What is LIC’s Term Plan Policy?
18 May 2014 | LIC
New PLans · LIC Policy · Term Plan Tags: Term · Term · Term Plan
What is LIC’s Term Policy?
LIC’s Term policy is a pure life cover policy. Under this
insurance policy, against payment of regular premium, the insurer agrees to pay
your beneficiaries the sum assured in event of your premature death during
policy term. However, if you survive till the end of the policy term, nothing
is payable to you.
Who should buy Term Insurance?
Term insurance policies are best suited for working
individuals who have dependents (Children, parents) and are looking for a
considerable sum of protection against uncertainties of life (death) at fairly
low prices.
Term insurance plans fulfill the basic purpose of any life
insurance policy by providing financial security for the applicant and his
family.
Where can I contact / write to know the status of my application?
You can write to us at nandnibee@gmail.com or call our mobile number 9873927723
Why should you buy a Term Insurance Plan Online?
Buying a term plan online is one of the cheapest modes to
buy insurance as it saves your time and money. With the arrival of e-commerce
the world has moved ahead fast, competitively.
What are the Qualifying criteria of LIC’s term plan?
→ Minimum entry age: 18 years (Completed).
→ Maximum entry age: 60 years (Nearest Birthday)
→ Maximum cover ceasing age: 75 years (Nearest Birthday)
What are the premium payment modes available?
The Premiums can be paid in annual mode only.
Will my premium amount change during the tenure of the
policy after I have bought the plan?
Once the policy is issued, Premium will remain the same for
the entire tenure of the policy. This is subject to service tax regulations as
declared by the Government of India.
Who is a Nominee?
A nominee is a person who is eligible to receive the
coverage amount from insurance policy in the event of death of the applicant.
Can the Nominee be a Minor?
Yes, a Nominee can be a Minor. However, an Appointee (major)
has to be provided for the Minor Nominee.
What does my nominee receive after my death?
If death takes place during the term of the insurance policy,
then the nominee receives the sum assured under the plan
Where can I contact / write to know the status of my application?
You can write to us at nandnibee@gmail.com or call our mobile number
9873927723
What is the Grace Period under the product?
A Grace Period of 30 days from the premium due date will be
allowed under the product.
Can a loan be taken under this product?
Loan is not available under this product.
How can I pay the subsequent premium?
The subsequent premium can be paid online either through
net-banking/credit card/Debit card.
What does my nominee receive after my death?
If death takes place during the term of the insurance policy,
then the nominee receives the sum assured under the plan
What is the Grace Period under the product?
A Grace Period of 30 days from the premium due date will be
allowed under the product.
Can a loan be taken under this product?
Loan is not available under this product.
How can I pay the subsequent premium?
The subsequent premium can be paid online either through
net-banking/credit card/Debit card.
In case I have an existing term plan cover with another
company can I still purchase LIC’s e-Term?
The customer has to disclose his income details & his
existing insurance cover details in corresponding sections while applying for
cover under Term Plan. Based on underwriting decision, the customer’s request
for cover be considered.
Where can I contact / write to know the status of my application?
You can write to us at nandnibee@gmail.com or call our mobile number
9873927723
Why should I buy a life insurance policy if I am already
insured under a group insurance scheme by my employer?
It is always advisable to buy an individual life insurance
policy in addition to group insurance policy cover because
a. The amount of insurance you are covered for may not be a
very large sum.
b. If your employer decides on cost-cutting, you may no
longer be insured.
c. If you decide to leave your employer, you may no longer
be covered.
d. The older you are when you buy insurance, the higher is
the premium you have to pay for the same insurance cover. So buy your insurance
policy early in your age i.e. below 40 years of age
Where can I contact / write to know the status of my application?
You can write to us at nandnibee@gmail.com or call our mobile number
9873927723
Will I have to undergo a medical test?
The requirement for a medical test may or may not arise
depending on the underwriting requirements as per your age and your health disclosures.
Your medical tests will be short and basic (some examples are: blood test, urine test etc.) and rest will depend on your health status which will be communicated to you by our office.
Your medical tests will be short and basic (some examples are: blood test, urine test etc.) and rest will depend on your health status which will be communicated to you by our office.
Can I buy one more online policy?
Yes, you can buy another online policy in your name if you
believe you need more life cover.
When will my life insurance cover begin?
Your coverage will begin only on acceptance of your proposal.
If I am travelling abroad for business/vacation will I be
covered?
Once the policy is issued you are covered across the globe.
Even in case you get an opportunity to work abroad the coverage shall be
applicable.
Where can I contact / write to know the status of my
application?
You can write to us at nandnibee@gmail.com or call our mobile
number
Comments
Post a Comment