LIC e-Term Plan

LIC e-Term Plan- An Overview

The LIC e-Term plan is a regular premium plan that can be purchased online in a simple and hassle-free way. Under the LIC e-Term plan, a death benefit equal to the total sum assured amount is paid to the beneficiary of the policy in case of uncertain demise of the insured person during the policy's tenure. As this is a pure term insurance plan, it offers only a death benefit and no maturity benefit is provided by the policy, because of which the LIC e term plan premiums are also affordable. The policyholders can choose a higher sum assured amount at an affordable premium rate.

Key Features of LIC e-Term Plan

The following are the salient features of the LIC e Term plan 825:

• LIC e-Term Plan is a traditional and non-participating plan which can be purchased online in a simple and hassle-free way.  

• The plan provides a saving on premiums for non-smokers and female lives. 

• LIC e-Term plan offers tax benefits U/S 80 C of the Income Tax Act. 

• An add-on rider benefit is offered by the policy to enhance the coverage of the policy. 

• Policyholders can check the difference in their LIC e term premiums because of the riders by using an LIC e term plan premium calculator.

• The nominated person gets to receive the death benefit in case of the unfortunate death of the policyholder. 

*Note: You can easily calculate your term insurance premium amount by using the term insurance premium calculator.

Benefits of LIC e-Term Plan

With this term insurance Life Insurance Corporation of India provides various benefits. Let’s take a look at the e-Term policy in detail.

• Death Benefit: The main benefit of the LIC e-Term Plan is the death benefit. If the policyholder dies while the policy is still in effect, the nominee or beneficiary gets the coverage amount as a tax-free lump sum payment. This payout can help the family stay financially stable if the policyholder dies unexpectedly.

• Affordable Premiums: Term insurance plans like LIC e-Term Plan have lower premiums than other types of life insurance. This makes it an affordable way to ensure financial protection for your loved ones. Policyholders can use LIC e term plan calculator to check the amounts of their renewal premiums.

• Tax Benefits: LIC e term plan premiums are eligible for tax benefits under Section 80C of the Income Tax Act, and the death benefit is tax-free under Section 10(10D) of the Act, subject to the prevailing tax laws.

LIC e-Term Plan: Eligibility Criteria 

Before purchasing the LIC e-Term Policy, it is important to check the eligibility criteria of the policy. Let’s take a look at the eligibility criteria of the policy.

LIC e-Term Plan Other Policy Details 

• Grace Period: Under this term insurance Life Insurance Corporation of India provides a 30 day grace period for missed premium payments. If the policyholder fails to make payment within the grace period, the e-Term plan will lapse.

• Free Look Period: If the policyholder is not satisfied with the terms and conditions of the policy, then they can cancel the policy within the free-look period of 30 days from the date of policy initiation.

• Loan: No loans are offered by LIC e Term plan 825.

 LIC e- Term Plan: Exclusions

Suicide is the only exclusion under the LIC e-term plan. When it comes to suicide committed within 12 months of policy inception, only 80% of premiums paid are returned to the nominee. If it is a case of suicide within 12 months of policy revival, higher than 80% of premiums paid or acquired Surrender Value is paid.

LIC e Term Plan Premium Calculator: Estimate Your LIC Premium

The amount you pay for term insurance premiums depends on various factors, such as your age, health, policy tenure, and the sum assured amount.

You can easily find and use the LIC e Term Plan premium calculator on the official LIC website. It accurately calculates how much your monthly or yearly premium will be based on your personal information, such as your date of birth, whether or not you smoke, and the amount of coverage you need.

Using the LIC e Term Plan calculator ensures that you find the best coverage amount that fits comfortably within your budget, allowing you to compare different policy terms (e.g., 20 years vs. 30 years) and Sum Assured options efficiently.

How to Buy LIC Term Plans From Policybazaar?

Follow these easy steps to purchase LIC plans from Policybazaar.

Step 1: Visit Policybazaar and go to the Term Insurance page.
Step 2: Fill in basic details like your Name, Date of Birth, and Contact Number, then click on 'View Plans'.
Step 3: Answer questions about smoking habits, annual income, occupation, and education.
Step 4: After submitting the information, a list of available LIC plans will be shown.
Step 5: Choose the best LIC plan for your financial goals and pay the first premium online to purchase the plan.

Documents Required to Buy LIC e-Term Plan:

The documents that should be kept handy while purchasing the LIC e-Term Policy are:

• Duly filled application form submitted by the applicant. 

• Details of Medical History 

• Address proof (Aadhaar card, voter ID, Passport, etc.) 

• Identity proof (PAN card, Aadhaar card, voter ID, Passport, etc)

• Know your Customer (KYC) documents 

• Medical test if asked by the insurer based on the age of the applicant, the sum assured amount, and medical history. 

The policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. A medical examination may be needed in some cases, based on the sum assured and the age of the person.

*Note: It is a smart idea to firstly know what is term insurance and then buy LIC e-Term Plan.

LIC e-Term Plan: Claim Process 

If the beneficiary of the policy file claim against the LIC e Term plan 825 in case of the unfortunate demise of the insured person then certain documents are required to be submitted by the nominee of the policy to fulfill the process of claim. Let’s take a look at the documents that should be kept handy while filing the claim.

• Original copy of LIC e Term plan 825.

• Claim settlement form mentioning the details of the deceased policyholder. 

• Age proof Certificate copy of FIR (First Information Report) 

• In case of unnatural death of the policyholder or death due to accident then the beneficiary will need to submit the police investigation report and post-mortem report. 

• Death certificate from municipality.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

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