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LIC E-Term Plan | Features and Benefits
LIC e-Term plan is a regular
premium non-participating term insurance policy which can be bought only
through online mode and no intermediaries will be involved. LIC e-Term plan is
a pure life cover policy. LIC e-Term plan provides financial help to the policyholder’s
family in the event of his/her unfortunate death. However, if the policyholder
survives till the end of the policy term, then nothing is given to the
policyholder or his/her family.
Categories of Premium Rates under LIC e-Term Plan
Under LIC E-Term Plan, there are two
categories of premium rates namely
1. Aggregate lives
2. Non-smoker lives
*Aggregate category rates
only would apply for a sum assured up to Rs. 49 lacs.
*There is an option for
Non-smoker category to choose differential premium rate if the sum assured is Rs.
50 lacs or above.
* The application of
Non-smoker rates shall be based on the findings of the Urinary Cotinine test.
Eligibility for LIC e-Term Plan
Following are the eligibility
conditions for LIC e-Term plan
1. Minimum Sum Assured for
Aggregate category: Rs. 25,00,000
2. Minimum Sum Assured for
Non-smoker category: Rs. 50,00,000
3. Maximum Sum Assured: There
is no limit but it should be in multiples of Rs. 1, 00,000/-.
3. Minimum age at entry: 18
years (completed).
4. Maximum age at entry: 60
years (nearest birthday)
5. Maximum cover ceasing age:
75 years (nearest birthday)
6. Minimum policy term: 10
years
7. Maximum policy term: 35
years
8. Mode of Payment: Premiums
are to be paid annually.
Features of LIC e-Term Plan
Following are the key
features of LIC e-Term plan
1. LIC e-Term Plan is available through online mode only (www.licindia.in).
2. It is a pure term plan.
3. There are differential premium rates for smoker and
non-smoker lives.
4. Proposal on own life only will be considered. One cannot
propose for anyone other than self.
Also read: Public Provident Fund (PPF) - A popular saving scheme
Also read: Public Provident Fund (PPF) - A popular saving scheme
Benefits under LIC e-Term Plan
1. Death Benefit
In case of unfortunate death
of the policyholder during the policy term,
Sum Assured shall be payable to his/her family.
2. Maturity Benefit
If the policyholder survives
till the end of the policy term, then nothing is given to the policyholder or
his/her family.
Tax Benefits under LIC e-Term Plan
Premiums paid for life insurance up to Rs.1.5 lakh per
annum are eligible for tax deduction under section 80C. Death Benefit amount
paid to the family is also tax-free under section 10(10D).
Payment of Premiums under LIC e-Term Plan
Premiums are to be paid
annually during the policy term, by online under yearly mode only. A grace
period of one month but not less than 30 days is allowed from the due date of premium.
How to purchase LIC e-Term Plan
Follow the step by step
process given below to buy LIC e-Term plan online
1. Visit LIC website (www.licindia.in)
for buying e-Term plan online.
2. Click on “Buy Policies Online”.
3. Select LIC e-Term.
4. Choose your desired Sum
Assured and the Policy Term (the tenure for which you want the cover). The Sum
Assured will be paid to the family/nominee on the unfortunate event of the
death of the policyholder.
5. Enter your basic details such
as Name, Age, Gender, Qualification, etc in the form displayed on your screen.
6. Once all details are
filled, a premium calculator will calculate the premium on the basis of chosen parameters.
7. Premium payment mode is
yearly only.
8. Complete the form online
with these details and pay your premium online.
Paid-up Value under LIC e-Term Plan
This policy shall not
acquire any paid-up value.
Surrender Value under LIC e-Term Plan
There will be no surrender value
available under this plan.
Also read: LIC Jeevan Akshay VI Pension Plan
Also read: LIC Cancer Cover Policy
Also read: LIC Mobile App for LIC policyholders
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LIC E-Term Plan | Features and Benefits
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