Personal Finance Blog India –

LIC’S Online Term Insurance Plan LIC E-Term:

LIC Of India – have recently launched much awaited online insurance plan LIC e-term.

Some important features of LIC’s E-term plan are as follows:

  • Min Entry Age: 18 Yrs
  • Max Entry Age: 60 Yrs
  • Min Policy Term: 10 Yrs
  • Max Policy Term:35 Yrs.
  • Min Sum insured for non-smokers: Rs.50 Lakh.
  • Max Sum insured to smokers : Rs.49 Lakh.
  • Max sum insured : No Limit.

Good thing about this plan is this plan offers higher term of 35 years.There are number of other cheaper plans which offers insurance for max term like 25 this plan is better for average age of 30 years to cover self till approximate retirement age till 60 yrs.

Individuals who are seeking to buy online term insurance may need to undergo certain medical tests depending on different factors like age,higher sum insured or history of individual and they may need to pay higher premium for specific cases.

Term insurance is the cheapest and purest form of insurance as only risk is covered. As term insurance covers pure risk,there won’t be any maturity benefit.

LIC have offline term plan – Amulya Jeevan II for sum insured of Rs.50 Lakh.Premium comparison for Online Term plan and Premium Comparison between online and offline plans for 20 yr term plan and 30 yr old is as below:



So one can view that online plan bypasses certain costs like agent commission or other administration costs leading to cheaper premium compared to offline term insurance.

But I think this plan will not affect agents with a great way as most of the agents do business in endowment or ULIP plans as well there is still very less awareness among peoples about term insurance.

Also view :

LICs New Offline Term Insurance Plans 

Most of the private insurance companies have already started their online term insurance plans  and individuals who are seeking to plan only from LIC will largely benefited from this online facility.

Visit LIC’s home page for more details of LIC E-Term Plan.


LICs New Term Insurance Plans – LIC Anmol Jeevan -II & LIC Amulya Jeevan II

LIC have recently re-launched term insurance plans viz. LIC Jeevan Anmol – II and LIC Amulya Jeevan II .You may have also seen advt in few of the newspapers.Both offers pure risk covers and offer only death benefit within policy term & no survival or maturity benefits.

Changes in mortality rates reflects in premiums as premiums have reduced in new launched term insurance plans.

What is basis diff between – LIC Anmol Jeevan & Amulya Jeevan :Basic difference is if you are looking for sum insured up  to Rs 24 Lakh then you need to choose Anmol Jeevan and for Sum insured of above Rs.25 Lakh choose Amulya Jeevan.

Premium Rates:Anmol Jeevan LIC’s website till don’t offer any premium calculation except information of premium per 1000 sum assured.


So for 30 yr male looking cover of Rs.20 Lakh ,with policy term of 25 years will have at least premium of Rs.7080 + service tax.(Exact premium for mentioned specifications not known till.–shall be updated)

Few Premium rates of other insurance companies:

Plan Name Annual Premium – 30 Yr old – Male,Non-smoker,Term 25 YrsSA:20 Lakh
Aegon Religare iTerm 2620
Bajaj Allianz iSecure Insurane plan 3500
Canara,HSBC Pure Term plan 5300
Edelweiss Tokyo Life protection 4044
ICICI PRU i-Care 3580
IDBI-Federal Term Insurance plan 4365
India first Online Term plan 2761
ING Term Life 5327
LIC anmol Jeevan 7643
PNB Met Term Assurance 5700
Reliance Term Plan 4160
SBI Life Saral Sheild 5078
Star Union Dai-Ichi – Pure Term Assurance Plan 6402
TATA AIA Life Raksha 5280

so I guess,though premiums have reduced,Anmol Jeevan is not still cheap in comparison with other plans.

Premium  chart for Amulya Jeevan:



Just check both premium charts .One can find that for 30 yr old and 25 yr policy term,premium rates are discounted.

so for 30 yr old,25 yrs  term and for 40 lakh sum assured ,Minimum premium will be Rs.7840 + Service tax.(Exact premium not known till).

