Have you ever think about LIC e Term Plan – Review, Details, Benefits ? For all these questions we are giving answers. LIC has recently launched an online term plan called LIC’s eTerm Plan which can be purchased online without the intervention of any agent or advisor. This plan works like a regular term plan once it has been issued. LIC’s eTerm Plan offers death benefit only, wherein it does not offer any maturity benefit and can be opted for high sum assured only. Thus, this term plan offers deferential premium rates for non-smokers opting for an assured sum of Rs 50 lacs or more. Check Below article Read lic e term plan Details, benefits, eligibility, documentation .
The key features and benefits of this plan:
|Entry age||18 years to 60 years|
|Plan validity/term||· Minimum 10 years
· Maximum 35 years
|Sum assured||· Minimum: Rs. 25 lakhs and Rs. 50 lakhs for non-smokers
· Maximum: No limit
|Premiums||· Minimum annual premium: Rs. 2,875
· Maximum annual premium: depends on the sum assured
|Premium payment frequency/mode||Annual with a grace period of 30 days|
|Coverage (in detail)||· The maximum age till which cover will be provided is 75 years
· The cover is available on for individuals and for their own lives
· The policy will lapse if premiums are not paid within the grace period
· If the policy has lapsed, it can be renewed within 2 years
· If any medicals are required then the cost is borne by the policyholder
· If the policy is returned within the freelook / cooling-off period then the premiums will be returned minus any costs for stamp duty, cover for period that the policy was active, etc.
|Riders / Add-on covers||Term Assurance Rider
· Policyholders can enhance the cover by Rs. 1 lakh to Rs. 25 lakhs
· Premiums are paid along with the premium for parent policy
|Surrender period/value||No surrender value is awarded under this plan|
|Freelook period||30 days|
LIC eTerm – Policy Details
Grace Period: 30 days’ grace period is allowed for premium payment. If policyholder fails to make payment within the grace period, the policy lapses
Policy Termination or Surrender Benefit: There are no surrender benefits available in this plan
Free Look Period: If you would not be pleased with the coverage and terms and conditions of the policy, you have the option of cancelling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
There are no loans available in this plan
When it comes to suicide committed within 12 months of policy inception, only 80% of premiums paid are returned to the nominee. When it comes to suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid.
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 required in some cases, based on the sum assured and the age of the person.
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