LIC’s e-Term is a regular premium non-participating “on-line term assurance policy” which provides financial protection to the insured’s family in case of his/her unfortunate demise. This plan will be available through on-line application process only and no intermediaries will be involved.
Under this plan, there are two categories of premium rates namely (1) Aggregate lives & (2) Non-smoker lives. For Sum Assured upto Rs. 49 lacs Aggregate category rates only would apply. For Sum Assured Rs. 50 lacs and above there is an option to choose differential premium rate for Non-smoker category. However, the application of Non-smoker rates shall be based on the findings of the Urinary Cotinine test. In all other cases the Aggregate premium rates shall be applicable.
Key Feature of LIC’s Online E-TERM Plan:
Available through Online mode (www.licindia.in)
Pure Term plan
Differential premium rates for Smoker/Non-Smoker lives
Proposal on own life ONLY will be considered
Key Benefits of E-Term Plan
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.
Eligibility Condition 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 : Proposal on own life only will be considered. Key Man Insurance (KMI)/ Partnership/ Employer-Employee Cover will not be allowed.