LIC online Term policy ( E-Term policy )

LIC online Term policy ( E-Term policy )

Finally, LIC has launched online term policy called LIC’s e-term policy . Though it has come a bit late to the market, the features and benefits are very attractive.

After all, LIC has the highest number of policy claims ratio in comparison with rest of the insurance companies.

Below are the key benefits of LIC e-term policy:

  • 100% term policy
  • Customized premium price for both smokers and non-smokers.
  • No changes in the premium price for the entire tenure of the policy
  • Flexibility to have both adult and minor nominee
  • 30 days grace period
  • Premium can be paid through online using net-banking/credit card/debit card
  • Coverage will be applicable even the policy holder is in foreign country at the time of death
  • No medical test for under 50 Lakhs sum assurance
  • Once you take LIC’s e- term policy, LIC will send you the term policy bond to your mentioned correspondence address post medical tests if any.

Why to choose LIC E-Term policy:

  • Trusted brand
  • Proven track record of hassle free claiming ratio
  • Has been there in the market from generations

Eligibility:

  • Minimum age as per the age proof document: 18 yrs
  • Maximum age as per the age proof document: 60 years
  • Policy holder must have earned income
  • Maximum age cover you can opt : 75 years
  • Minim policy term: 10 years
  • Maximum policy term: 35 years




Not sure what is maximum policy term and maximum age coverage? Here you go:

Lot of people have little confusion over maximum policy term and maximum age coverage. Below is an example which clarifies about e-term policy:

A person can take LIC’s e-term policy for up to 35 years. Subject to that, policy holder won’t cross his age of 75.

Scenario 1:

Lets say, the person’s current age is 30 years. If you add maximum policy term, which is 35 years, it will be 30 + 35 = 65 years. Since 65 years is lessthan 75 years, he/she can take the policy for 35 years.

Scenario 2:

Let’s say, the person’s current age is 50 years. If you add maximum policy term, which is 35 years, it will be 50+35 = 85 years.

85 years exceeds maximum age limit of 75 years. So, he can’t take the policy for 35 years. He can only take the policy for upto 25 years. Which comes to 50 + 25 = 75 years, which is maximum age conver.

What to consider:

  • Make sure to take print out of the regular premium payments receipts
  • Policy holder has to attend medical tests once you apply for term policy. LIC will be bare all the medical tests expenses. Policy holder doesn’t need to pay anything.
  • Have a scanned copy of your bond incase if you lost original bond to show as a proof. And, inform the same to the dependents.