A quick look at the features
a) Buy online
You can buy the policy online by visiting : www.licindia.in. This policy as the namke suggests is an e-policy which cannot be purchased offline. it's also important to remember that there are no quarterly and half yearly payment options and one needs to look at the annual payment option only.
b) Different premium rates for smoker and non smoker
The LIC E-Term Policy comes with different rates for a smoker and a non-smoker.
c) Term policy
What this means that the premium payable is for a life cover and no amount is payable on survival. Therefore, if you are an individual having considerable obligations, you could go in for this policy.
d) Minimum and maximum age
The minimum age to avail the policy is 18 years, while the maximum is 60 years. Interestingly, the premium has to be paid in annual mode only.
Should you buy the policy?
The online policy is much cheaper than any of LIC's off line policies. it's taken LIC many years to introduce an online policy when compared to peers in the business. there are a few term policies that are cheaper than LIC. They may even offer a lower premium. But, LIC continued to lead when it comes to claims. The insurance company has an enviable track record when it comes to the same.
Clearly, you need to balance between the rate that LIC offers and its super claims history.