LIC E Term Plan Review 2018 – 30 questions to ask before buying LIC Online Term Plan

With the launch of LIC eTerm policy (table no 825), the first LIC Online Term Plan the competition between all insurance companies in the sector of online term plan has increased. This is not LIC way to launch a policy as they mostly depend on their insurance agents. But when the online term insurance market is going larger day by day how long LIC can stay away from this. So to beat other popular online term plans LIC launched ETerm plan. Is LIC ETerm plan is the best online term insurance? How much premium one has to pay for a sum assured amount in case of LIC ETerm plan compared to others? Let’s check out the complete review of LIC E Term plan here.

lic online term plan eterm review

LIC Online Term Plan – eTerm Review, Questions and Answers

Let’s review LIC Online Term Plan in a different way. I have documented all possible questions one should ask while buying an online term insurance plan and answered them as per the LIC eterm plan features. One can easily know every single detail about LIC Online Term Plan at the end of this article.

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1. Is eterm plan different from other term plans as per key features?

Frankly speaking there is different to separate this plan form other online term plans. The only thing to mention is for smoker and non-smoker premium rates are different.

2. I am a smoker. Can I buy LIC E Term plan?

LIC E Term plan can be categorized in 2 ways. Aggressive and Non-smoker. If you are a smoker then you will be under aggressive category and in such a condition your maximum sum assured value can’t be more than 49 lakh. But if you are a non-smoker then you can enjoy higher life cover.

3. Can I buy eterm plan with the help of an Agent?

An agent can help you to fill up the online application form. But he/she will not get any commission from that purchase. So that means LIC E Term plan is a pure online term plan, one can’t buy this plan by visiting LIC office or from a LIC agent. I am damn sure that your agent will never mention about this plan if you are not aware about term plans. So keep researching.

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4. Up to which age I can continue my life cover?

LIC E Term plan provide life cover till the age of 75 years. This is the maximum age covered by any online term plan in current market.

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5. For how much tenure one should buy LIC E Term plan?

You can choose from 5-35 years of term under this policy. But it is always advised to buy a term plan till you retire. E.g. if you age is 30 years and you are planning to retire by 55 years then take a term plan of 25 years. Or in the safe side 30 years so that till the age of 60 years your life covered.

6. Can I cover my wife’s life under this policy?

If you are buying this policy in your wife name then only your wife’s life will be covered. Term plans are only to cover death risk of single person’s life, who is buying that plan.

7. What will happen if I survive till policy term?

You should know that a pure term plan only provide death risk cover, no maturity benefit. But now there are few plans like Max Life Online Term plan where one can opt for lump-sum with monthly income option. But LIC online term plan has no such feature.

8. I already have a term plan with other company. Do I have to share the same with LIC when buying LIC E Term plan?

Off course. This is a mandatory clause and if you fail to do so your family may suffer in future due to insurance claim rejection. So never hide any such facts.

9. Is medical test mandatory for LIC E Term plan?

Medical test will depend mainly on your declaration and the sum assured amount you are asking for. If you honestly mention every detail of your medical history and ask for less life cover then it may not ask for medical test. But for a large life cover it is mandatory.

10. Should I buy another plan as Medical test is not mandatory for that?

Why you want to hide your medical history? It’s better to say the truth and then buy the policy. Remember you are buying this plan for your family, not just to save income tax or finishing one of your tasks. Even if company does not ask for medical test, you should cross question them why they don’t want it? Because in future they may get a chance to harass your family by not settling your insurance claim.

11. Do I have to pay for the medical test?

Don’t worry they will deduct the amount from you only.

12. My premium got changed after medical test. Is it normal?

Yes, most of the time when we fill the online form to buy LIC E Term plan it will generate the premium s per the data provided. But after that you have to go through with the medical test. If something is wrong during that test you have to pay higher premium.

13. What details one has to provide to buy LIC online term plan?

As soon as you visit LIC Direct website and click to fill the form you can find the information. Mainly one have to provide education details, occupation, PAN details, form 16/ITR for last 3 years or pay slip for last 3 months, existing life insurance plans, medical history etc.

14. How cheap is LIC E Term plan premium is?

LIC E Term plan premium is comparatively very high. You can check out the online term plan premium calculation chart here.

15. Can I buy LIC E Term plan to save income tax?

Off course you can buy LIC E Term plan to save income tax. But you are considering a term insurance plan for income tax saving? You should know the importance of a term plan and then buy. For income tax saving there are plenty of other products in market.

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16. How to buy LIC E Term plan online?

Visit LIC Direct website and follow the step by step process explained clearly. I am planning to write a complete step by step article on how to buy line online term plan.

