Key Features :
1.
Available
through Online mode (www.licindia.in)
2.
Pure Term
plan
3.
Differential
premium rates for Smoker/Non-Smoker lives
4.
Proposal
on own life ONLY will be considered
o Death Benefit –
Sum Assured payable on death
o Maturity Benefit – Not available
Eligibility conditions
Minimum Sum Assured
: Rs.25,00,000
for Smoker
:Rs.50,00,000
:Rs.50,00,000
for Non-smoker
Maximum Sum
Assured : No limit
Minimum age at
entry : 18
years (completed)
Maximum age at
entry : 60 years
(nearest birthday)
Maximum cover
:
75 years (nearest birthday)
Minimum policy term
: 10 years
Maximum policy term
: 35 years
Mode of
payment
: Yearly
Benefits
·
LIC’s
e-Term is a regular premium non-participating “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. To purchase this plan
please log on to our website www.licindia.in.
·
Under
this plan, there are two categories of premium rates namely (1) Aggregate lives
& (2) Non-smoker lives. For Sum Assured upto Rs. 49 lacs Aggregate category
rates only would apply. For Sum Assured Rs. 50 lacs and above there is an
option to choose differential premium rate for Non-smoker category. However,
the application of Non-smoker rates shall be based on the findings of the
Urinary Cotinine test. In all other cases the Aggregate premium rates shall be
applicable.
·
Death
Benefit: In case of unfortunate death of the
Life Assured during the policy term Sum Assured shall be payable.
·
Maturity
Benefit: On
survival to the end of the policy term, nothing shall be payable.
 |
| LIC e-term |
Eligibility
Conditions and Other Restriction:
- Minimum
Sum Assured :
Rs. 25,00,000 for Aggregate category
Rs. 50,00,000 for Non-smoker category
- Maximum
Sum Assured :
No limit
(The Sum Assured shall be in multiples of Rs. 1,
00,000/-)
- Minimum
age at entry
:
18 years (completed)
- Maximum
age at entry
:
60 years (nearest birthday)
- Maximum
cover ceasing age
:
75 years (nearest birthday)
- Minimum
policy term
:
10 years
- Maximum
policy term
:
35 years
- Proposal
on own life only will be considered. Key Man Insurance
(KMI)/Partnership/EE Cover will not be allowed.
Payment of Premiums:
Premium need
to be paid annually during the policy term.
A grace period
of one month but not less than 30 days from due date of premium will be allowed
for payment of premiums.
Sample Premium Rates:
The sample
premium rates (exclusive of taxes) are as under:
For
Aggregate category
Annualised premium rates per Rs. 1000 Sum Assured |
|||||
| Age (yrs.) |
Term of the Policy
(years) |
||||
| 10 |
15 |
20 |
25 |
30 |
|
| 20 |
0.92 |
0.92 |
0.93 |
1.00 |
1.11 |
| 30 |
1.10 |
1.20 |
1.39 |
1.66 |
1.97 |
| 40 |
2.02 |
2.48 |
3.00 |
3.56 |
4.19 |
| 50 |
4.86 |
5.72 |
6.73 |
7.90 |
- |
For
Non-smoker category
Annualised premium rates per Rs. 1000 Sum Assured |
|||||
| Age (yrs.) |
Term of the Policy
(years) |
||||
| 10 |
15 |
20 |
25 |
30 |
|
| 20 |
0.63 |
0.63 |
0.65 |
0.70 |
0.79 |
| 30 |
0.77 |
0.85 |
1.00 |
1.21 |
1.46 |
| 40 |
1.48 |
1.84 |
2.25 |
2.69 |
3.18 |
| 50 |
3.67 |
4.34 |
5.13 |
6.06 |
- |
Revival:
If premiums
are not paid within the grace period then the policy will lapse. A lapsed
policy can be revived within a period of 2 consecutive years from the date of
first unpaid premium but before the expiry of policy term, by paying all the
arrears of premium together with interest (compounding half-yearly) at such
rate as may be prevailing at the time of the payment, subject to submission of
satisfactory evidence of continued insurability.
The cost of
the medical reports, including special reports, if any, required for the
purposes of revival of the policy, shall be borne by the Life Assured.
The
Corporation reserves the right to accept at original terms, accept at revised
terms or decline the revival of a discontinued policy. The revival of
discontinued policy shall take effect only after the same is approved by the
Corporation and is specifically communicated to the Policyholder.
Paid-up Value:
The policy
shall not acquire any paid-up value.
Surrender Value:
No Surrender
Value will be available under this plan.
Taxes:
Taxes
including Service Tax, if any, shall be as per the Tax laws and the rate of tax
shall be as applicable from time to time.
The amount of
tax as per the prevailing rates shall be payable by the Policyholder on
Instalment premiums including extra premiums, if any.
Cooling-off period:
If the
Policyholder is not satisfied with the “Terms and Conditions” of the policy,
the policy may be returned to us within 30 days from the date of receipt of the
policy bond stating the reason of objections. On receipt of the same the
Corporation shall cancel the policy and return the amount of premium deposited
after deducting the proportionate risk premium for the period on cover, stamp
duty charges, expenses for medical examination and special reports, if any.
Exclusion: "Have Doubt ?" Contact Us
Suicide:
This policy shall be void if the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk or within 12 months from the date of revival and the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid till the date of death excluding any taxes, extra premium, if any, provided the policy is inforce.
This policy shall be void if the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk or within 12 months from the date of revival and the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid till the date of death excluding any taxes, extra premium, if any, provided the policy is inforce.
How to purchase LIC’s e-Term
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). The Sum Assured will be paid to the nominee on the
unfortunate event of the death of the policy-holder.
- 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.
Section
45 of Insurance Act, 1938:
No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.
No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.
Provided that
nothing in this section shall prevent the insurer from calling for proof of age
at any time if he is entitled to do so, and no policy shall be deemed to be
called in question merely because the terms of the policy are adjusted on
subsequent proof that the age of the life assured was incorrectly stated in the
proposal.
Prohibition
of Rebates (Section 41 of INSURANCE ACT, 1938) :
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a policy accept any rebate except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taking out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a policy accept any rebate except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taking out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
(2) Any person
making default in complying with the provision of this Section shall be
punishable with a fine, which may extend to 500 rupees
0 comments :
Post a Comment