Salient Features of LIC’s Online e-Term Plan
Positive Points of LIC’s Online e-Term Plan
1- There is no maximum Sum Insured limit
2- You can pay the subsequent premiums online either through net-banking/credit card/debit card
3- Premium Rates are different for smokers and non-smokers
4- 30 days Freelook Period
5- Cheaper (by 35 per cent) than the offline Term Plan of LIC (Amulya Jeevan-II)
Negative Points of LIC’s Online e-Term Plan
1- It’s costlier in comparison to other pvt players in the same segment.
2- Proposal on own life only will be considered. You can’t buy policy for wife or any other family member.
3- Not available for NRIs.
Things you need to buy this plan
1- You must be in India while buying the term plan as you need to undergo the health check up.
2- PAN Number
3- Form 16 or ITR of last three years
4- Details of all your existing insurance (if any, both LIC and Pvt. Insurers)
5- Details of family members
6- Details of medical history (if any)
7- Bank Account Details and MICR code etc.
If you have all the above info/documents then login on LIC Website and buy this plan. Medical tests are must for this online term insurance plan. If you have any queries during the process of buying LIC’s e-Term, then you can email firstname.lastname@example.org or call customer care (022- 6781 9281 / 9284).
Things to Take Care
1- Maximum age is 75 Yrs.
2- No accidental benefit rider.
The Bottom Line
It’s a big start for LIC for launching a online term insurance. But the pricing of the e-term is on higher side in comparision with other pvt players in the same segment. For non smoker customers there is not much difference in premium, it’s almost same as offline Term Plan of LIC (Amulya Jeevan-II). There is also no rider available with the e-Term Plan. So this plan is only for customers who are looking for cheap term plan with govt security and good claim settlement ratio. We would still suggest our readers to compare all the online term plan and buy the one most suit for you.