LIC's Online Term Plan - e-Term (UIN: 512N288V01)

LIC’s e-Term is a regular premium non-participating “on-line term assurance policy” which provides financial protection to the insured’s family in case of his/her unfortunate demise. This plan will be available through on-line application process only and no intermediaries will be involved.

Under this plan, there are two categories of premium rates namely (1) Aggregate lives & (2) Non-smoker lives. For Sum Assured upto Rs. 49 lacs Aggregate category rates only would apply. For Sum Assured Rs. 50 lacs and above there is an option to choose differential premium rate for Non-smoker category. However, the application of Non-smoker rates shall be based on the findings of the Urinary Cotinine test. In all other cases the Aggregate premium rates shall be applicable.

Key Feature of LIC’s Online E-TERM Plan:
Available through Online mode (www.licindia.in)
Pure Term plan
Differential premium rates for Smoker/Non-Smoker lives
Proposal on own life ONLY will be considered

Key Benefits of E-Term Plan
Death Benefit : In case of unfortunate death of the Life Assured during the policy term Sum Assured shall be payable.
Maturity Benefit : On survival to the end of the policy term, nothing shall be payable.

Eligibility Condition for E-Term Plan

• Minimum Sum Assured :Rs. 25,00,000 for Aggregate category
• Rs. 50,00,000 for Non-smoker category
• Maximum Sum Assured : No limit
• Minimum age at entry : 18 years (completed)
• Maximum age at entry : 60 years (nearest birthday)
• Maximum cover ceasing age : 75 years (nearest birthday)
• Minimum policy term : 10 years
• Maximum policy term : 35 years
• Mode of payment : Premiums are to be paid annually.
• Eligible life : Proposal on own life only will be considered. Key Man Insurance (KMI)/ Partnership/ Employer-Employee Cover will not be allowed.

Read More

Why LICs Online Term Plan - eTerm Plan Benefits

Why you should take LICs Online Term Plan –  eTerm Plan Benefits

You should know below details before buying this eterm plan from LIC

1. Compare to existing offline term plans of LIC, this looks cheaper. 37% cheaper than Offline version
2. Maximum age is 75 Yrs.
3. No accidental benefit rider.
4. No additional riders attached to it. So it is plan vanilla product.
5. You must undergo medical test.
6. It is too early how LIC will give service as currently it is heavily depending on agents force.

Steps to buy Online Term Plan from LIC

1. E Term Plan
2. Calculate Premium
3. Contact Details
4. Basic Information
5. Previous Insurance
6. Medical Details
7. Bank Details Declaration

Why to take from LIC?

Read More

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.

Read More