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Term Insurance 4075 views April 1, 2020
LIC is the most trusted and oldest life insurance company in India. LIC has recently introduced a new insurance policy that is LIC e-Term plan. It is a term insurance plan and is available to be brought only online. The plan is not available offline. The policy provides protection cover at low and affordable rates of premium which enables you to opt for a high level of coverage and higher sum assured will be paid as death benefit on the death of the insured during the term of the insurance plan.
Table of Contents
LIC e-term is a flexible tech term plan which offers the flexibility to the policyholder to choose the sum assured under the policy as well as the method of payment of the premiums on the plan. The features of the plan are stated below:
The benefits available under the LIC e-Term plan are as follows:
Maturity benefit – The plan does not provide any maturity benefit as it is a pure protection insurance policy.
Death benefit – On the death of the insured individual during the term of the insurance plan, the death benefit will be paid to the nominee/beneficiary of the plan. The death benefit to be paid depends on the method of payment of premiums under the plan. It is calculated differently for regular and limited premium payment option and for a single premium payment option.
Rider benefit – This insurance policy also offers the policyholder to enhance the coverage of the policy through an add-on optional rider. You can avail accidental benefit rider on the insurance plan which will pay additional benefit and provide additional sum assured on death of the policyholder in an accident. The rider increases the coverage of the plan and provides additional finances.
Premium discounts – Different premiums discounts are offered under LIC e-term insurance plan. The types of premium discounts include lower premium amounts for women and also lower premiums are charged from non-smokers.
Premium discounts are offered under the plan only for sum assured which is INR 1 crore or more. The premium discounts depend on the age of the insured and on the sum assured under the plan.
Before buying LIC e-Term plan, it is necessary to ensure that you satisfy the eligibility conditions of the plan. The Eligibility Criteria of the plan are as follows:
Conclusion
LIC e-Term Plan is an online plan and can only be brought online. It is suitable for those who wish to buy the insurance plan online with ease and also want a higher sum assured by paying low premiums.
It is to be noted that this plan is a pure term plan and does not provide any maturity benefits but offers attractive and higher death benefits, as well as premium discounts for higher sum, assured insurance plans.