17. Do LIC has any customer support where I can ask if I face any issue online.

You can contact online_dmkt@licindia.com or call to toll free number 1800-22-7717. But I am not sure about LIC customer support response. I have contacted them via mail for few queries, but response was as smooth as I expected.

18. Can I pay LIC E term plan premium monthly?

No. One can only pay annual premium under this policy.

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19. What is the premium difference between eTerm and Amulya Jeevan ii

For a 30 year non-smoker, to buy eterm plan of 50 lakh cover for 30 years one have to pay Rs 9,850 premium / year. For the same condition one have to pay Rs 11,650 / year for LIC New Amulya Jeevan ii.

20. If I forget to pay premium?

You will get 30 days of grace period to pay your annual premium. After that your policy may be lapsed. Set up proper reminder function so that you can’t miss the premium payment date.

21. What happen if I forget to pay my premium even after grace period?

In that case your policy will get lapsed. One can revive a lapse eTerm plan within 2 years from the first unpaid premium. You may have to pay some extra amount or penalty as per LIC rules. You can contact your nearest LIC official regarding that.

22. How is LIC’s claim settlement ratio?

I don’t think LIC deserve this question or not. Without any doubt LIC is the best company and holding the top position from long time in the list of claim settlement ratio. I if you see the data you will agree that no other company can touch them in near future.

23. Can I buy some additional riders with this plan?

No. This is a straight forward product. It is not attached with any accidental or illness rider benefit.

24. Can my life covered if I travel outside India?

Yes, this is one good point about LIC ETerm plan. One’s life will covered even if you travel permanently outside till policy term. Means if you become an NRI in future, your life will be covered as you bought that policy in India before.

25. I don’t want to buy LIC E Term plan. What are the alternatives?

You have a huge list of online term plans. Better you read the article and decide your own. But it is always advised to go with the big brand names like LIC, HDFC, ICICI, MaxLife, Kotak etc.

26. Can I surrender my old term plan and buy LIC E Term plan?

Yes, you can surrender your previous term insurance plan and buy LIC E Term plan. In that case declaration is also not mandatory as you have closed that.

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27. I already bought LIC Amulya Jeevan offline term plan. Can I buy LIC E Term plan now?

You have to cancel your Amulya Jeevan plan before purchasing LIC E Term plan. To do that it is better to write a mail to LIC authorities that you want to switch old Amulya Jeevan with new LIC E Term plan.

28. Can I cancel LIC E Term plan after payment done?

It depends. You can cancel your policy till medical test done or till documents dispatched. So make sure you contacted them on time and get LIC E Term plan cancelled. You can also get a cooling off period.

29. What is cooling off period for eterm plan?

After receiving all policy documents and bond if you find there is any mismatch, you can cancel LIC eTerm plan with in 30 days. This is called cooling off period.

30. I am not satisfied with LIC service, how can I register a complaint against LIC?

You can visit LIC grievance page. There you can find the contact details and raise your complaint accordingly.

Hope this article will help you to buy LIC online term plan easily. If you have any further queries please write a small comment, I will try to answer all your questions regarding LIC eTerm plan.

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About the Author: Santanu

I'm Santanu, co-founder of mydailylifetips.com. Love to read & write about Life hacks, How to guides, Money Saving tips and travel stories on this space. Checkout my first Hindi YouTube Channel on Personal Finance Guide.

39 Comments

  1. Dear Sir,
    I have LIC E Term of 25l , but now i want to take extra 25 lakh term policy in lic so can i change the sum assure of old eterm or i have to buy new term policy in lic?

  2. Hello sir..
    My husband wants to buy e term plan 825 … But we don’t have any other lic policy .. This is first time we will be buying lic plan..
    So do we need to buy any lic policy then only we can buy eterm plan…

    Plz guide sir..

    1. Hi Nidhi, First of all I assume that you have done enough research on why you have selected LIC E TErm plan. There are many other Online Term Plan in India and you should compare them first. If premium is not a concern for your LIC e Term plan best term plan.
      And you don’t need to buy any other LIC policy for that.

  3. please let me know as I am having term plan from LIC only of worth 25 lacs I wish to by online e-term from LIC additionaly of worth 1.5 Cr.. is it possible .. or should I stopped the exisiting one and then only can buy new term plan?

  4. Your answer to question 2 is incorrect. “If you are a smoker then you will be under aggressive category and in such a condition your maximum sum assured value can’t be more than 49 lakh. But if you are a non-smoker then you can enjoy higher life cover.”
    Correct – If you are a smoker, then your MINIMUM sum assured value can’t be less than 50 lakh. There is no capping on max value whatsoever

  5. hi, I have bought LIC eterm policy of sum insured Rs.50 lac in 2015.
    Can I increase the sum insured to Rs.1 cr by paying extra premium ? If no, do I need to take another policy of 50 lac, will I need to undergo medical tests again ?

