For a customer who is comfortable using the internet and has some experience of having made an online purchase, buying life insurance online is an easy and a logical option. It's fast, easy and secure - just fill in the details and make the payment through Internet Banking. Apart from the convenience, online policy is also cheaper than the offline version as online rebate is also available.

LIC's E-TERM (UIN: 512N288V01)

LIC's e-Term is a regular premium non-participating "Online Term Assurance Policy" which provides financial protection to the insured's family in case of his/her unfortunate demise. This plan will be available through online application process only and no intermediaries will be involved.

  • Available through Online mode (www.licindia.in)
  • Pure Term plan
  • Differential premium rates for Smoker/Non-Smoker lives
  • Proposal on own life ONLY will be considered
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.
Minimum Sum Assured Rs. 25,00,000 for Aggregate category
Rs. 50,00,000 for Non-smoker category
Maximum Sum Assured No limit
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.
Eligible life The person must have own earned income.
One cannot propose for anyone other than self. Key Man Insurance (KMI)/ Partnership/ Employer-Employee Cover will not be allowed.
  • ♦ What is LIC's e -Term Policy?


    → LIC's e-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.

  • ♦ 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 e-term plan?


    → The person should be Resident Indian residing in India. He should not be Overseas Citizen of India(OCI)or Person of Indian Origin(PIO).

    → NRI's also can apply while their stay in India subject to the condition that the applicant is residing in any one of the permissible countries(List of permissible countries are provided in the section "know your premium").

    → Minimum entry age: 18 years (Completed).

    → Maximum entry age: 60 years (Nearest Birthday)

    → Maximum cover ceasing age: 75 years (Nearest Birthday)

    → He/she must have own earned income.

    → One cannot propose for anyone other than self.

    → Income should be sufficient to cover all existing and proposed insurance cover under all insurers.

  • ♦ What is the minimum and maximum Policy Term?


    → Minimum Policy Term: 10 years

    → Maximum Policy Term: 35 years

  • ♦ What are the premium payment modes available?


    → The Premiums can be paid in annual mode only.

  • ♦How can you make payment towards a new e-term plan ?


    → You can make payment through Netbanking, Debit card, Credit card, Amex card, UPI, IMPS and e-wallets.

  • ♦ What are the charges under credit card?


    → For the Credit Card transactions, the existing customer convenience fee charges for different payment-ranges as listed below.

    Card Type Premium Payment Range Convenience Fee charged to Customer
    1)Visa/ Master Credit Card Upto Rs. 5,000 Rs. 20 per Transaction + GST
    Rs. 5,001 to 10,000 Rs. 45 per Transaction + GST
    Rs, 10,001 to 25,000 Rs. 80 per Transaction + GST
    Rs. 25,001 to 50,000 Rs. 190 per Transaction + GST
    Rs. 50,001 to 100,000 Rs. 350 per Transaction + GST
    2)American Express Cards Upto Rs. 5,000 Rs. 18 per Transaction + GST
    Above Rs. 5,000 Rs. 35 per Transaction + GST
    3)Visa/ Master Credit Card Rs. 100,001 to 300,000 Rs. 1,000 per Transaction + GST
    Rs. 300,001 to 500,000 Rs. 3,000 per Transaction + GST
    Rs. Above 5,00,000 Rs. 5500 per Transaction + GST
    4)PPI, eWallets Upto Rs. 20,000 Rs. 2.90 per Transaction + GST
    5)UPI and IMPS As per NPCI As per RuPay Card Fees
    6)ATM-cum-PIN Debit Cards Upto Rs. 20,000 Rs. 20 per Transaction + GST

    BillDesk Transaction Processing Fees for the above transactions (5) & (6) is Rs. 2.00 per Transaction + GST

  • ♦ What kinds of death are covered under e-term ?


    → All kinds of death including accidental deaths are covered under this plan except suicide during first year. There are no riders in this plan.

  • ♦ 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 from time to time.

  • ♦ 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.

  • ♦ 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 e-Term. Based on income and eligibility, the customer's request for cover can be considered.

