The foundation of LIC was laid more than 60 years ago, and till date, it has been a pioneer in the Indian insurance industry. It is not just the oldest insurance company in India but also the most entrusted. With millions of Indians associated with LIC, there are numerous plans that cater to the different needs of people from different strata of society.
As the name suggests, the plan is an ‘online’ plan which is available only through the internet and there is no involvement of intermediaries. This online term assurance policy, is a regular premium, a non-participating plan that offers financial security to the policyholder’s loved ones, in case something happens to him.
The key features of LIC’s e-Term are as follows:
|Minimum Sum Assured Aggregate Category||INR 25 lakh|
|Minimum Sum Assured Non-Smoker Category||INR 50 Lakh|
|Maximum Sum Assured||No limit|
|Minimum Age of Entry||18 years|
|Maximum Age of Entry||60 years|
|Maximum Cover Ceasing Policy||75 years|
|Minimum Policy Term||10 years|
|Maximum Policy Term||35 years|
|Eligible Life||Only own life can be proposed in this plan|
This plan can be bought only online and is not available with brokers, distributors and LIC agents or any other intermediaries.
Buying the plan online is very easy and completely hassle-free. Follow these simple steps:
LIC’s e-Term is an ‘online’ plan which is available only through the internet and there is no involvement of intermediaries. It is a pure term insurance plan where the insured pays a regular premium amount for a specific period of time. If he dies before this term completes, the beneficiary will receive a pre-decided sum assured. If in case he survives the term, nothing will be paid.
To purchase the plan the web portal www.licindia.in can be visited.
We know by now that a term insurance plan is one of the least expensive insurances. With the innovations in science and technology, buying insurance has become easy and very convenient.
Generally, at the time of commencement of the policy, the premium amount is fixed and it does not change through the term. But, if in case the government changes any tax policies, then the premium amount may also undergo changes.
However, the rate of premium does not go up after the policy has been issued.
Whether a blood test is required depends on the current health status of the applicant and also the requirements of the plan. Also, whether the applicant falls under the category of Non-Smoker or not is investigated through the Urinary Cotinine Test.
All cases of death would be covered under this plan except for suicide in the first year of the policy issuance or revival.
To ask for a refund of the proposal, a request has to put by forwarding an e-mail to firstname.lastname@example.org. in case the applicant underwent a medical examination, medical fee along with the applicable taxes will be subtracted from his deposit.
There are no Riders that can be attached to the e-Term plan.
There is only an annual payment mode. No other modes of payment would be accepted.
Yes, once LIC’s e-Term is active, the foreign trips of the policyholder will also be covered, irrespective if it’s a business trip or a holiday.
Yes, it can be revived, but within a period of 2 years from the date of the first unpaid premium.
There is no surrender value accumulated so there are no surrender benefits under the e-Term Plan as this is a pure term plan and there is no paid-up value of this plan.
The only permissible mode of payment for LIC e-Term Plan is the online mode through net banking, credit or debit cards, AMEX cards, UPI payment gateway or through a linked payment wallet. No offline modes of payment like cash, a cheque, etc. would be accepted.
Charges for the online payment are as applicable :
|Card Type||The range for Payment of premium||The fee for convenience charged to the customer|
|Till INR 5,000||INR 20 per transaction + applicable GST|
|INR 5,001 to INR 10,000||INR 45 per transaction + applicable GST|
|INR 10,001 to INR 25,000||INR 80 per transaction + applicable GST|
|VISA Card/ Master Card Credit cards||INR 25,001 to INR 50,000||INR 190 per transaction + applicable GST|
|INR 50,001 to INR 1,00,000||INR 350 per transaction + applicable GST|
|INR 1,00,001 to INR 3,00,000||75 years|
|INR 3,00,001 to INR 5,00,000||INR 3,000 per transaction + applicable GST|
|INR 5,00,001||INR 5000 per transaction + applicable GST|
|AMEX Cards||Till INR 5,000||INR 18 per transaction + applicable GST|
|More than INR 5,000||INR 35 per transaction + applicable GST|
|eWallets or PPI (Prepaid payment instrument)||Till INR 20,000||INR 2.90 per transaction + applicable GST|
|UPI( Unified Payments interface), IMPS (Immediate Payment Services)||As per the guidelines of National Payments Corporation of India||As per the fees of RuPay Card|
|ATM Cards, Debit Cards||Till INR 20,000||INR 20 per transaction + applicable GST|
No, there is no provision for a change in the policy tenure once the same has been issued. However, one can always apply for a new plan with a fresh tenure for the additional insurance coverage requirement.
Yes, a nominee can be minor, but there has to be an appointee registered for the same till the nominee attains 18 years of age.
Yes, you can always apply for additional coverage through LIC eTerm Plan provided you disclose all information about your previous insurance coverages, including your LIC term and non-term plans as well as other insurance policies from other insurance companies. The Underwriter will take all insurance coverage into consideration while providing the insurance coverage for LIC eTerm Plan.
If details of all insurance policies are not provided at the time of application of the LIC eTerm Plan, the same comes under non-disclosure or misrepresentation of material fact and can have an adverse effect at the time of claim.
Yes, you can apply for as many eTerm Plan as you want and your pocket permits. However, the underwriter would decide upon your insurance coverage according to your income and eligibility and then approve of the same.