  6. 1. If i buy lic e term plan and after 5 year generate claim where go nominee for file this claim and how much time is this procedure?

    2. Suicide is cover in this Policy?

    3. What is the not covered in this policy?

    4. If i drunked and lost my life , this condition claim is arise or rejected?

    5. What is the document required for the clim settlement n where we go if claim arise?

    Thank you

  7. am 27 yrs old, planning to buy lic e term under non smoker category for 70 lakh. am working with coal mine company. company providing me salary on daily rated not monthly rated. i heard that around 3 lakh per annum package is necessary to take lic-e term policy for 50 lakh above.is it true.. please tell me

  8. While applying for LIC e-term policy, LIC branch in the nearest city selected will be used for all future service. But if nominee is residing in different city, can they submit the claim form in LIC branch near to them or they need to submit in same branch from where policy bought?

  9. Dear Sir, I am Suresh from nagapattinam. Can i fix more than one nominee for LIC online E-Term policy?. Can I change nominee during the coverage period?

  10. I have two policies for my two children money back policy with sum of 5 lakhs each. Can I have one more policy of childrens money back policy for my third child recently born.

  11. Hi Sir,

    I was planning to buy e-term plan, i filled the form online and reached till the payment page but the site never asked me to submit documents and medical tests.
    Just wanted to know when the ask for tests and documents and what is the medium they prefer I mean whether i have to visit LIC office or online option is available.

    What if i have form 16 for last 2 years only???

    Please help.

  12. Hi Sir,

    Recently I have completely filled all the details and reached till proposal form and ready to pay.
    I have following questions
    1) I see there is a photo to paste in proposal form, do we need to print it, paste photo on hard copy and scan it and upload again?
    2) At which stage LIC asks me to go for a medical reports? I am taking 75Lakhs for 35 years plan.
    3) I have many other policies in LIC in that I have 1 term plan too Anmol Jeevan of 8lakhs coverage. Do I need to declare all those policies or last 3years policies is enough?
    4) I see in above questions that I need to surrender previous term plans is that correct?

    Thanks,
    Santhosh.

  13. Iam moving out of country after 15 days. Would it be advisable to submit my application now.
    Is it possible to get the whole process done (including medical etc) in 15 dyas of time

  14. hi sir
    my certificate age from actual differs by 5yrs (had disruptions during primary edu,for some reason elders registered age that sync with fellow students)now officially 27 yr old but original age 32. i planning take Lic e term to go for 75-1cr cover and 30yrs.
    will that be fine.
    Let me know any info required to give better answer

  15. dear sir,
    lic has accepted my e term plan sum assured 50 lakhs..
    medical has done .
    policy bond will be coming soon.
    my que are —
    1} can i get all my medical tests reports copies ? if yes by RTI or directly simple application to lic online marketing department. ?
    2}there is no any extra premium for me this e term plan of lic ….means my medical tests are ok..or normal.. that means in future when something happened unfortunately to my life is there any rejection of claim by lic ?
    plz ans me….

    1. Hi Pankaj,

      I believe you should get the report details. No need to go for RTI. Simply ask LIC people to inform you about the medical reports.
      And one more thing, if the premium amount for the policy is as expected, then you can stay cool thinking that everything is fine. Otherwise LIC could have asked for more premium.
      But anyway, we should not assume. Simply try to get the information from them. If they are no co-operating then you should approach RTI.
      Let me know the progress ofyour query and also update your further experience.

      1. sir ji,
        i emailed to lic and ans came 4m lic that–

        -Only in case of refund we provide copies of the medical reports where we deduct the medical charges from the customer.
        – medical reports are kept in a secured place along with the proposal form and are not shared with you. however if there is some abnormality in reports,we can mail you if you request for the same.

        in this case what should i do for getting all medical tests report copies?

        1. I think it is clear with point 2 that, your medical reports are good. And LIC might be following the terms as per the policy document.
          Check out the documents and try to find out the clauses related to medical.

    1. Hi Bhaskar,

      When did you purchase e term plan? As per my knowledge you can do any of the below things
      1) LIC e Term plan don’t have surrender benefit, so you can’t surrender e term plan
      2) There is no paid up option available for term plan
      3) If you are withing the cooling off period, That is 30 days after receiving all policy documents then you can ask for cancellation
      4) The last but the best part, stop paying premium for this e term plan. You policy will lapse automatically. But in that case you have to forget all your premium paid amount.

      But can you please share why you want to cancel LIC e Term plan? In that case which plan you want to buy? Almost all term plans are same. only difference is premium. Is this is the concern for you for lic online term plan?

      Hope, I have not asked many questions to you 🙂

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