LIC E TERM POLICY 825 Review

By | April 16, 2016
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LIC e term policyLIC E Term Policy 825

Introduction to the policy:

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LIC E Term Policy 825 is a standard premium policy which offers financial protection to the insured’s family in case of his / her ill – fated death. LIC E Term Policy Status will be accessible via online application process only. Also, no intermediaries are involved in this policy.

E Term Policy LIC is pure term insurance policy with particularly less premium as compared to other LIC policies such as Amulya Jeevan and Anmol Jeevan term insurance policies. Under this LIC E Term Policy 825 plan, there are 2 kinds of premium rates namely (1) Aggregate lives & (2) Non-smoker lives.

Advantages of the LIC E Term Policy 825

Advantages of the LIC E Term Policy plan No. 825 are mentioned below:

  • Death Advantages : In case of any ill-fated death of the Life Assured during the policy term then the Sum Assured shall be payable. In LIC E Term Policy 825 death Advantage will be equal to Sum Assured.
  • Maturity Advantages : There is no maturity Advantage under this plan. Nothing is paid at the conclusion of policy term.

Terms and Eligibility conditions of LIC E Term Policy 825 

Entry age ·         Minimum Age – 18 years (completed )

·         Maximum Age – 60 years ( Nearest birthday)

Policy Term ·         Minimum – 10 years

·         Maximum – 35 years

Minimum Sum assured ·         Rs.25 lakhs ( for Aggregate category)

·         Rs.50 lakhs ( for Non-smoker category)

Maximum Sum assured ·         No limits for both categories
Maximum Coverage Age ·         75 years (Nearest Birthday)
Premium Payment Mode ·         Yearly ( Payment mode is through online only )
Tax Advantages ·         12.36% of Service tax is applicable on premium.
Grace Period ·         In case the Premium is not paid within the given time then a delay of 30 days is extended to pay the premium amount which is thereby referred to as the grace period.
Cooling off period ·         If you are dissatisfied with this policy term you may return the policy within 30 days from the date of receipt of the policy.
Eligible Life ·         The policyholder must be a resident of India only.

·         The policyholder must have self earned income.

·         The Person should not be Non-Resident Indian (NRI), Overseas Citizen of India (OCI) or Person of Indian Origin (PIO).

·         One cannot propose the policy for anyone other than themselves. Key Man Insurance (KMI)/ Partnership/ Employer-Employee Cover will not be allowed.

Details needed while filling online application form. ·         PAN Number is a must.

·         Form 16 or ITR of last three years is a must.

·         Proper Details of all your existing insurance (irrespective of insurance company) are a must.

·         Details of family members are required.

·         Details of medical history are required.

·         Details of Bank like Account number and MICR code, etc are required.

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·         e Term Access Id – Click on Proceed tab and which asks for 10 Digit Access ID. Provide the same and click on proceed. 

Additional Information of LIC E Term Policy 825

Under this LIC E term policy there are 2 categories of life and they are mentioned below:

  • Aggregate lives : In this particular group you can buy a premium up to sum assured of 49 lakhs whether you are a smoker or a non – smoker.
  • Non-Smoker lives : In the case of you being a Non – smoker, the premium is less than the aggregate category. Also, if your sum assured is 50 lakhs and above then the policyholder comes under this category.
  • Not any other kind of Bonus shall be payable under the LIC E term policy no 825
  • Paid up value :No paid up value is offered under the LIC E term plan 825
  • Surrender Advantages : Under this LIC E term policy plan no 825 surrender Advantages are null
  • Loan Facility :Loan Facility is unavailable in LIC E term policy plan no 825
  • Proposal of policy will only be considered on your own life.
  • Medical test :Obligation of medical test will be based on kind of category.
  • LIC E term policy 825 cannot be bought from any agent or LIC officer or even any intermediate services.
  • Policy renewal : In case the premium has not been paid by you in the tenure of grace, then the  policy will surely lapse. In case you are interested to continue this policy then you can renew your policy on or before two years from date of 1st premium not paid.
  • Suicide clause :In case, the policy holder commits suicide for any of the reasons within 12 months of date of start of policy, then eighty percent of the premium for what has been duly paid will be returned to the nominees or the assignees.

