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LICOnlinePlans

WhatisLIC'seTermPolicy?

LIC'seTermpolicyisapurelifecoverpolicy.Underthisinsurancepolicy,against
paymentofregularpremium,theinsureragreestopayyourbeneficiariesthesumassured
ineventofyourprematuredeathduringpolicyterm.However,ifyousurvivetilltheendof
thepolicyterm,nothingispayabletoyou.
WhoshouldbuyTermInsurance?

Terminsurancepoliciesarebestsuitedforworkingindividualswhohavedependents
(Children,parents)andarelookingforaconsiderablesumofprotectionagainst
uncertaintiesoflife(death)atfairlylowprices.
Terminsuranceplansfulfillthebasicpurposeofanylifeinsurancepolicybyproviding
financialsecurityfortheapplicantandhisfamily.
WhyshouldyoubuyaTermInsurancePlanOnline?

Buyingatermplanonlineisoneofthecheapestmodestobuyinsuranceasitsaves
yourtimeandmoney.Withthearrivalofecommercetheworldhasmovedaheadfast,
competitively.
WhataretheQualifyingcriteriaofLIC'setermplan?

HeshouldNOTBEOverseasCitizenofIndia(OCI)orPersonofIndianOrigin(PIO).
Minimumentryage:18years(Completed).
Maximumentryage:60years(NearestBirthday)
Maximumcoverceasingage:75years(NearestBirthday)
He/shemusthaveownearnedincome.
Onecannotproposeforanyoneotherthanself.
Oneshouldhaveannualincomearound3lacstopurchaseunderNonsmokerrate.
Incomeshouldbesufficienttocoverallexistingandproposedinsurancecoverunderall
insurers.
WhatistheminimumandmaximumPolicyTerm?

MinimumPolicyTerm:10years
MaximumPolicyTerm:35years
Whatshouldbetheduration(term)ofmypolicy?

Ideally,thetermofyourpolicyshouldbeequaltothenumberofyearsyourfamilyis
expectedtobedependentonyoufinancially.
Whatarethepremiumpaymentmodesavailable?

ThePremiumscanbepaidinannualmodeonly.
WillmypremiumamountchangeduringthetenureofthepolicyafterIhaveboughtthe
plan?

Oncethepolicyisissued,Premiumwillremainthesamefortheentiretenureofthepolicy.
ThisissubjecttoservicetaxregulationsasdeclaredbytheGovernmentofIndiafromtime
totime.
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WhoisaNominee?

Anomineeisapersonwhoiseligibletoreceivethecoverageamountfrominsurance
policyintheeventofdeathoftheapplicant.
CantheNomineebeaMinor?

Yes,aNomineecanbeaMinor.However,anAppointee(major)hastobeprovidedfor
theMinorNominee.
Whatdoesmynomineereceiveaftermydeath?

Ifdeathtakesplaceduringthetermoftheinsurancepolicy,thenthenomineereceives
thesumassuredundertheplan.
WhatistheGracePeriodundertheproduct?

AGracePeriodof30daysfromthepremiumduedatewillbeallowedundertheproduct.
Canaloanbetakenunderthisproduct?

Loanisnotavailableunderthisproduct.
HowcanIpaythesubsequentpremium?

ThesubsequentpremiumcanbepaidonlineeitherthroughNetBanking/CreditCard/
DebitCard.
IncaseIhaveanexistingtermplancoverwithanothercompanycanIstillpurchaseLIC'se

Term?

Thecustomerhastodisclosehisincomedetails&hisexistinginsurancecoverdetails
incorrespondingsectionswhileapplyingforcoverundereTerm.Basedonincomeand
eligibility,thecustomer'srequestforcovercanbeconsidered.
WhyshouldIbuyalifeinsurancepolicyifIamalreadyinsuredunderagroupinsurance
schemebymyemployer?

Itisalwaysprudenttobuyanindividuallifeinsurancepolicybecause:
a.Theamountofinsuranceyouarecoveredformaynotbeaverylargesum.
b.Ifyouremployerdecidesoncostcutting,youmaynolongerbeinsured.
c.Ifyoudecidetoleaveyouremployer,youmaynolongerbecovered.
d.Theolderyouarewhenyoubuyinsurance,thehigheristhepremiumyouhavetopay
forthesameinsurancecover.
CanIbuyitunderNonmedicalScheme?

Yes,ifyouarewithin35yrs.ofage,withannualincome>3lacs,youmaypurchase
upto40lacsandifbetween35to45yrsofage,withannualincome>5lacs,youmaybuy
upto30lacssubjecttoyoubeingNonSmoker,Nopastmedicalhistoryandunderwriter's
decision.
WillIhavetoundergoamedicaltest?

Therequirementforamedicaltestmayormaynotarisedependingontheunderwriting
requirementsandyourhealthdisclosures.Yourmedicaltestswillbeshortandbasic(some
examplesare:bloodtest,urinetestetc.)andrestwilldependonyourhealthstatuswhich
willbecommunicatedtoyoubyouroffice.MedicaltestismandatoryifproposedforNon
smokerrateandifitisnotcoveredunderNonmedicalscheme.Allmedicalexpenseswill
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smokerrateandifitisnotcoveredunderNonmedicalscheme.Allmedicalexpenseswill
bebornebyLICofIndiaifyourproposalresultsintoapolicy.
CanIbuyonemoreonlinepolicy?

Yes,youcanbuyanotheronlinepolicyinyournameifyoubelieveyouneedmorelife
cover.
Whenwillmylifeinsurancecoverbegin?

Yourcoveragewillbeginonlyonacceptanceandcompletionofyourproposal.
IfIamtravellingabroadforbusiness/vacationwillIbecovered?

Oncethepolicyisissuedyouarecoveredacrosstheglobe.Evenincaseyougetan
opportunitytoworkabroadthecoverageshallbeapplicable.
WhatisNonSmokerRate?

NonSmokerrateisapplicableforsumassured50lacsandaboveandofferedtopeople
whoareNonsmokerordonotusetobaccoinanyform.ForpeopleotherthanNonsmoker
andproposerofeTermupto49lacs,Aggregateratewillbeapplicable.
WherecanIcontact/writetoknowthestatusofmyapplication?

Youcanwritetousatonline_dmkt@licindia.comorcallourtollfreenumber1800227717

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