Name of the Organisation : Life Insurance Corporation of India (licindia.in)
Type of Announcement : LIC's e-Term Policy

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LIC's e-Term Policy :
LIC's e-Term is a regular premium non-participating "on-line term assurance policy" which provides financial protection to the insured's family in case of his/her unfortunate demise. This plan will be available through on-line application process only and no intermediaries will be involved.

Under this plan, there are two categories of premium rates namely (1) Aggregate lives & (2) Non-smoker lives. For Sum Assured upto Rs. 49 lacs Aggregate category rates only would apply. For Sum Assured Rs. 50 lacs and above there is an option to choose 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.

Key Features :
Available through Online mode ( licindia.in)
Pure Term plan
Differential premium rates for Smoker/Non-Smoker lives
Proposal on own life ONLY will be considered

Key Benefits :
Death Benefit : In case of unfortunate death of the Life Assured during the policy term Sum Assured shall be payable.
Maturity Benefit : On survival to the end of the policy term, nothing shall be payable.

Eligibility :
Minimum Sum Assured :
Rs. 25,00,000 for Aggregate category
Rs. 50,00,000 for Non-smoker category
Maximum Sum Assured : No limit
Minimum age at entry : 18 years (completed)
Maximum age at entry : 60 years (nearest birthday)
Maximum cover ceasing age : 75 years (nearest birthday)
Minimum policy term : 10 years
Maximum policy term : 35 years
Mode of payment : Premiums are to be paid annually.

Eligible life :
The person should be Resident Indian residing in India.
He should NOT BE Non-Resident Indian(NRI), Overseas Citizen of India(OCI) or Person of Indian Origin(PIO).
He/she must have own earned income.
One cannot propose for anyone other than self. Key Man Insurance (KMI)/ Partnership/ Employer-Employee Cover will not be allowed.

Frequently Asked Questions :
What is LIC's e -Term Policy?
LIC's e-Term policy is a pure life cover policy. Under this insurance policy, against payment of regular premium, the insurer agrees to pay your beneficiaries the sum assured in event of your premature death during policy term. However, if you survive till the end of the policy term, nothing is payable to you.

Who should buy Term Insurance?
Term insurance policies are best suited for working individuals who have dependents (Children, parents) and are looking for a considerable sum of protection against uncertainties of life (death) at fairly low prices.

Term insurance plans fulfill the basic purpose of any life insurance policy by providing financial security for the applicant and his family.

Why should you buy a Term Insurance Plan Online?
Buying a term plan online is one of the cheapest modes to buy insurance as it saves your time and money. With the arrival of e-commerce the world has moved ahead fast, competitively.

What are the Qualifying criteria of LIC's e-term plan?
The person should be Resident Indian residing in India.
He should NOT BE Non-Resident Indian(NRI), Overseas Citizen of India(OCI) or Person of Indian Origin(PIO).
Minimum entry age: 18 years (Completed).
Maximum entry age: 60 years (Nearest Birthday)
Maximum cover ceasing age: 75 years (Nearest Birthday)
He/she must have own earned income.
One cannot propose for anyone other than self.

Will my premium amount change during the tenure of the policy after I have bought the plan?
Once the policy is issued, Premium will remain the same for the entire tenure of the policy. This is subject to service tax regulations as declared by the Government of India.

Who is a Nominee?
A nominee is a person who is eligible to receive the coverage amount from insurance policy in the event of death of the applicant.

Can the Nominee be a Minor?
Yes, a Nominee can be a Minor. However, an Appointee (major) has to be provided for the Minor Nominee.

What does my nominee receive after my death?
If death takes place during the term of the insurance policy, then the nominee receives the sum assured under the plan

What is the Grace Period under the product?
A Grace Period of 30 days from the premium due date will be allowed under the product.

What is Non-Smoker Rate?
Non-Smoker rate is applicable for sum assured 50 lacs and above and offered to people who are Non-smoker or do not use tobacco in any form.
For people other than Non-smoker and proposer of e-Term upto 49 lacs, Aggregate rate will be applicable.

Where can I contact / write to know the status of my application?
You can write to us at online_dmkt@licindia.com or call our toll free number 1800-22-7717