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.
Who should buy Term Insurance?
Term insurance policies are best suited for working individuals who have dependents (Children, parents) and are looking for a considerable sum of protection against uncertainties of life (death) at fairly low prices.
Term insurance plans fulfill the basic purpose of any life insurance policy by providing financial security for the applicant and his family.
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.
What are the Qualifying criteria of LIC's e-term plan?
Minimum entry age: 18 years (Completed).
Maximum entry age: 60 years (Nearest Birthday)
Maximum cover ceasing age: 75 years (Nearest Birthday)
What is the minimum and maximum Policy Term?
Minimum Policy Term: 10 years
Maximum Policy Term: 35 years
What should be the duration (term) of my policy?
Ideally, the term of your policy should be equal to the number of years your family will be dependent on you financially.
What are the premium payment modes available?
The Premiums can be paid in annual mode only.
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.
Who is a Nominee?
A nominee is a person who is eligible to receive the coverage amount from insurance policy in the event of death of the applicant.
Can the Nominee be a Minor?
Yes, a Nominee can be a Minor. However, an Appointee (major) has to be provided for the Minor Nominee.
What does my nominee receive after my death?
If death takes place during the term of the insurance policy, then the nominee receives the sum assured under the plan
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 underwriting decision, the customer's request for cover 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 advisable 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.
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.
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 of your proposal form.
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.
Where can I contact / write to know the status of my application?
You can write to us at online_dmkt@licindia.com or call toll free number 1800-22-7717
Eligible life ..
Proposal on own life only will be considered. Key Man Insurance (KMI)/ Partnership/ Employer-Employee Cover will not be allowed.
For buying this plan
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