LIC’s e-Term is a pure life cover policy with a regular premium. In case of the sudden demise of the policyholder, this policy provides financial protection to the policy holder’s family. If one wishes to buy this policy then they can buy online only through www.licindia.in.
This plan has two categories of premium rates –
For Sum Assured up to Rs. 49 lacs Aggregate category rates only would apply. For Sum Assured Rs. 50 lacs and above there is an option to choose the 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.
The documents required for LIC e-term are as follows-
Mode of Premium Payment and how to make the payment –
The premium can be paid only on a yearly basis. No monthly, quarterly or half yearly payment of premium is allowed. Payment of premiums can be made through Net Banking, Debit Cards, Credit Cards, IMPS, UPI, e-wallets and Amex card.
Types of deaths covered under this policy –
All types of death are covered under this policy excluding suicide within 1 year of taking the policy.
Exclusion of the policy –
Suicide during the 1st year of policy from the date of adjustment is excluded from the policy.
Will I be covered if I am travelling abroad?
Once the policy is issued you are covered across the globe even if u get an opportunity to work abroad.
Can I buy one more online policy if I have already bought one policy?
Yes, one can buy one more online policy in their name if they feel that they need more life cover to your financial eligibility.
Can I take a loan under this policy?
One cannot take a loan under this policy.
Can a minor be a nominee?
Yes, a minor can be a nominee. However, an appointee (major) has to be provided for a minor nominee.
So, by now everyone of you have come to know each and every details of this policy. Now it’s up to you all to decide whether this policy will satisfy your requirements or not. If you have any doubt regarding this policy, they please let us know in the comment section.
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