added premium providing the plan was fully active at the suicidal date. The Corporation would not pay anything else beyond this amount.
