The LIC’s e-Term plan is a regular premium non-participating “Online Term Assurance Policy” that gives fiscal protection to the beneficiary in the instance of a premature death of the policyholder. This plan can be purchased only through a LIC eServices online portal, thereby eliminating the need for any intermediaries.
The LIC’s e-Term plan is available under two categories of premium rates- (i) Aggregate lives and (ii) Non-smoker lives. For Sum Assured up to the amount of Rs. 49 lacs, Aggregate category rates would only be applicable. However, for a higher Sum Assured value of Rs. 50 lacs and above, there is an option to choose differential premium rate for Non-smoker category.The applicant would be eligible for Non-smoker rates only after clearing the findings of the Urinary Cotinine test. In general cases, the Aggregate premium rates would be applicable for all.
FEATURES
- The plan is available for purchase through online mode only (www.licindia.in).
- It is a Pure Term plan.
- There is a scope for differential premium rates for Smoker and Non-Smoker lives.
- For this plan, only the proposal on one’s own life would be considered.
BENEFITS
Death Benefit
In the instance of the unfortunate death of the policyholder during the active policy term, the Sum Assured would be paid to the beneficiary. Here all types of deaths including accidental deaths are considered. However, suicides are excluded from the cover for one year from the date of policy purchase. This term plan comes with no accompanying riders.
Maturity Benefit
If the policyholder survives till the end of the policy term, then he or she would not be eligible for any maturity benefits.
ELIGIBILITY
Lowest Sum Assured: 25 lacs INR for Aggregate category
50 lacs INR for the Non-smoker category
Maximum Sum Assured: Limitless
Minimum Entry Level Age: The applicant must have completed 18 years of age.
Maximum Entry Level Age: The applicant must have completed 60 years on his or her nearest birthday.
Maximum Cover Ceasing Age: The applicant must have completed 75 years on the nearest birthday.
Minimum Duration of Policy: 10 Years
Maximum Duration of Policy: 35 Years
Mode of Payment: The premiums are to be paid on a yearly basis. It can only be paid through online mode via Debit Card/ Credit Card, or Net Banking from the LIC e-Services portal
Eligibility: The applicant can only buy the policy in his or her name. The applicant must be an Indian citizen who has a regular earnings of his or her own. The policy would remain active even if the policyholder moves to another country.
Grace Period: A grace period of 30 days from the premium due date would be considered under the term.
I’m Shiv Kumar, a graduate with a passion for finance, marketing, and technology. My journey into finance started with a desire to understand money management and investing.
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