Sunday, 25 June 2017

LIC's e-Term

LIC's e-Term is a regular premium non-participating "Online 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 online 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.

  • 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
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.
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 The person must have own earned income.
One cannot propose for anyone other than self. Key Man Insurance (KMI)/ Partnership/ Employer-Employee Cover will not be allowed.


  • ♦ What is LIC's e -Term Policy?

    -
    → 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?

    -
    → The person should be Resident Indian residing in India. He should not be Overseas Citizen of India(OCI)or Person of Indian Origin(PIO).
    → NRI's also can apply while their stay in India subject to the condition that the applicant is residing in any one of the permissible countries(List of permissible countries are provided in the section "know your premium").
    → Minimum entry age: 18 years (Completed).
    → Maximum entry age: 60 years (Nearest Birthday)
    → Maximum cover ceasing age: 75 years (Nearest Birthday)
    → He/she must have own earned income.
    → One cannot propose for anyone other than self.
    → Income should be sufficient to cover all existing and proposed insurance cover under all insurers.
  • ♦ What is the minimum and maximum Policy Term?

    -
    → Minimum Policy Term: 10 years
    → Maximum Policy Term: 35 years
  • ♦ What are the premium payment modes available?

    -
    → The Premiums can be paid in annual mode only.
  • ♦ What are the available modes of payment?

    -
    → You can pay your premium by Net banking, Debit Card, Amex Card, Credit card and e-Wallet.
    → However for payment through Credit Card, convenience fee has to be borne by you.
    → The maximum amount that can be paid through Credit Card is Rs. 100000/-.

    Card Type Premium Payment Range Convenience Fee charged to Customer
    Visa/ Master Credit Card Upto Rs. 5,000 Rs. 20 per Transaction + ST
    Rs. 5,001 to 10,000 Rs. 45 per Transaction + ST
    Rs, 10,001 to 25,000 Rs. 80 per Transaction + ST
    Rs. 25,001 to 50,000 Rs. 190 per Transaction + ST
    Rs. 50,001 to 100,000 Rs. 350 per Transaction + ST
    American Express Cards Upto Rs. 5,000 Rs. 18 per Transaction + ST
    Above Rs. 5,000 Rs. 35 per Transaction + ST

  • ♦ What kinds of death are covered under e-term ?

    -
    → All kinds of death including accidental deaths are covered under this plan except suicide during first year. There are no riders in this plan.
  • ♦ 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 from time to time.
  • ♦ 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 income and eligibility, the customer's request for cover can 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 prudent 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.
  • ♦ Can I buy it under Non-medical Scheme?

    -
    → Yes, if your age falls in age bracket 18 - 35 years, with annual income > 3 lacs, you may purchase upto 75 lacs and if the age is in the range 36-45 yrs, with annual income > 5 lacs, you may buy upto 50 lacs subject to you being Non-Smoker, No past medical history and underwriter's decision.
  • ♦ 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. Medical test is mandatory if proposed for Non-smoker rate and if it is not covered under Non-medical scheme. All medical expenses will be borne by LIC of India if your proposal results into a policy.
  • ♦ 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 and completion of your proposal.
  • ♦ 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.
  • ♦ What is Non-Smoker Rate?

    -
    → Non-Smoker rate is applicable for sum assured 50 lacs and above and offered to people who are Non-smoker or do not use tobacco in any form. For people other than Non-smoker and proposer of e-Term upto 49 lacs, Aggregate rate will 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 our toll free number 1800227717



Sarkari Niyukti

For more information visit https://eterm.licindia.in/OnlineTerm/



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