LIC Online Term Plan
LIC Online Term Plan has been offered by LIC for such customers who want to buy a term insurance plan through online medium. LIC Online Term Plan is also known as LIC Tech Term Plan No. 854 plan. You can buy this plan only through online medium. There is no option to buy this term plan through offline mode.
You can easily buy this term insurance plan available through online from anywhere sitting at home. Through this term insurance plan, you can secure the financial future of your family members in your absence. In this plan, if you die during the policy term, then the sum assured is provided as death benefit to the person nominated by you.
In LIC Online Term Plan, you get the policy term from 10 years to 40 years. You can avail the benefits of a term insurance coverage by choosing any policy term as per your requirement. For LIC Online Term Plan, the minimum age should be between 18 years and maximum age should be between 65 years.
You can enhance your coverage by adding riders to LIC Online Term Plan. In this, you also get the option of adding Accident Benefit Rider. You have to pay a little extra premium for the rider.
Features Of LIC Online Term Plan
Features of LIC Online Term Plan are as follows-
- LIC Online Term Plan is available through online mode only. You can easily buy it sitting at home.
- The policy term for LIC online term plan ranges from a minimum of 10 years to a maximum of 40 years. The customer can choose the policy term for his term plan coverage as per his requirement.
- In this plan, the life assured is given the option to choose the death benefit from Level Sum Assured and Increasing Sum Assured.
- For premium payment of LIC online term plan, you are provided with the option of single premium, regular premium and limited premium payment by the insurance company.
- Women are offered additional discount in premium.
- The premium rates are different for smoker and non-smoker. Premium waiver is provided to non-smokers.
- In this, you get the option of increasing your term coverage by adding riders. In this you can add Accidental Benefit Rider.
- In this term plan plan, you are provided with a free look period of 30 days by the insurance company. Also you are provided with a grace period of 30 days.
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Benefits Of LIC Online Term Plan
LIC Online Term Plan Benefits are as follows-
- Death Benefit:
In LIC online term plan, if the life assured dies during the policy term, the sum assured is provided as death benefit to the nominee by the life assured.
- Maturity Benefit:
LIC Online Term Insurance Plan as the name suggests is a term insurance plan. You are not provided with any kind of maturity benefit in a term insurance plan. If the insured person survives till the completion of the policy term, then no benefit is provided to him by the insurance company.
- Rider Benefit:
The option of adding riders is also provided by the insurance company in the LIC online term insurance plan. The life assured can enhance his LIC online term plan coverage by adding riders if he so desires. The insurance company gives you the option of adding an accident benefit rider to the LIC online term plan. For this you have to pay additional premium.
- Tax Benefits:
In LIC online term plan you are also provided with tax exemption as per income tax laws. In this, you are provided with the benefit of tax exemption on the premium paid under Section 80C of the Income Tax Act, 1961.
Also, tax benefit is also provided under Section 10 (10D) of the Income Tax Act 1961 on the death benefit received by the nominee.
- Online Process:
LIC online term plan is available to you only through online medium. Therefore, to buy it, you have to go to the official website of LIC. You can do this anytime sitting at home. For this you do not need to run offline. Thus it is time saver.
LIC Online Term Plan Eligibility
Eligibility for LIC Online Term Plan is as follows-
| Minimum age at entry | 18 years (Last Birthday) |
| Maximum age at entry | 65 years (Last Birthday) |
| Maximum age at maturity | 80 years (Last Birthday) |
| Minimum Basic Sum Assured | Rs. 5,00,000 |
| Maximum Basic Sum Assured | No Limit (Basic sum assured should be in the multiples of Rs. 5,00,000, if basic sum assured is Rs. 50,00,000 to Rs. 75,00,000; Rs. 25,00,000, if basic sum assured is above Rs. 75,00,000) |
| Policy Term | 10 years to 40 years |
| Premium Paying Term Regular Premium: Limited Premium: Single Premium: | :Same as policy term :[Policy Term minus 5] years for Policy Term [10 to 40] years [Policy Term minus 10] years for Policy Term [15 to 40] years :NO |
Documents Required For LIC Online Term Plan
The documents required for LIC Online Term Plan are as follows-
1. Duly filled application form.
2. Medical Report (Latest)
3. Identity proof (any one of the following):
- Aadhar card,
- Passport,
- PAN card,
- voter id,
- driving license.
4. Address Proof (Any one of the following):
- Aadhar card,
- Utility Bill.
5. Age proof (any one of the following):
- Birth certificate,
- driving license,
- School or College Certificate.
6. Income Proof (Any one of the following):
- it returns,
- Latest Bank Statement.
LIC Online Term Plan Premium
In LIC Online Term Plan many options for premium payment for term plans are provided by the insurance company. In this, you are provided with the option of regular premium, limited premium and single premium payment. You can pay the premium for your LIC online term insurance plan by choosing any of these premium payment options as per your convenience and ability.
How To Buy LIC Online Term Plan?
As we discussed above that LIC Online Term Plan is available for purchase only through online medium. So you have to visit the official website of LIC to buy LIC online term plan.
You can easily buy LIC online term plan in a few minutes by visiting the official website of LIC.
It is worth noting that before buying a term plan online, keep all the necessary documents ready with you so that you can buy this term plan without any hassle.