LIC E Term
LIC E Term Plan
LIC’s e-Term policy is a pure life cover term insurance policy that can be purchased online. The premiums need to be paid regularly (every year) and this is a non-participating (without bonus) plan. Under the LIC’s e-Term policy, the insurance company agrees to pay the policyholder’s beneficiaries (dependent family member/s) an agreed amount (sum assured) in event of his/her death during the policy term. However, if the insured survives till the end of the policy term, nothing is payable. Premiums paid under the plan are eligible for tax benefits and the benefits paid to the nominee/family are tax-free.
Key Features
Benefits
In case of unfortunate death of the Life Assured during the policy term then Sum Assured shall be payable to his/her nominee (dependent family member).
f the policyholder survives till the end of the policy term, no amount shall be payable to him or his family members. Pure term plans do pay anything on maturity and hence are able to offer such low premiums.
Life Insurance premiums paid up to Rs.1,50,000 every year are allowed as a deduction from the taxable income each year under section 80C. Death Benefit amount paid to the nominee is also tax-free under section 10(10D).
There are no riders are available in LIC e-Term insurance plan.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 25,00,000 50,00,000 for the Non-Smoker category |
No Limit |
| Policy Term (in years) | 10 | 35 |
| Premium Payment Term (in years) | Equal to the policy term | |
| Entry Age of Policyholder | 18 | 60 |
| Age at Maturity | - | 75 |
| Payment modes | Yearly | |
FAQs
What happens if?| If you stop paying the premium | Policy lapses and all benefits cease |
| Revival of Policy | Allowed if done within 2 years from the due date of the first unpaid premium instalment |
| Surrender Policy | Not allowed |
| Surrender Benefits | - |
| Loan | Not Available in this plan |
| Grace period | 30 days from the premium due date |
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.
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
How can I pay the subsequent premiumThe subsequent premium can be paid online either through net-banking/credit card/Debit card.
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.
When will my life insurance cover begin?Your coverage will begin only on acceptance of your proposal form.
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.
Where can I contact / write to know the status of my application?You can write to online_dmkt@licindia.com or call the LIC toll free number 1800-22-7717
