About LIC E-Term Plan
A term insurance policy acts as a protector for your household in the unexpected departure of their policyholder. It empowers his/her family to deal with the emotional turmoil as a result of abrupt lack of a loved one and functions as a steady source of earnings in their absence.
It’s famous for preserving the maximum maintain settlement ratio for over 3 successive years. LIC e-Term is just one of the most acclaimed expression insurance coverages, one of its broad assortment of product offerings. LIC e-Term program is a pure insurance plan, meaning that it provides Death Benefit simply, i.e. the payment of this pre-determined amount guaranteed to the beneficiary on the policyholder’s death.
LIC e-Term program provides comprehensive policies of varying quantities in accordance with the need of the proposer, as we’ll talk later here. The minimum amount assured that LIC e-Term program offers is Rs.25 lakh for an aggregate group, while to get a smoker it’s Rs.50 lakh. LIC e-Term program is a fundamental online term program, ensuring clients the flexibility and convenience of buying it across geographic boundaries. This also means that you don’t require the assistance of LIC brokers and intermediaries to allow you to buy the LIC e-Term program. This normal premium paying non-participating online term insurance policy assures that your family of fiscal stability, even if you’re not about to provide for them.
All you have to do to qualify for purchasing a LIC e-Term program is hold a Indian citizenship, belong to the era of bracket of a minimum of 18 decades and a maximum of 60 decades and need to have a steady source of revenue. The LIC e-Term program can be available on a minimal policy duration of 10 decades and premium payment is applicable yearly.
Eligibility Conditions 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||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.
Benefits & Features of LIC E-Term Plan
- Available through Online mode (www.licindia.in)
- It is a 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.
→ 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.
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.
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.
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.
→ Minimum Policy Term: 10 years
→ Maximum Policy Term: 35 years
→ The Premiums can be paid in annual mode only.
→ You can make payment through Netbanking, Debit card, Credit card, Amex card, UPI, IMPS and e-wallets.
→ For the Credit Card transactions, the existing customer convenience fee charges for different payment-ranges as listed below.
|Card Type||Premium Payment Range||Convenience Fee charged to Customer|
|1)Visa/ Master Credit Card||Upto Rs. 5,000||Rs. 20 per Transaction + GST|
|Rs. 5,001 to 10,000||Rs. 45 per Transaction + GST|
|Rs, 10,001 to 25,000||Rs. 80 per Transaction + GST|
|Rs. 25,001 to 50,000||Rs. 190 per Transaction + GST|
|Rs. 50,001 to 100,000||Rs. 350 per Transaction + GST|
|2)American Express Cards||Upto Rs. 5,000||Rs. 18 per Transaction + GST|
|Above Rs. 5,000||Rs. 35 per Transaction + GST|
|3)Visa/ Master Credit Card||Rs. 100,001 to 300,000||Rs. 1,000 per Transaction + GST|
|Rs. 300,001 to 500,000||Rs. 3,000 per Transaction + GST|
|Rs. Above 5,00,000||Rs. 5500 per Transaction + GST|
|4)PPI, eWallets||Upto Rs. 20,000||Rs. 2.90 per Transaction + GST|
|5)UPI and IMPS||As per NPCI||As per RuPay Card Fees|
|6)ATM-cum-PIN Debit Cards||Upto Rs. 20,000||Rs. 20 per Transaction + GST|
BillDesk Transaction Processing Fees for the above transactions (5) & (6) is Rs. 2.00 per Transaction + GST
→ All kinds of death including accidental deaths are covered under this plan except suicide during first year. There are no riders in this 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.
→ A nominee is a person who is eligible to receive the coverage amount from insurance policy in the event of death of the applicant.
→ Yes, a Nominee can be a Minor. However, an Appointee (major) has to be provided for the Minor Nominee.
→ If death takes place during the term of the insurance policy, then the nominee receives the sum assured under the plan
→ A Grace Period of 30 days from the premium due date will be allowed under the product.
→ Loan is not available under this product.
→ The subsequent premium can be paid online either through Net-Banking/ Credit Card/ Debit Card.
→ 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.
→ 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.
→ 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.Under Non-medical scheme, the premium will be calculated under Aggregate Rate. Non-smoker rates will not be available under Non-medical scheme.
→ 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.
→ Yes, you can buy another online policy in your name if you believe you need more life cover subject to your financial eligibility.
→ Your coverage will begin only on acceptance and completion of your proposal.
→ 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.
→ 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.
→ You can put a mail to [email protected] for refund. If you have undergone medical tests, medical fees with applicable service tax and cess shall be deducted from your deposit.
→ Suicide during first year of policy from the date of adjustment is excluded under this policy.
→ Section 45 of The Insurance Laws (Amendment) Act, 2015 :
1. No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e. from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.
2. A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud:
Provided that the insurer shall have to communicate in writing to the insured or the legal representatives of nominees or assignees of the insured the grounds and materials on which such decision is based.
Explanation I — For the purposes of this sub-section, the expression “fraud” means any of the following acts committed by the insured or by his agent, with the intent to deceive the insurer or to induce the insurer to issue a life insurance policy:
a. the suggestion, as a fact of that which is not true and which the insured does not believe to be true;
b. the active concealment of a fact by the insured having knowledge or belief of the fact;
c. any other act fitted to deceive; and
d. any such act or omission as the law specially declares to be fraudulent.
Explanation II — Mere silence as to facts likely to affect the assessment of the risk by the insurer is not fraud, unless the circumstances of the case are such that regard being had to them, it is the duty of the insured or his agent, keeping silence to speak, or unless his silence is, in itself, equivalent to speak.
3. Notwithstanding anything contained in sub-section (2), no insurer shall repudiate a life insurance policy on the ground of fraud if the insured can prove that the mis-statement of or suppression of a material fact was true to the best of his knowledge and belief or that there was no deliberate intention to suppress the fact or that such mis-statement of or suppression of a material fact are within the knowledge of the insurer:
Provided that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the policyholder is not alive.
Explanation — A person who solicits and negotiates a contract of insurance shall be deemed for the purpose of the formation of the contract, to be the agent of the insurer.
4. A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground that any statement of or suppression of a fact material to the expectancy of the life of the insured was incorrectly made in the proposal or other document on the basis of which the policy was issued or revived or rider issued:
Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision to repudiate the policy of life insurance is based:
Provided further that in case of repudiation of the policy on the ground of misstatement or suppression of a material fact, and not on the ground of fraud, the premiums collected on the policy till the date of repudiation shall be paid to the insured or the legal representatives or nominees or assignees of the insured within a period of ninety days from the date of such repudiation.
Explanation — For the purposes of this sub-section, the mis-statement of or suppression of fact shall not be considered material unless it has a direct bearing on the risk undertaken by the insurer, the onus is on the insurer to show that had the insurer been aware of the said fact no life insurance policy would have been issued to the insured.
5. Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal.
You can write to us at [email protected] or call our toll free number 1800227717or landline numbers 022-26127303-05,022-67819282,022-67819284.
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