LIC e-Term Insurance Plan
LIC e-Term Insurance Plan is a type of term insurance policy. It can be bought only through online medium. This plan is not available through offline mode.
The minimum age for this term insurance plan has been set at 18 years and the maximum age at 60 years. The policy term of this plan ranges from 10 years to 35 years. You can choose any of these periods for term coverage.
Under LIC e-Term Insurance Plan, if the insured person dies during the policy term, then a minimum sum assured of Rs 25 lakh is provided to him. There is no limit on the maximum sum insured.
In this term insurance plan, you also get the option of free look period and grace period.
Features Of LIC E-Term Plan
Features of LIC e-Term Plan are as follows-
- This is an online term insurance plan. It can only be bought through online medium. You can easily buy it sitting at home as per your convenience.
- In this you get the policy term from minimum 10 years to maximum 35 years.
- In this term insurance plan, on the death of the insured during the policy term, a minimum sum assured of Rs 25 lakh is provided to him. There is no limit on the maximum sum insured.
- This term insurance plan offers different premium for smoker and non-smoker. Lower premium payment is offered to non-smokers.
- In this you are also provided with a free look period of 30 days. If you are not satisfied with this plan, you can opt out within 30 days.
- In this you are provided with a grace period of 30 days. If you do not pay your premium by the due date, you are given an additional time of 30 days to pay the premium.
Benefits Of LIC E-Term Plan
Following are the benefits of LIC e-Term Plan :
- Death Benefit:
LIC e-Term Insurance Plan In case of death of the life assured during the policy term, the death benefit is provided to the person nominated by the life assured. The minimum death benefit of Rs 25 lakh is provided in this term insurance plan. There is no limit on the maximum death benefit.
- Maturity Benefit:
LIC e-Term Insurance Plan is purely a term insurance plan. In this you are not provided any kind of maturity benefit. If the life assured survives the policy term then no benefit is provided to him.
- Income Tax Benefit:
Income tax benefit is also provided to you in LIC e-term insurance plan. You are eligible for tax exemption under section 80C of the Income Tax Act 1961 if the amount of premium paid for this plan exceeds Rs 1.5 lakh in 1 year.
LIC E-Term Plan Eligibility
Also, the death benefit received by the nominee is also eligible for tax exemption under section 10(10D) of the Income Tax Act, 1961.
Eligibility for LIC e-Term Plan is as follows-
| PARAMETERS | CRITERIA |
| Entry Age | Minimum – 18 years Maximum – 60 years |
| Maturity Age | Minimum – Maximum – 75 years |
| Plan Tenure | Minimum – 10 years Maximum – 35 years |
| Sum assured | Minimum – Rs.25 Lakh Maximum – No limit |
| Premium Paying Frequency | Annual |
| Premium payment mode | Annual |
| Surrender Value | Surrender Value is not offered on LIC e-Term Plan |
| Free Look Period | 30 days |
- Read Also LIC Online Term Plan
Documents Required For LIC E-Term Plan
The documents required for LIC e-Term Plan are as follows-
1. Application Form/Proposal Form, duly filled in
2. Medical Report
3. Address Proof (Any one of the following):
- Aadhar card,
- PAN card,
- Voter ID Card,
- Driver’s license
4. Identity proof (any one of the following):
- Aadhar card,
- voter id,
- Passport,
- PAN card,
- driving license.
5. Age proof (any one of the following):
- Birth certificate,
- driving license,
- School or College Certificate.
LIC E-Term Plan Premium
In LIC e-Term Insurance Plan , you are provided with the option of premium payment. You can choose any of the premium payment options as per your convenience.
Following are the options for premium to be paid for LIC e-Term insurance plan-
- Premium Paying Frequency- Annual
- Premium payment mode- Annual
How to Buy LIC E-Term Plan?
LIC e-Term Insurance Plan is a purely online term insurance plan. You cannot buy this term insurance plan through offline mode. If you want to buy this plan, you have to go to the official website of LIC. There you can easily buy this term insurance.
There you have to provide necessary documents along with some necessary information and buy this plan by choosing your sum insured and paying the premium for LIC e-term insurance plan.