Premium for other insurance companies:For Rs.40 Lakh sum assured:

Plan Name 30 Yr old,Male,Non smoker ,40 Lakh SA,Term 25 yrs
Aviva i-Life Term plan 5120
Bharti AXA Life eProtect 5000
DLF Pramerica U Protect 8200
ICICI pru Pure Protcet Elite 8554
Kotak e-preferred Term plan 4570
Max New York Life Platinum Protect 8120
PNB Met surakshsha Plus 8520
SBI Life Smart shield – Term Assurance plan 7144
Star union Dai –Ichi Life Premiere Plan 11000

so if premium for Amulya Jeevan comes up to even Rs.10,000 it will be good offering by LIC.

LIC Anmol Jeevan have max policy term of 25 Yrs so for 30 yr old,max cover will be available up to age of 55 only which may not be sufficient as one can expected to be covered up to age of 60 in that context ,Amulya Jeevan looks to be better product for me.

Disclaimer : Premium rates as extracted from web aggregators and websites.Readers responsibility to check premium rates from authentic sources.

08 Imp Points To Remember About Mediclaim Policy

There won’t be any second opinion about importance of  mediclaim plan which will take care of hospitalization expenses.Mediclaim policy is nothing but a contract between policy holder and company with certain terms & conditions.But number of times we are ignorant about important aspects and not able to get advantage of policy.We have listed few important points which one should not forget.

Don’t Forget Renewal Of Mediclaim Plan At Any Cost:

Any Mediclaim policy comes with tenure of either one or two years and need to renew periodically.There is need of Continuous coverage of at least 03-04 years for number of day care and other planned procedures….otherwise claim can be rejected stating illness as “Pre-Existing”Policy holder may not get benefit if policy was not renewed within renewal period.Insurance companies have no binding to send you renewal notices and its policy holders duty to take care of renewal.Especially,Senior Citizens need to take more care about policy renewal in time.

Don’t forget To Look At Sub-Limits :

Generally,Each mediclaim have its own sublimits and sub limits are applicable for Room rent,ICU charges etc.One need to pay add on charges if sub limit is exceeded.So one need to check the sub limits before hospitalization.

Check Network Hospitals :

Generally it is advisable to take treatment from hospital which is in Network of your insurance company.It will help if you are going to avail Cashless Mediclaim facility. If claim is in line, it  will not be denied in case of Non-Network hospitals but one need to pay all charges to hospital first and then  seek reimbursement from insurance company.Treatment & claim process at Non network hospital can also lead to additional documentation.

Intimate Company In Advance About Proposed Hospitalization:

If  hospitalization is planned then  intimate company about proposed hospitalization.Company will issue you claim reference no which you can use in all further process.If their is emergency hospitalization then intimate company at the earliest.It is essential for smooth claim process.

Preserve All documents,Prescription,Test Reports and Bills :

Policy holder need to submit all documents in original so preserve them carefully.One can need all documents from Doctors advise to Hospital bill for claim settlement.One should ascertain self about documents requirement.

Don’t Destroy Old Policy Document :

Policy holder can use facility of Mediclaim Portablity if not satisfied by company.If you opt for policy of other company , don’t destroy policy documents of previous years.You may need copy of previous documents to prove your continuous coverage.

Approach Hospital In Advance To Avail Cashless Mediclaim Benefit:

Hospital is facilitator which mediates between policy holder and insurance company (or TPA) for cashless process.Whole process may require any time between 24 hrs  to 72 hours so in case of planned hospitalization approach at least 4-5 days in advance ,submit pre-authorization, take  approval and then get admitted.

Provide All Information To Responsible Family Member:

One should not forget to provide all important details like policy details,Benefits included to responsible family member so that he o she can take of all processes required for smooth claim settlement.


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