How to buy LIC policy online without any agent
Finally LIC launched its online term policy named LIC e-Term. Many investors were waiting for it. You all know benefits of online policy. But many investors have hesitation to invest private insurance companies. LIC is the government-owned insurer and trusted by many investors. LIC’s online term plan is cheaper by around 35 per cent than its own offline product. But it is not cheaper than most online pure protection offerings from private companies. For example, if age of investor is 30 year and he is healthy and seeking a sum assured of Rs.50 lakh for 30 years term, LIC’s e-term plan costs will be Rs.8, 202 per year where other private insurance company charges only Rs.4000 to Rs.7000.
I think many people like to invest on LIC. LIC has highest Claim Settlement Ratio (97.73%).
Features of LIC e-Term
- It is a Pure Term plan.
- You have to buy online without agent.
- Smoker can choose the sum assured between 25 lacs and 49 lacs.
- Non-smoker can choose sum assured more than 50 lacs.
- Maximum Sum Assured – No limit (for non-smoker)
- Minimum age at entry- 18 years (completed)
- Maximum age at entry – 60 years (nearest birthday)
- Maximum cover ceasing age – 75 years (nearest birthday)
- Minimum policy term – 10 years
- Maximum policy term – 35 years
- Mode of payment – Premiums are to be paid annually.
- Death Benefit – In case of unfortunate death of the Life Assured during the policy term Sum Assured shall be payable.
- Maturity Benefit- On survival to the end of the policy term, nothing shall be payable.
How to buy LIC term policy online – step by step tutorial
Step 1- Visit LIC Direct and click on buy online
Step 2. Select New customer, I am an Indian Citizen and Residing in India and click on confirm.
Step 3. Now calculate your premium by entering your desire sum assured, term of years and date of birth.
Step 4. See amount of yearly premium and if you want to proceed, click on proceed and If you want to recalculate your premium, click on recalculate.
Step 5. Give your contact details
Step 6. After enter your contact details LIC will provide you a 9 digit access id on your mobile and email id which to be entered to proceed.
Step 7. Enter your personal details
Step 9. Enter your indentity
Step 10. Enter your employment details
Step 12. Enter you nominee details
Step 13. Enter previous insurance details
Step 14. Enter your medical history
Step 15. Enter your bank details
Step 16. declare your self
Step 17. In this step you can edit proposal or buy premium clicking on pay.
After payment you will receive an email from LIC. LIC will contact you for information about medical examination. If LIC will reject your proposal, your payment will be refunded.