A Comprehensive Guide To Navigating Lic E-Term Insurance Application Process

LIC's e-Term plan is a pure life cover term insurance policy that can be purchased online. The plan provides financial coverage to the insured's family in the event of their death. LIC's e-Term plan is a regular premium plan that can be purchased online in a simple and hassle-free way. The plan offers a saving on premiums for non-smokers and female lives. LIC's e-Term plan offers tax benefits under Section 80C of the Income Tax Act, and the death benefit is tax-free under Section 10(10D) of the Act. The policyholder has the flexibility to choose the sum assured amount of the policy, with coverage starting at ₹16/day.

How to apply for LIC e-term insurance online

The LIC e-Term plan is a pure term insurance plan that can be purchased online. It provides financial coverage to the insured's family in case of any unfortunate event. Here is a step-by-step guide on how to apply for LIC e-term insurance online:

• Visit the LIC India website: Go to the official website of LIC India (www.licindia.in).
• Choose the e-Term plan: On the website, navigate to the e-Term plan section and select it. Read through the details of the plan, including the eligibility criteria and benefits offered.
• Provide personal details: You will need to provide some basic personal information, such as your name, date of birth, address, and contact information. Ensure that you meet the eligibility criteria before proceeding.
• Select the coverage amount: Decide on the sum assured or the coverage amount you want for your plan. The minimum sum assured for the aggregate category is Rs. 25,00,000, while for smokers, it is Rs. 50,00,000.
• Choose the premium payment option: LIC e-Term plan offers both annual and monthly premium payment options. Select the one that suits your preference.
• Provide income and medical details: As part of the application process, you will need to disclose your income details and any relevant medical history. This information is essential for assessing the premium amount and underwriting requirements.
• Complete the application form: Fill out the online application form with the required details, including your personal information, nominee details, and payment preferences. Ensure that all the information provided is accurate and truthful.
• Submit the application: Once you have completed the application form and provided all the necessary details, submit the application. You may be required to upload supporting documents, such as proof of identity, address, and medical history.
• Make the premium payment: After submitting the application, proceed to make the premium payment using the available online payment options, such as net banking, credit card, or debit card.
• Receive the policy document: If your application is approved, you will receive the policy document from LIC. Carefully review the policy document to understand the terms and conditions of your insurance plan.

Note: It is important to compare different term insurance plans and read the fine print before making a decision. Additionally, ensure that you meet the eligibility criteria and understand the features and benefits of the LIC e-Term plan before applying.

LIC e-term insurance eligibility criteria

LIC's e-Term policy is a pure life cover term insurance policy that can be purchased online. The LIC e-Term plan is a regular premium plan that can be purchased online in a simple and hassle-free way. The LIC e-Term plan is a withdrawn plan and is no longer available for sale.

The eligibility criteria for the LIC e-Term plan are as follows:

• The policyholder must be between the ages of 18 and 65.
• The policyholder must provide age proof, address proof, and income proof.
• The policyholder must fill out an 'Application form/proposal form' with accurate medical history and provide 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.
• The policyholder must pay the premiums regularly (every year).
• This is a non-participating (without bonus) plan.
• The policyholder's beneficiaries (dependent family member/s) will receive an agreed amount (sum assured) in the event of their death during the policy term.
• If the insured survives until the end of the policy term, nothing is payable.
• Premiums paid under the plan are eligible for tax benefits, and the benefits paid to the nominee/family are tax-free.
• The policy term is equal to the premium payment term.
• The entry age of the policyholder is flexible, with no limit depending on the underwriter.
• The policy can be purchased online through the official website of LIC India (www.licindia.in).

LIC e-term insurance exclusions

LIC e-Term plan is a regular premium plan that can be purchased online. It provides financial coverage to the insured's family in case of any unfortunate event. The primary benefit of the LIC e-Term Plan is the death benefit. In the event of the policyholder's demise during the policy term, the nominee or beneficiary receives the sum assured as a tax-free lump sum payout.

LIC e-Term plan exclusions:

• If the policyholder commits suicide within the initial 12 months from the policy's starting date or the revival date, there is no death benefit paid to the beneficiary of the policy. However, the beneficiary of the plan is eligible to receive 80% of the paid premium.
• It is always recommended to read the policy document and get a proper understanding of the exclusions and inclusions before buying a LIC term plan online.

LIC e-term insurance documents required

The LIC e-Term plan is no longer available for purchase. However, the following documents are typically required when purchasing an LIC term insurance plan:

• Duly filled application form
• Details of medical history
• Address proof (Aadhaar card, voter ID, passport, etc.)
• Identity proof (PAN card, Aadhaar card, voter ID, passport, etc.)
• Know Your Customer (KYC) documents
• Medical test reports (if requested by the insurer)

In addition to these documents, the policyholder may also need to provide proof of income, such as salary slips or income tax returns, especially when purchasing a term plan with a high sum assured.

LIC Term Insurance Documents Required

• LIC Tech Term Plan: This plan is purchased online. The required documents include identity proof (Aadhaar card, PAN card, etc.), proof of date of birth (birth certificate, school leaving certificate, etc.), and address proof.
• LIC Saral Jeevan Bima: This plan can be purchased online or offline. The required documents include identity proof, age proof, address proof, income proof, and medical reports.
• LIC New Jeevan Amar: This is an offline pure protection plan. The required documents include identity proof, age proof, address proof, income proof, and medical reports.
• LIC Jeevan Kiran: This plan can be purchased online or offline. The required documents include identity proof, age proof, address proof, income proof, and medical reports.

General Documents Required for LIC Term Insurance

When applying for an LIC term insurance plan, the following documents are typically required:

• Identity Proof: Aadhar card, PAN card, passport, voter ID card, or driving license.
• Age Proof: Birth certificate, high school marksheet, or any other document that proves the age of the applicant.
• Address Proof: Any document that verifies the residential address of the applicant, such as an Aadhaar card or utility bill.
• Income Proof: Salary slips, income tax returns, bank statements, or any other document that proves the annual income of the applicant. This is required to determine the life cover amount.
• Medical Proofs: Past and present medical records, including medical test reports assigned by the insurance company. The premium rates and sum assured are determined based on the medical health of the applicant.

LIC e-term insurance claim process

The LIC e-Term plan is no longer available for purchase. However, the following information outlines the claim process for the plan.

In the unfortunate event of the insured person's demise, the beneficiary of the policy must submit the following documents to make a claim:

• Original copy of the LIC e-Term policy
• Claim settlement form with details of the deceased policyholder
• Age proof
• Certificate copy of FIR (First Information Report)
• Police investigation report and post-mortem report in case of unnatural death or death due to an accident
• Death certificate from the municipality

Once the beneficiary submits the required documents, the insurance company will verify the claim. After verification, the insurance company will process the claim and transfer the benefit amount to the nominee's account.

It is important to note that LIC e-Term plan is a pure term insurance plan, which means it only offers a death benefit. If the policyholder survives the plan's tenure, the beneficiary will not receive any maturity benefit.

Frequently asked questions