Tech Term Plan
LIC of India
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LIC Tech Term Plan

Are you low on a budget but want higher profits from your term plan? No worry, as LIC tech term plan will fulfill all your wishes. By buying LIC Tech term plan you will receive a guaranteed death benefit, the increased sum insured on death, family security, faster claim settlement, simple claim process, easy online renewal and discount on the premium. What else you desire from a term plan when your plate is already loaded with benefits. This term insurance plan is available online.

Features of LIC Tech Term Plan-

  • New LIC Term plan that does not hold any limitations.
  • No age limitations as it is valid for any person who is above 18 years of age.
  • 100% payment of death benefit to the family (regards to exclusions).
  • Longer protection term up to 40 years.
  • Special discounts for the female insured person.
  • Rebate on premium for non-smokers or who maintain sane health.

Eligibility Criteria of LIC Tech Term Plan

Age of the Policyholder18 years to 65 years
Age of Maturity80 years
Policy Term10 years to 40 years
Sum AssuredRs 50 lakhs to unlimited
Death Cover OptionsLevel Sum Assured & Increasing Sum Assured
Where To Buy?Online
Premium Paying TermSingle-Premium OR Yearly OR Half-Yearly
Grace Period30 days

6 Assured Benefits Under LIC Tech Term Policy

  • Death Benefit: Every term plan introduced by LIC India contain death benefit and so this new tech term plan. The nominee on the death of the insured will get the proposed sum insured during the term of the policy.
  • Rise in Sum insured: Suppose you bought as tech term plan for a sum insured of Rs 50 lakhs and selected increasing sum insured. After the passing of five consecutive renewals, the sum insured will keep on elevating @10% for ten years without any obstruction.
  • Health Rewards: LIC tech term policy takes care of customers by promising them health rewards which can be attained by not consuming any toxic substances like cigarettes, drugs, tobacco or any other hallucinogenic material. At the time of purchase, the online portal will ask you whether you are a non-smoker or smoker. Based on this information you will get rewards.
  • Flexible-Premium Payment: While you pay the premium for your tech term plan, you will get three choices for the same. Three choices include- Single, Regular, Limited. What do these three terms mean? Let’s find out-
  1. Single-Premium: Insured had to pay the premium in one go for the whole term. There is no need for submitting annual premium.
  2. Regular Premium: Insured has to pay the premium every year till the end of the term policy or death of the policyholder.
  3. Limited Premium: The premium is submitted for a specific term period. The payment term is evaluated by subtracting 5 years or 10 years from the policy term chosen.
  • Discount for Females Insured: If your mother or wife take term insurance, then she will get a discount on premium as a special privilege for female life insured. The percentage of discount may vary between 10% to 20%. Let’s say, if a male counterpart is submitting Rs 6,248 at the age of 30 years, the female will pay only Rs 5,896 with the same age.
  • Higher Sum Insured Benefit: LIC term insurance plan also gives you the benefit of choosing a higher sum insured under annual or single premium payment. A maximum discount of 20% is offered concerning the sum insured preferred. For example, if the sum insured is Rs 1 crore and your age is 30 years, the premium would decrease by 12%.

Sum Assured Options

Level Sum Assured: The sum insured under this option will remain leveled or unchanged throughout the tenure of the policy.


  • Premiums are low priced and affordable.
  • The payout on death will be equal to the sum insured opted during purchase.
  • NCB benefits can be made by not claiming in a policy year.
  • Renewals should be made regularly if regular pay is selected.

Increasing Sum Assured: Here the rule is different. The customer on choosing the Increasing sum insured will get guaranteed upliftment of sum insured on every renewal for a specific period i.e. 10 years. The nominee will get an increased amount on the death of the life insured.


  • Sum insured will not remain the same and will increase year by year.
  • The increase will be allotted for 10 years maximum.
  • The rate of increase is 10% on the basic sum insured.
  • The increase is given only on regular timely renewals.

Death Benefits Payout Options

Lumpsum Payment: The nominee or family of the life insured will get lumpsum payment of the sum insured on the death circumstances. The family can claim the amount if the death has happened due to any cause listed under term policy wordings.

Installment Payment: Another option for death benefit payment is an installment payment. This option gives annual payment of the sum insured in the installment of 5 years, 10 years or 15 years. Family can be secured for longer.

Accident Benefits Rider

How to purchase Accident Benefits Rider

The insured person who wants extra protection from accidental death can avail of this rider under the LIC Tech term plan. An additional premium in supplementary to basic premium has to be paid during the purchase. The rider is available under limited premium or regular premium payment options.


  • Nominees or family members will get lumpsum payment of the rider sum insured on the death of the life insured
  • The maximum sum insured can be brought is Rs 1 crore.
  • Sum assured is payable only on death due to accidents resulting within 180 days from the date of the accident.

LIC Tech Term Plan Premium Illustration

Level Sum Insured

Sum Insured: Rs 1 crore

Policy Term: 10 years

Premium Paying Term: 10 years (Regular Pay)

Age of Life Insured / Sum Insured (Rs 1 crore)Premium (Exclusive of Taxes)
Male (Non-smoker)Female (Non-smoker)
20 yearsRs 5,456Rs 5,192
30 yearsRs 6,248Rs 5,896
40 yearsRs 10,260Rs 8,460

Rebates on Choosing Higher Sum Insured

Level Sum Insured

Percentage of Rebates Offered
Age of the insuredBelow Rs 1 croreRs 1 crore to Rs 2 croreEqual To or Above Rs 2 crore
Less than or equal to 30 yearsZero12%20%
Between 31 years to 50 yearsZero10%15%
Equal To Or More than 51 yearsZero5%7%

Increasing Sum Insured

Age of the insuredBelow Rs 1 croreRs 1 crore to Rs 2 croreEqual To or Above Rs 2 crore
Less than or equal to 30 yearsZero10%18%
Between 31 years to 50 yearsZero8%13%
Equal To Or More than 51 yearsZero4%6%

Premium Under Single Premium Payment

The life insured who have chosen a single premium payment option under LIC tech term plan can get relief from regular annual premium payment.

Advantages of single premium payment-

  • One time payment.
  • Affordable rates of premium
  • Total premium to be submitted for the entire policy term is Rs 30,000 (excluding GST)
  • Online premium payment for a better experience.
  • 100% security of payment as payment details are kept confidential.

Last updated on 06-11-2020