LIC e-Term

Life Insurance
  • Claim up to Rs. 1,50,000 deduction under section 80C*
  • Insurers provide online renewal of policy
  • Choose between annual and monthly premium payment options

Life’s a journey that sometimes is cut short without any warning, but if we are prepared we can take care of our loved ones even in our absence. With the LIC e-Term (Online term plan) you can do just that. This is a regular non-participating online term assurance plan which provides your family with the financial protection they require after your demise. Without intermediaries and LIC agents, this plan is available online. In order to get this plan an individual needs to meet these requirements, the applicant should be an Indian citizen, must have a income. Should be at least 18 years of age and maximum of 60 years, should take up a policy for a period of minimum 10 years. Premiums need to be paid annually. The minimum amount of the sum assured will be Rs. 25, 00, 000 for an aggregate category, and for a smoker will be Rs. 50, 00, 000

The key features and benefits of this plan: 

Entry age 18 years to 60 years
Plan validity/term
  • Minimum 10 years
  • Maximum 35 years
Sum assured
  • Minimum: Rs. 25 lakhs and Rs. 50 lakhs for non-smokers
  • Maximum: No limit
  • Minimum annual premium: Rs. 2,875
  • Maximum annual premium: depends on the sum assured
Premium payment frequency/mode Annual with a grace period of 30 days
Coverage (in detail)
  • The maximum age till which cover will be provided is 75 years
  • The cover is available on for individuals and for their own lives
  • The policy will lapse if premiums are not paid within the grace period
  • If the policy has lapsed, it can be renewed within 2 years
  • If any medicals are required then the cost is borne by the policyholder
  • If the policy is returned within the freelook / cooling-off period then the premiums will be returned minus any costs for stamp duty, cover for period that the policy was active, etc.
Riders / Add-on covers

Term Assurance Rider

  • Policyholders can enhance the cover by Rs. 1 lakh to Rs. 25 lakhs
  • Premiums are paid along with the premium for parent policy
Surrender period/value No surrender value is awarded under this plan
Freelook period 30 days

An Example:

Mr. Mishra aged 40 years a non-smoker and an Indian citizen, buys the e-Term (Online term plan) for a period of 30 years and a sum assured of Rs. 45, 00, 000. The premium is paid annually, at a sum of Rs. 12,500. After making 15 payments annually Mr. Mishra dies unexpectedly. The entire sum assured of Rs. 45, 00, 000 is paid to his nominee at the time of his death.


  1. What is the minimum and maximum policy term?

    An individual should take up a policy for a period of minimum 10 years and maximum of 35 years.

  2. Can I take a loan under this product?

    No, a loan facility isn’t available under this policy.

  3.  What is the minimum and maximum entry age under e-Term online Plan?

    The minimum entry age is 18 years, while the maximum is 60 years.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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