LIC E-Term Policy, LIC E-Term Policy Features, LIC E-Term Policy Benefits, lic’s e-term plan online term insurance plan, lic e term policy details
LIC E-term is a regular premium non-participating pure life cover policy. E-term policy can be purchased online. The policy holder needs to pay the premium regularly every year and it is a non-bonus plan. It is not particularly designed for any specific means rather it is just an investment plan but it is very easy as it provides everything online without the involvement of any agent. It is also known as “Online Term Assurance Policy”. Also Read about LIC Single Premium Endowment Plan.
It assures financial protection to the dependents of policy holder in case of his accidental death. The form of E-term policy is available online. This plan involves two categories of premium plans:
- Aggregate Lives
- Non- Smoker Lives
Aggregate Category rates will be applicable only for sum assured up to Rs. 49 lacs. For sum assured for Rs. 50 lacs and above Non-Smoker rates shall be applicable.
LIC E-Term Policy Features:
- This is a pure term plan.
- E-Term policy is available through online mode (www.licindia.com).
- There are differential premium rates for smokers/ non-smokers lives.
- Proposal on own life ONLY will be considered.
LIC E-Term Policy Benefits:
There are two benefits under this policy. Let me discuss them under:
- Death Benefit: If the policy holder dies unfortunately during the policy term Sum Assured shall be payable.
- Maturity Benefit: On survival to the end of the policy term, nothing shall be payable.
LIC E-Term Policy Eligibilty:
Minimum Sum Assured is Rs. 25 lacs for Aggregate category and Rs. 50 lacs for non-smoker category. Maximum Sum Assured has no limit. The one who has completed 18 years of age is eligible to take E- Term policy. The maximum entry age to this policy is 60 years and maximum cover ceasing age is 75 years. It allows premiums to be paid annually. The person who is applying for E-Term policy should be a citizen of India and he/she must have own earned income. The policy is to be taken for a minimum period of 10 years. Key Man Insurance (KMI)/ Partnership/ Employer-Employee Cover will not be allowed. No surrender value is awarded under this plan.
LIC E-Term Policy Coverage:
The cover is available only for their individuals and their own lives. If the premiums are not paid within the grace period, the policy will lapse. Once the policy gets lapsed it can be renewed within 2 years. The policyholder has to borne all the cost in case of any medicals required. This policy has a freelook period of 30 days.
All this is a brief about E-term policy. I have tried to include all the necessary information about this policy in this article. But before investing in this policy please go through all the FAQ’s present on the official website of LIC.