LIC's New Online Term Plan - e-Term

Finally the wait is over, LIC Launched its First Online Term Plan (e-Term). This is the second online plan from LIC after the launch of pension plan Jeevan Akshay VI.

LICs Online Term Plan – eTerm features and Benefits.

You can buy plan only through online / internet.

For Sum Assured upto Rs.49,00,000 only aggregate premium will be applicable.
From Rs.50,00,000 onward you have option to choose whether you are smoker or non smoker.
If you are smoker then aggregate category only. But if non smoker then you need to mention it and accordingly premium will vary.

Death benefit of eTerm an Online Term Plan from LIC:
Death benefit will be equal to Sum Assured

Maturity Benefit of eTerm – an Online Term Plan from LIC:
There is no maturity benefit under this plan

Minimum Sum Assured –
Aggregate category is fixed Rs. 25,00,000. (25 Lacs) (For Smokers)
For non smoker it is Rs. 50,00,000 to no maximum limit.

• Minimum Age at entry is 18 Yrs.
• Maximum Age will be 60 Yrs.
• Maximum cover you can opt upto 75 Yrs.
• Minimum Policy Term is 10 Yrs.
• Maximum Policy Term is 35 Yrs.
• You have to pay premium only on annual/ Yearly base.
• Grace period of 30 days will be available for premium payment.
• You can pay the subsequent premiums online either through net-banking/credit card/debit card.

How to buy this plan online?

1. Visit LIC Online Plans Page by clicking LIC DIRECT.
2. Select your residential status by clicking as below and click on the tab called Confirm & Proceed. Here you have two options too. One is for new customer and another is for those who calculated previously, for them need to enter Access ID (10 digit number which will be sent to your provided mobile number and to mail id).
3. Calculate your premium in next step. Enter details like Sum Assured, Date of Birth, Term and whether you are smoker or not.
4. Premium will be displayed and you can either recalculate or proceed further.
5. Proceed to fill your personal details in below step. Please remember that this online purchase is set for cities only. So if you not belong to any of cities mentioned in drop down then select city which is nearest to you.
6. Access ID will be generated and which will be sent to your mobile number and email id.
7. Now below are some instruction to proceed and complete the process of buying online:
   You must be in India while buying a plan as you need to undergo the health check up.
   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.
8. Provide Personal details, Correspondence details, Identity details, employment details, employment details, lifestyle details, nominee details and finally add family members details. Now add your previous policy details, medical details, provide bank details, personal financial quarries and confirm finally that you understood all the policy details.

Finally view the proposal form in PDF format. If you found any incorrect data then modify once again. Otherwise proceed for buying it through net-banking/credit card/debit card.