LIC’s online Term Plan e-Term-Review and Benefit

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• Sir, I purchased 2 crore tech term plan. after multiple medical tests in 2 months, now they replied " without commitment postpone for six months".
  What does it mean and what steps should i take now ?
  I am a kidney transplant recipient.

  thanks and regards

  • Dear Sampat,
    Better to interact with the LIC in this regard. Because they may be in a better position to provide the clarifications and reasons.

• Sir,Thanks for Lic officials,I got tech term policy By adding premium of rs.38000 after medical as Lic says extra premium on the basis of medical reports ,I transfered it and got policy number, and policy documents on my email id...but I WANT MEDICAL REPORTS(RECORDS) (COPY) WHICH TPA HAS BEEN SHARED WITH DIGITAL LIC ON EMAIL..AND TPA HAS BEEN UPLOADAED ON LIC PORTAL...I WANT THOSE MEDICAL REPORT COPY. HOW CAN I GET IT? IS IT MY RIGHT ,TO GET COPIES OF MEDICAL REPORT WHICH DONE WHILE BUYING TERM PLAN....KINDLY GUIDE ,I NEED THOSE REPORTS FOR TAKING PREVENTIVE ACTIONS IN MY LIFE..SO KINDLY GUIDE PLEASE. THANKS FOR LIC AND YOU IN ADVANCE.

  • Dear Rajesh,
    You can write to them to get the medical reports.

• I say just avoid it. The website is crap. I have made payment twice while purchasing policy. Medical will happen immediately since it's automated. But no one is contacting me now. All numbers given are either out of order/busy. No response to emails for refund of excess amount. My 17k stuck with them, with no idea when I will get insurance/refund. Avoid Tech Term online plan. Better go with pvt. insurers.

  • Dear Ashutosh,
    Sad to hear your bad experience with this mammoth insurance company of India.

• Good luck to anyone looking to purchase LIC Tech term policy. I applied for this policy six months ago. In those six months, I was asked to undergo medical tests twice as my sum insured was greater than 2 Crore. The response from both LIC and the medical team has been extremely poor and lacking. Both of these teams wasted a lot of time. Finally, as per LIC policy, my insurance proposal was rejected as it had been more than 180 days since the proposal was submitted.

  I would strongly recommend against purchasing LIC Tech Term. Their website for collecting documents is poorly designed and absolutely not user-friendly. They are extremely slow. There is almost no internal coordination between their departments. If this is how they handle applications for first-time customers, I can only imagine what may happen in the event of a claim file.

  • Dear Nikhil,
    Thanks for sharing your horrific experience with LIC. I completely agree that LIC still have to develop a customer-friendly approach rather than 1947 attitude towards customers.

• Hi Basavaraj, I am 24 years and single working in private concern and my current annual income is 2,16,000 also I am doing agriculture and earning nearly 2.5 to 3 lakhs annually...I have not paid any income tax yet as my salary not falling under that category...I am thinking for policy sum of 10000000...as I checked in lic found I am eligible for that with total of my salary and agriculture income for 400000 per annum...but I have only salary slip for annual income of 216000...agriculture income not deposited in Bank account...can apply for this sum amount...i need to know that my application will be accepted by lic as I am only submitting my salary slip of last 3months which have income of 18000. Please help me to know. Thank you.

  • Sujin- Your income is determined only based on IT return. Also, accordingly insurance companies consider your income.

• Mr Basu - Greetings of the season!! I have recently purchased this e Term Plan for myself . I am a 32 year old professional working in the corporate sector. Interested in buying standalone CI and Disability Insurance, solicit your opinion.

  • Virat-Refer my post "Best Critical illness policy in India – Comparison Table".

    • Mr.Basavaraj i am a govt servant aged 44.My annual income was around 4.5 lakhs.i want to take eterm policy for Rs,10000000.but whenever i apply online it always shows that" for the declared income you are not eligible for the sum assured(even i have tried sum assured upto 40 Lakhs)".how could i know the maximum eligible cover for me.and whom should i contact since its a online policy.

      I am also contact lic through email.But they giving some unconvincing and general reply to me to try again.

      thaks in advance .

      • Damodharan-Your eligibility depends on your age, health and income. Hence, you have to try and modify your requirement to proceed for purchase.

• Can be possible address and nominee change in lic policy in anywhere in india?

  • Ajay-Anywhere in India not possible as they have not yet centralized the system. You have to update it to a home branch of LIC.

• Hello sir,

  Regarding e term plan of LIC -
  (1) What is the process of claim settlement for e term plan ? Since it has been brought online, whom to contact during claim?
  (2) Is process of claim settlement for online purchased term isurance plans differs from that of offline mode purchased?
  (3) Whats is difference between online and offline term insurance plan with respect to ease of claim settlement ?

  Thanks,
  Vinay

  • Vinay-1) You can approach the branch which will be informed to you during the process of issuance.
    2) BOTH ARE SAME. But Agents spread this misleading news that ONLINE purchased products are least bothered by LIC.
    3) BOTH ARE SAME to LIC. But for agents perspective it is ENTIRELY DIFFERENT :)

• I paid premium online and on the same day received call for medical test. Within 2 days i completed medical tests (14th Aug, 2017) but till date there is no further communication from LIC. Despite repeated calls and emails the process has not moved forward. The LIC representation told me first that the agency conducting medical test has not yet submitted report and next said that the people responsible are new to this process and hence taking time. It is hard to understand what is new in this process and why are they taking more than a month to take this forward. I selected this plan based on trust in LIC but this delay is making me think.
  If they do not process in next 15-20 days then i shall ask them for a refund and will take some private policy.

  • Ajit-It is hard to say of what went wrong. But no option but to wait.

• Hi Basavaraj ,

  I am a 37 year old salaried professional in IT (with more than 12 years professional exp). I wanted to take SBI Life - eShield (Term Policy) for 50L. My salary is in the 7 Digits. Now i had sent my "Employer certificate" to the SBI underwriter, but they still insist of last 3 Salary Slips. I am not comfortable in handing them my salary slip since it contains data on my PF , UAN & Salary account and what not... The Employer certificate should be sufficient to let them know about my employment. Wouldn't it be termed as an attempt to breach my financial privacy, since this kind of data about an individual can easily get into wrong hands!. Why are they so desperate to know my salary components via pay slips only? Is there any other instrument i can use to let them know my salary only ? Is there any other safe process here ?
  Also they can check my details in C-KYC. Will that help?

  Thanks & Regards

  • Harishanker-I can understand your concerns. But they need the salary slip or IT return. If you have such concern then you can send them the last 3 years IT returns. Using CKYC, then can't check your income.