  • ♦ Why should I buy a life insurance policy if I am already insured under a group insurance scheme by my employer?


    → It is always prudent to buy an individual life insurance policy 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.
  • ♦ Can I buy it under Non-medical Scheme?


    → Yes, if your age falls in age bracket 18 - 35 years, with annual income > 3 lacs, you may purchase upto 75 lacs and if the age is in the range 36-45 yrs, with annual income > 5 lacs, you may buy upto 50 lacs subject to you being Non-Smoker, No past medical history and underwriter's decision.Under Non-medical scheme, the premium will be calculated under Aggregate Rate. Non-smoker rates will not be available under Non-medical scheme.

  • ♦ Will I have to undergo a medical test?


    → The requirement for a medical test may or may not arise depending on the underwriting requirements 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. Medical test is mandatory if proposed for Non-smoker rate and if it is not covered under Non-medical scheme. All medical expenses will be borne by LIC of India if your proposal results into a policy.

  • ♦ 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 subject to your financial eligibility.

  • ♦ When will my life insurance cover begin?


    → Your coverage will begin only on acceptance and completion 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.

  • ♦ What is Non-Smoker Rate?


    → Non-Smoker rate is applicable for sum assured 50 lacs and above and offered to people who are Non-smoker or do not use tobacco in any form. For people other than Non-smoker and proposer of e-Term upto 49 lacs, Aggregate rate will be applicable.

  • ♦ How can I get refund of my deposit under my proposal ?


    → You can put a mail to online_dmkt@licindia.com for refund. If you have undergone medical tests, medical fees with applicable service tax and cess shall be deducted from your deposit.

  • ♦ What are the exclusions under e-term policy?


    → Suicide during first year of policy from the date of adjustment is excluded under this policy.

  • ♦ What is section 45 of The Insurance Laws(Amendment) Act,2015 ?


    Section 45 of The Insurance Laws (Amendment) Act, 2015 :

        1. No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e. from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.
        2. A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud:
            Provided that the insurer shall have to communicate in writing to the insured or the legal representatives of nominees or assignees of the insured the grounds and materials on which such decision is based.
            Explanation I — For the purposes of this sub-section, the expression "fraud" means any of the following acts committed by the insured or by his agent, with the intent to deceive the insurer or to induce the insurer to issue a life insurance policy:
              a. the suggestion, as a fact of that which is not true and which the insured does not believe to be true;
              b. the active concealment of a fact by the insured having knowledge or belief of the fact;
              c. any other act fitted to deceive; and
              d. any such act or omission as the law specially declares to be fraudulent.
            Explanation II — Mere silence as to facts likely to affect the assessment of the risk by the insurer is not fraud, unless the circumstances of the case are such that regard being had to them, it is the duty of the insured or his agent, keeping silence to speak, or unless his silence is, in itself, equivalent to speak.
        3. Notwithstanding anything contained in sub-section (2), no insurer shall repudiate a life insurance policy on the ground of fraud if the insured can prove that the mis-statement of or suppression of a material fact was true to the best of his knowledge and belief or that there was no deliberate intention to suppress the fact or that such mis-statement of or suppression of a material fact are within the knowledge of the insurer:
            Provided that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the policyholder is not alive.
            Explanation — A person who solicits and negotiates a contract of insurance shall be deemed for the purpose of the formation of the contract, to be the agent of the insurer.
        4. A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground that any statement of or suppression of a fact material to the expectancy of the life of the insured was incorrectly made in the proposal or other document on the basis of which the policy was issued or revived or rider issued:
            Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision to repudiate the policy of life insurance is based:
             Provided further that in case of repudiation of the policy on the ground of misstatement or suppression of a material fact, and not on the ground of fraud, the premiums collected on the policy till the date of repudiation shall be paid to the insured or the legal representatives or nominees or assignees of the insured within a period of ninety days from the date of such repudiation.
             Explanation — For the purposes of this sub-section, the mis-statement of or suppression of fact shall not be considered material unless it has a direct bearing on the risk undertaken by the insurer, the onus is on the insurer to show that had the insurer been aware of the said fact no life insurance policy would have been issued to the insured.
        5. Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal.
  • ♦ Where can I contact / write to know the status of my application?


