Warm Greetings Of The Day, We Know You Have Landed Here Just Because You Are Very Keen In Knowing About The Best Term Insurance Plan, So Today We Are Sharing A Very Important Article On Term Insurance Plans And Here We Will Be Specifically Discussing About
♥ LIC Term Plan Details ♥
As we discussed About Term Life Insurance In Our Previous Article And With The Help Of Different Data And Charts We Found Some Of The Best Life Insurance Companies For Term Life Insurance, Along With These Findings We Also Discussed About The Benefits And Important Points Of Term Life Insurance And Finally Came To The Conclusion That LIC Stands At The Top Most Position Among 24 Different Life Insurance Companies.
To Read That Article Click Here
Now We Will Extend Our Discussion Further And Go Deeper And Discuss About The Best Online Term Life Insurance Plan. Dear Readers, We All Are Very Much Aware About The Fact That LIC Basically Believes In Traditional Marketing Which Means That It Reaches It Esteemed Customers With The Help Of Its Local Insurance Agents. But, Now LIC Is Also Giving You The Facility Of Online Term Life Insurance Plan.
LIC’s e-Term Is A Regular Premium Non-Participating “Online Term Assurance Policy” Which Provides Financial Protection To The Insured’s Family In Case Of His/Her Unfortunate Demise. This Plan Is Available Through Online Application Process Only And No Intermediaries (Insurance Agents) Is involved.
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Benefits of E-Term Insurance Plan:
The Policy Has Various Benefits Which Are Given Below –
∗ In Case Of Unfortunate Death Of The Policy Holder, The Nominee Receives The Sum Assured.
∗ You Can Purchase The Policy Through Online By Filling All Your Details And Also You Get The Facility Of Paying The Premium Through Online Mode.
∗ If Due To Any Problem Your Policy Gets Lapsed, You Need Not To Worry You Can Renew The Lapsed Policy Again Within Two Years.
∗ NRI’s Also Can Apply While Their Stay In India Subject To The Condition That The Applicant Is Residing In Any One Of The Permissible Countries (Complete List Of Permissible Countries Are Provided In The Section “Know Your Premium”).
∗ The Premium Rates Are Also Highly Reasonable.
# It Is Available Online (You Can Visit www.licindia.in)
# Different Premium Rates For Smoker/ Non-smoker Lives Available.
# To Get This Policy, The Individual Or Buyer Must Have His/Her Own Earned Income.
# The Policy Does Not Allow The Individual To Propose For Anyone Other Than Himself/Herself. Also, Partnership, Key Man Insurance (KMI), And Employer-Employee Is not allowed.
# Minimum Term Policy Is 10 Years.
# Maximum Term Policy Is For 35 Years.
# The Person Must Have Completed His/Her 18 Years Of Age.
# Maximum Age Of Entry Is 60 Years.
Premium Rates For Smoker And Non-Smoker:
‡ It Is already Mentioned In Features Section That On The Basis Of Smoker And Non Smoker, Life Insurance Corporation (LIC) Fixes Its Premium Rate. Here It Is Given Below In Detail About The Premium Rates For Smoker And Non-Smoker.
On An Average: The Assured Amount Varies From Rs. 25 Lakhs To Rs. 49 Lakhs. It is for Everyone Whether You Fall In The Category Of Smoker Or Non-Smoker.
Non-Smoker: The Minimum Sum Assured Is Rs. 50 Lakhs For Non-Smoker. The Premium Is Also Comparatively Less Than That Of The Smoker Category.
Terms and Conditions Of Life Insurance Policy:
* Payment of subsequent Premium: The Subsequent Premium Can Be Paid Online Through Net-Banking/ Credit Card/ Debit Card.
* Grace Period: The Policy Has A Grace Period Of 30 Days From The Premium Due Date And The Same Will Be Allowed Under The Product.
* Existing Term Plan Cover: The Customer Has To Disclose His/Her Income Details And Any Existing Insurance Cover Details In The Corresponding Sections While Applying For Cover Under e-Term. Based On Income And Eligibility, The Customer’s Request For Cover Will Be Considered.
* Nominee: A Nominee Is A Person Who Is Eligible To Receive The Coverage Amount From The Insurance Policy Provider Company In The Event Of Death Of The Insured.
* Death Covered: All kinds Of Death Including Accidental Deaths Are Covered Under This Plan Except Suicide During First Year. There Are No Riders (A Rider Is A Provision Of An Insurance Policy That Adds To Or Amends The Coverage Or Terms) In This Plan.
## Tip – LIC Term Insurance Plan Is A Good Option As A Term insurance Plan. As In This Plan, The Full Claim Amount Is Not Paid As A Lump Sum. But, It Is Staggered During A time Period. This Plan Is Highly Beneficial In Case The Policyholder’s Family Can’t Manage The Lump Sum Amount.
## Help: LIC Offers The Highest Claim Settlement Ratio, Last Year LIC’s Claim Settlement Ratio Was 98.31%. Claim Settlement Ratio Of Private Insurance Companies Like HDFC, SBI, ICICI Was Around 90%. So From Claim Settlement Point Of View e-Term Is The Best.
## Advice: If You Have Not Purchased Any Term Plan And You Have Any Apprehension In Purchasing The Term Plan From Any Private Insurance Company Then LIC e-Term Is Meant For You.
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