Online Term Insurance Policy from LIC

LIC’s e-Term is a regular premium “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. It is much cheaper to off line plans.

Categories:

1. Non smoker (Lower premium): Sum assured above Rs 50 lakhs

(The application of Non-smoker rates shall be based on the findings of the Urinary Cotinine test)

2. Aggregate lives (Higher premium): Sum Assured upto Rs 49 lakhs (Minimum SA Rs 25 lakhs) and category other than (1) above

Comparative premium rates (Amount in Rs)

LIC

(SA Rs 50 lakhs n Term 25 years) 

Age

LIC Amulya Jeevan II

LIC e Term

Aggregate

Non Smoker

20

5850

5618

3933

30

9800

9326

6796

40

21150

20000

15112

As may be observed, there is benefit in buying non smokers category

Private Companies

(SA of Rs 50 lakhs for male non smoker)

Age(Yrs)

30

35

40

45

50

Tenure(Yrs)

30

25

20

15

10

LIC e Term

8,202

10,056

12,641

16,124

20,618

ICICI Pru icare II

9,470

11,783

15,252

20,592

28,081

Bajaj iSecure

7,623

9,240

12,679

16,366

21,711

SBI Life eshied

7,220

8,675

10,669

13,315

16,832

HDFC ife click2protect

6,741

8,033

10,281

14,269

19,550

MaxLife online Term Plan

4,775

5,899

7,697

10,337

14,382

Aviva iLife

4,635

5,962

8,254

11,914

17,340

Reliance online Term

4,029

5,367

7,417

10,345

13,568

Source: ET dated 19th May 2014

 

 Step-by-step process to buy LIC’s e-TERM Online:

  • Log-on to our website (www.licindia.in) for buying this online product. Click on ‘Buy Online’.  Select e-Term.
  • Choose your desired Sum Assured and the Policy Term (the period for which you want the cover).
  • Enter Basic details - Name, Age, Gender, Qualification, etc in the form displayed on your screen.
  • After filling in the details, a premium calculator will calculate the premium for the chosen parameters. The Premium will depend on the age, gender, term, sum-assured, health and tobacco-usage. Lower premium rates are applied to non-tobacco users for Sum Assured more than 50 Lakhs. Premium payment mode – Annual.
  • Complete the form online with these details and pay premium online – at www.licindia.in.

Last modified on Saturday, 19 July 2014 07:44

Prakash Praharaj

Shri Prakash Praharaj has a passion for excellence. He has been awarded two gold medals for securing top positions both in Graduation and Post Graduation in Commerce. He is an MBA with specialization in Finance and marketing. He has been awarded Diploma in Treasury, Investment and Risk Management besides CAIIB from the Indian Institute of Bankers. He is a Certified Financial PlannerCM from the Financial Planning standards Board, India (FPSB), affiliated to FPSB, Denver, USA and Certified Personal Financial Adviser from NISM. He is also a SEBI registered Investment Adviser vide Reg. no. INA 000000045 dated 2nd August 2013.His book "Your Every day guide to Personal Finance and Insurance" has been published by CNBC TV 18 in August 2015.

5 comments

  • Sujata Aniruddha Sapkal

    posted by Sujata Aniruddha Sapkal

    Monday, 27 July 2015 09:13

    Online term plans gives you an opportunity to get a substantial sum assured for a comparatively lesser premium to traditional life plans.

    As it is always recommended not to mix up investments and insurance, one should opt for these easily available online products to ensure mental peace and get your family's needs fulfilled even after a undesired incident.

    Report
  • this page

    posted by this page

    Saturday, 07 February 2015 02:02

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    Report
  • Subash

    posted by Subash

    Thursday, 05 June 2014 12:25

    Very informative one

    Report
  • Himanshu mayne

    posted by Himanshu mayne

    Wednesday, 04 June 2014 05:54

    useful information..excellent

    Report
  • Himanshu mayne

    posted by Himanshu mayne

    Wednesday, 04 June 2014 05:53

    very excellent article...very useful and knowledgeable information..

    Report

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