Buying Procedure for LIC E Term Policy 825

  • LIC E term policy 825 is only limited to online procedure.
  • It is necessary for you to be a citizen of India while buying a plan and if needed you will have to undergo a health check up.
  • On visiting the homepage of LIC E term policy no 825 you can purchase the policy or directly log on to http://e2e.licindia.in:8080/OnlineTerm/start.do#
  • On opening the page, you now need to choose the option of new user and mark on 2 options if you are a resident of India. next click on confirm to continue and proceed.
  • Now fill up the details of the sum assured, date of birth and policy term to calculate your premium annually. Now, click on proceed button to continue to the next step.
  • Fill up your personal details and other contact information. Please keep in mind that this online purchase is made up for few cities only. Thus, if you do not belong to any of the cities mentioned in the drop down then select the city which is nearest to you.
  • Now, an access ID will be made which will be sent to your mobile number and email id also.
  • At last, you can proceed for purchasing it through net – banking / credit card / debit card.

LIC E Term Policy Premium Calculator 

In order to calculate the premium rates of the LIC E term policy 825, the following details are required:

Name :

Age :

Policy term :

E-Mail Id :

Mobile Number:

Sum assured :

Category :

An Example of the LIC E term policy 825

Vijay who is a resident of India had decided to buy an E term policy 825. Particulars of Vijay are given below:

Vijay’s Age : 25 years

Term : 15 years

Sum assured : Rs. 25 lakhs

  • In LIC E term policy no 825 there are 2 types. One is aggregate and other is Non-smoker lives. Noticeably, Vijay comes under aggregate category since the total sum assured is not exceeding 49 lakhs or above. Now, the premium has to be paid yearly with or without tax by Vijay. The same is mentioned in the below given table:

LIC E term policy 825 Yearly Premium calculator Table

Premium Without Tax Tax With Tax
Yearly Premium 2500 309 2809

The necessary medical details of Vijay are given below:

LIC E Term policy 825 medical requirements Table

Medical Requirements
FBS, Lipidogram Elisa for HIV, Hb% (Rs. 1140)

If in case any accidental death or natural death occurs in the policy term tenure, then maturity and death Advantages will be as follows:

LIC E Term Policy Maturity And Death Advantages Table

Natural/Accident Death Advantage Rs.25,00,000
Maturity Advantage 0 

In case Vijay decides to buy the LIC E Term Policy 825 with sum assured of Rs. 50 lakhs then Vijay comes under the category of Non-smoker lives. In such a case, the premium details of this category will be as follows:

Sum assured : Rs.50 lakhs

Age : 25

Term : 15 years

At this time, the premium has to be paid annually with or without the tax by Vijay. The same is mentioned in the given below table:

LIC E term policy 825 Yearly Premium calculator Table

Premium Without Tax Tax With tax
Yearly Premium 3500 432.6 3932.6 

Required medical information of Vijay are mentioned below:

Online term policy from LIC medical requirements Table

Medical Requirements
Rest ECG, SBT-13, RUA, Hb% (Rs.1170) 

In case of occurrence of any accidental or natural death, during the policy term then maturity and death Advantages will be :

LIC E Term Policy Maturity And Death Advantages Table

Natural / Accident Death Advantage Rs.50 lakhs
Maturity Advantage 0

 

Claim process For LIC E Term Policy 825:

The documents needed for claim procedure under online term policy from LIC are mentioned as under:

  • NEFT form
  • Discharge form
  • Cancel check or Bank Pass book Xerox
  • Policy bond
  • Death certificate

FAQ’S of LIC E Term Policy 825

Q1. Can a nominee be a minor?

A1. Yes and a major have to be supplemented for minor nominee.

Q2. How can I pay subsequent premium?

A2. The premium can be paid either by net banking or credit cards or debit cards.

Q3. If I am travelling for abroad for vacation then am I applicable to cover under this policy?

A3. Yes, if once your policy is issued then you will be covered across globe even if you get any job opportunity you are applicable to continue this policy.

Q4. Can I buy one more policy?

A4. Yes, you can buy another policy with your name.

For further details about LIC Money back policy (twenty years), click on below link:

LIC e Term Policy

 

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