LIC TECH TERM Plan
LIC TECH TERM (Plan No. 855, UIN No. 512N333V01) is a non-linked, non-participating, online pure risk premium plan that offers financial security to the insured’s family in the unfortunate event of their demise during the term of the policy. The two benefit alternatives available under the plan are ‘Level Sum Assured’ and ‘Increasing Sum Assured’. There is no maturity benefit in this plan because it is a term life insurance policy. Let’s know more about this plan!
|Minimum Entry Age||18 Years|
|Maximum Entry Age||65 Years|
|Maximum Age At Maturity||80 Years|
|Policy Term||10 To 40 Years|
|Minimum Basic Sum Assured||Rs. 50,00,000|
|Maximum Basic Sum Assured||No Limit|
Key Features Of LIC Tech Term Plan
Following are some of the key features of the plan:
- 2 Death Benefit Options: The plan offers two different death benefit options. One type is ‘Level Sum Insured’, which keeps the sum insured constant over the course of the policy. The second is ‘Increasing Sum Assured’, where after the five years of continuous coverage, the sum assured rises ten percent annually for the following ten years.
- Flexibility In Premium Payment: The plan offers the policyholder flexibility to choose from various premium payment options, including single premium, regular premium, and limited premium payment.
- Free Look Period: If a policyholder is not happy with the terms and conditions of the policy, the plan offers a free look period of 30 days, during which they can easily return the policy and receive a refund of the premium paid.
- Attractive Discounts: The plan has special rates for women and for a higher sum assured. The plan also offers separate premium rates for smokers and non-smokers. With the help of these discounts, the policyholder can save a significant amount of money.
- Rebates On Higher Sum Insured: On a larger sum assured, the LIC Tech Term plan also gives excellent rebates. If the sum assured at the time of the policy’s initiation is Rs. 1 crore or more, policyholders might get significant savings on their premiums.
Benefits Offered By Tech Term Plan By LIC
Here are the following benefits offered by the Tech Term plan by LIC:
- High Coverage At A Reasonable Premium: Because life is full of hazards, it’s critical to choose a sum assured that not only protects your family while you’re gone but also helps them manage rising living costs. Broker commissions are reduced when you buy LIC tech terms online, which lowers the insurance premium significantly. For example, a 30-year-old non-smoking male who purchases this policy with a total assured of Rs 1 crore and a policy period of 30 years will only have to pay Rs 9,000 per year in premiums.
- Accidental Benefit Rider: The possibility to expand your coverage by paying an additional premium for an Accidental Benefit Rider is the most crucial of all the LIC tech term plan benefits. As a result, if the policyholder dies in an accident, the rider sum assured will be paid as a lump sum in addition to the death benefit.
- Death Benefit: The death benefit is paid if the insured member dies while the insurance is active. This will provide maximum protection to your family members in case of your unfortunate demise.
- Tax Benefits: The LIC tech term plan gives tax benefits on premiums and payouts. While you can deduct premiums paid under Section 80C of the Income Tax Act, the payout of the sum assured is likewise tax-free under Section 10(10D) of the tax codes.
Premium Details Of LIC Tech Term Plan
If you are planning to buy the LIC Tech Term plan, you might be wondering how much it will cost you. Therefore, we have calculated the premium on the basis of different parameters, such as age, gender, etc.
|Name||Age (In Years)||Gender||Sum Assured||Policy Term (In Years)||Premium Amount|
|Sakshi Sharma||28||Female||Rs. 50,00,000||10||Rs. 29,854|
|Nikhil Kataria||41||Male||Rs. 55,00,000||15||Rs. 94,105|
|Sourabh Jain||46||Male||Rs. 60,00,000||20||Rs. 2,01,638|
|Jasmine Kumari||25||Female||Rs. 70,00,000||30||Rs. 87,308|
Key Exclusions Of LIC Tech Term Plan
There are several suicide-related exclusions, which are as follows:
In the event that the insured person commits suicide within 12 months of the policy’s purchase date, the nominee will receive 90% of the Single Premium paid. No further claims will be considered.
- Limited/Regular Premium
If the insured member commits suicide within 12 months of the policy’s purchase date, the nominee will receive 80% of the premiums paid. No further claims will be considered.
How To Purchase LIC Tech Term Plan?
If you wish to purchase the LIC Tech Term plan, you need to adhere to the following steps:
- Visit the official website of the Life insurance Corporation of India.
- On its home page, click on the “Buy A New Policy” tab. It will direct you toward the LIC online sales page.
- Click on “Term Insurance” and you will see the LIC Tech Term plan.
- Click on “Buy Online”.
- Select your desired sum assured, sum assured option, policy term, premium payment method, and other options.
- A premium calculator will compute the premium for the selected parameters when you enter the details.
- Pay your premium online and meet any underwriting conditions that may apply.
If you wish to buy the LIC Tech Term plan in person, you can pay a visit to any of the nearest LIC branches. You can also call the company’s customer care number and the agent will help you out in buying the plan easily.
Frequently Asked Questions
No. There is no loan facility under the LIC Tech Term plan.
The accidental rider allows policyholders to increase the plan’s coverage. If the policyholder dies in an accident during the policy term, the beneficiaries will get additional money in addition to the sum assured.
You must send LIC a notice in Form 3750. It is necessary to vote in favour of the nomination. The policyholder’s and nominee’s relationship verification, the policy bond, form 3750, and a photocopy of the policy are all essential documents for the process.
You do not need to take a medical exam to get a LIC Tech Term plan. However, you must meet the policy document’s precise requirements.
Yes. The plan offers special discounts for female policyholders.