    You can write to us at online_dmkt@licindia.com or call our toll free number 1800227717 or landline numbers 022-26127303-05,022-67819282,022-67819284.


It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant.

The policy does not acquire any paid-up value. No surrender value will be available and No loan will be available under the policy.

Online Incentive Rebate of 1% by way of increase in the basic annuity rate will be available.
Immediate Annuity Starts as early as next month.
Single Premium Pay - Once - Enjoy - Forever
Purchase Limits Minimum purchase price : Rs.1,50,000/-
No maximum limits for purchase price, annuity etc.
Incentive for High Purchase Price If your purchase price is Rs. 2,50,000/- or more, you will receive higher amount of annuity due to available incentives.
Age Limits Minimum age at entry: 30 years
Maximum age at entry: 85 years
Age proof is necessary
Medical No medical examination is required.
Annuity Options Seven options of annuity to choose from.
Annuity Mode Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity.

You may choose any one from the below mentioned annuity options

(i). Annuity payable for life at a uniform rate.
(ii). Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
(iii). Annuity for life with return of purchase price on death of the annuitant.
(iv). Annuity payable for life increasing at a simple rate of 3% p.a.
(v). Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
(vi). Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
(vii). Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.
Please note - Once chosen, the option cannot be altered.

Amount of annuity payable at yearly intervals which can be purchased for Rs. 1,50,000/- under different options is as under:

Age last birthday Yearly annuity amount under annuity option
(i) (ii)
(15 yrs
(iii) (iv) (v) (vi) (vii)
30 10226 10196 9741 7378 10060 9893 9711
40 10726 10635 9802 7923 10414 10120 9741
50 11681 11408 9878 8939 11105 10590 9802
60 13529 12711 9999 10817 12453 11544 9893
70 17650 14332 10196 14877 15347 13590 10029
80 26376 15271 10484 23392 21468 18089 10241
LIC's Pradhan Mantri Vaya Vandana Yojana (UIN: 512G311V01)

The Plan provides immediate pension for senior citizens 60 years and above .It can be purchased by paying a lumpsum amount . The plan provides for pension payments of stated amount for the policy term of 10 years, with return of purchase price at the end of 10 years.

Pension payment modes are available : Monthly / Quarterly/Half-yearly /Yearly

Pension will be paid at the end of each period as per payment mode chosen starts as early as next month if monthly mode is chosen.

On the death of the pensioner at any time during the term of 10 years, the purchase price will be refunded to the legal heirs/nominees.

Medical No medical examination is required.
Surrender Value Premature exit is allowed during policy term under exceptional circumstances like Critical/Terminal illness of self or spouse . Surrender Value payable in such cases is 98% of the Purchase Price.
Loan Loan is available under the policy after completion of 3 policy years. Maximum loan granted will be 75% of the purchase price.

Minimum and maximum Purchase price under different modes of Pension:

Mode of Pension Minimum Purchase Price Corresponding Pension Amount
Yearly 1,44,578 12,000 per annum
Half-Yearly 1,47,601 6,000 Half year
Quarterly 1,49,068 3,000 per Qtr.
Monthly 1,50,000 1,000 per month

Minimum and maximum Pension under different modes of Pension:

Mode of Pension Maximum Purchase Price(Rs) Corresponding Pension Amount
Yearly 7,22,892 60,000 per annum
Half-Yearly 7,38,007 30,000 per half year
Quarterly 7,45,342 15,000 per Qtr.
Monthly 7,50,000 5,000 per month

Pension rates payable under different modes of Payment(Yearly, Half Yearly,Quarterly,Monthly) are as under:

Mode of Pension Effective Pension Rate per annum for rs. 1000/- purchase price
Yearly 83.00 p.a
Half-Yearly 81.30 p.a
Quarterly 80.50 p.a
Monthly 80.00 p.a