LIC’s e-term policy Review – Does LIC deliver the best online term insurance plan?

LIC’s e-term policy is the first pure online term insurance plan from LIC India. Online term plans got huge success due to low premium rates compared to offline term plans. So finally LIC has launched e-term plan. But like other term plans the premium rates are quite higher for a particular sum assured. But LIC has reduced the premium by 37% compared to its own offline term plan Amulya Jeevan and Anmol Jeevan.  LIC is an agent network based insurance company, so it will be tough for LIC to promote this product as agents will not earn any commission from this policy. So LIC have to depend 100% on online and offline promotion like others and beat the competition to lead the term plan league. Let’s check out the features of LIC e-term plan and review the policy.

lic eterm online term plan review

LIC e-term online term plan features and benefits

  • Like typical term plans this is a pure term plan, means no benefit in case of survival
  • Premium rates are different for smoker and non-smoker.
  • Available only online mode, sorry LIC agents.
  • Policy will be valid outside country as well; this is a unique feature of this policy.
  • No additional rider and accidental benefit attached.
  • Medical test is compulsory which is a very good thing.
  • Amulya Jeevan subscriber can switch to this policy, but for that you have to communicate with LIC to get proper approval.
  • One has to disclose all insurance policies irrespective of companies purchased already. Be careful about this point and don’t hide anything.
  • Minimum Sum Assured Rs. 25 lacs for Aggregate category and Rs 50 lacs for Non-smoker category and Maximum Sum Assured No limit
  • You can return the policy within 30 days of purchase in case you are not satisfied or some other reasons. But you have to provide valid reason and also there might be some amount deducted.

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How to buy LIC E-Term Plan Online?

Like other online term plans LIC has created a dedicated website for LIC’s online plans. In that one can also buy LIC Jeevan Akshay VI as well. You can better follow the YouTube video created by Manish Chauhan of to find out the steps to buy LIC e-term plan online and also what documents require for this.

Should I buy LIC e-term plan online?

Without any doubt LIC is the best insurance company regularly due to its large number of buyers and agent network. Every year LIC receive huge number of claim and they are closing most of them successfully and regularly maintaining a high settlement ratio. In that point of view a pure online term plan from LIC is highly trust worthy. Even if you have to pay a higher premium compare to HDFC Click 2 Protect and ICICI I-care still it can be better as you can feel that you are in safest hand.

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But every company has their own reputation and can’t be underestimated. So if you are aware about the importance of a pure term plan then you can buy a term plan from any company. So what do you thing about this policy? Do you thing that LIC e-term is the best online term plan despite higher premium? Share you comments.

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  1. Dear Mr Santanu, Your daily life tips are very much helpful for all concerned with . you are really doing a noble deed. Well wishes to you. I have just gone through your detail review as given for LIC’s eTerm Plan. You have given very good readymade answers to all the probable questions one may ask about. I like to appreciate your endeavour. Like others I also have a simple question to you. That is; based on what and how the maximum sum assure is calculated by the underwriters of LIC for a non smoker and a agreegate categcategory customer willing to purchase some eTerm ? Is there any specific rule and regulation given to the companies by the IRDA ? If yes, what is that ? And if the aforesaid calculation system varies from company to company or its same for all ? Please let me know all about these clearly. Thanking you. With love and regards.

    1. Hi Nikhil,

      I have no idea about how LIC calculate the premium amount. Definitely they have many factors to judge how much insurance one can be covered.

  2. I have an existing Amulya jeevan – I policy, which I bought about 3 years back. Please let me know the procedure to switch it to e-term plan.

    1. Hi Ashish, I don’t think you can switch to LIC Online term plan from Amulya Jeevan. You have to discontinue Amulya Jeevan plan and buy a new LIC e Term plan.

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