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All You Need To Know About Buying LIC Term Insurance Plan

David Jackson

The LIC term plan has come online and it is the best way to buy the policy. The new LIC e term plan is everything that you are looking for.

The LIC term plan has always been something all the Indians have trusted over the years and have been a very respectable name in the Indian insurance market.

LIC term Insurance plan wants to take a step ahead and which is why they have come up with their new e term plan, which is a completely online-based term plan that is the best option that anyone looking for an affordable yet trustworthy policy can go for.

The most important plus point for the LIC term plan e-term is that it is based completely online and this makes it so much easy and hassle-free. The policy is best for the people who are busy and want to go for a convenient option.

The life term plan has been a brand name for several years and every policy under the LIC term plan has been well received by the policy buyers. And is the new e-term plan.

The e-term plan also gives various benefits plus it also has various convenient options for premium payment.

LIC term plan has been something that all Indians have lived throughout the years and have benefited from it, and so their new e-term plan is also packed with such benefits and features.

Overview

Here are the few things that you should be knowing about the e-term plan under the LIC term plan policies.

MINIMUM      MAXIMUM

ENTRY AGE                             18                     60

 

SUM INSURED                    25 LAKHS          NO LIMIT

 

POLICY TERM                     10 YEARS         50 YEARS

 

PREMIUM                      DEPENDING UPON THE SUM INSURED

Why Buy The E-term Plan By LIC Term Plan?

Firstly what you need to know is that this particular possible is very innovative and unique as it is based online and saves the trouble that a policy buyer would have while trying to buy a policy. The policy also gives death benefits and has extra riders that you can choose in case you need added coverage in your policy.

The policy is also great with regards to its policy term and premium payment methods as it gives a lot of authority in the hands of the policy buyer and they have a choice to decide what suits them the best.

This plan under the LIC term plan is one of the easiest, quick and convenient options that they have.

Features and Benefits

Here are a few most relevant and noteworthy feature of the e-term plan by LIC term plan,

  • the plan has options for its premium payments that let you choose whether you pay the amount in a lump sum or pay it annually.
  • The premium payment time is limited which assures that the payment does not get dragged on for too long.
  • Through the LIC term plan, the person can choose what sum they want to insure and there is no limit to the sum that they can insure.

Eligibility

The eligibility criteria for this particular e-term plan by LIC Term Plan is quite Simplistic. Here are a few things that would be considered,

  • the minimum age to buy this policy would be 18 anyone less than the legal age cannot buy the policy.
  • The maximum age for buying the policy is restricted to 60 years of age.
  • The person must not be having any pre-existing terminal illness.

Inclusions

  • The death benefit is included in the policy.
  • Additional covers can be taken if the policy buyer wants to add more value to the policy.
  • The pattern of premium payment would also be decided by the policy buyer.
  • The premium paying period is limited which is a very positive factor.

Exclusions

The LIC term plan under its e-term plan covers mostly everything, but here are a few exclusions.

  • the policy buyer must not have any pre-existing diseases since that would not be covered.
  • The commitment of the policy term cannot be changed in case the policy buyer wants to make any alteration.

Documents Required

In the LIC term plan, since it’s government-approved, very minimal documents are required like,

  • age proof: birth certificate.
  • Address proof: ration card.
  • Identity proof:  Aadhaar card.

Claim Process

Since the policy term is pre-decided, the claim process is never a problem. The sum insured can be easily claimed once the policy term comes to an end and the insured money would be given to the policyholder. Also, the LIC term plan has an online portal for its e-term plan through which communicating to the company becomes very easy.