The new regular premium pure protection policy will pay the sum assured in case of the death of policyholder during the policy term but nothing will be payable if the policyholder survives the term.
The premium of the online plan is 50-100% cheaper compared with an offline term insurance plan.
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LIC’s plan will be available under two categories – smoker (aggregate) and non-smoker.
Under the non-smoker category, the minimum sum assured is INR5 million, while its minimum policy term is 10 years while the maximum policy term is 35 years.
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