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LIC's Tech Term plan is a non-linked, non-participating online, pure risk premium plan, that provides financial protection to the insured's family in case of the demise of the policyholder during the policy term. The plan was introduced by LIC to facilitate easy access to term plans for those looking to buy from the comfort of their homes. In addition to covering potential financial expenses of the insured's family, the Tech Term plan comes with additional benefits in the form of riders for enhanced coverage.
Continue reading to explore more about the LIC Tech Term plan, its benefits and many more:
LIC Tech Term Plan No. 854 Details
Min: 18 years
Max: 65 years
80 years
10 to 40 years
Single premium, Regular premium, Limited premium
Rs. 50,00,000
With several benefits, LIC Tech term plans are one of the best gifts you can give your family for a happy and protected future. Below mentioned are some of the benefits that one can avail yourself of under the plan:
In terms of premium payment
LIC Tech Term plan allows room for choice
LIC Tech Term Plan also offers attractive
To let policyholders avail additional coverage
In terms of premium payment, the LIC Tech Term plan offers enormous flexibility. Policyholders have the option to choose from Single, Regular or Limited premium payments based on their financial position.
LIC Tech Term plan allows room for choice in the death benefit payout. In the event of the unfortunate demise of the Life Assured, the beneficiaries of the plan will receive a 'sum assured on death'.
If the single premium payment term is chosen, then the 'Sum Assured on Death' will be defined as the higher of:
On the contrary, for those who opt for Regular or Limited premium payment options, the sum assured payable by the insurance company is calculated as the highest of:
Moreover, the plan offers the option to receive the death benefit as:
Level Sum Assured:
As the name suggests, the sum assured in this case remains constant throughout the policy tenure.
Increasing Sum Assured:
This option, on the other hand, features a constant amount payable for the first 5 years of the policy period and increases by 10% per annum from the 6th year up till the 15th year. From then on, the sum assured becomes constant for the remainder of the policy term.
**It is important to note that the death benefit option chosen at the time of buying, cannot be changed later by the policyholder or the claimant.
LIC Tech Term Plan also offers attractive rebates on higher sums assured. Policyholders can avail of significant discounts on their premiums if the sum assured at policy inception is Rs. 1 Crore or above.
In the tables below, we have attempted to present the discount rates applicable under each death benefit option available to policyholders. As indicated in the tables, these discounts tend to be different for different age groups.
Level Sum Assured
Age of Policyholder | Rs. 1 Crore to less than Rs 2 Crore | Rs. 2 Crore and above |
Up to 30 years | 12% | 20% |
31 to 50 years | 10% | 15% |
51 years and above | 5% | 7% |
Increasing Sum Assured
Age of Policyholder | Rs. 1 Crore to less than Rs 2 Crore | Rs. 2 Crore and above |
Up to 30 years | 10% | 18% |
31 to 50 years | 8% | 13% |
51 years and above | 4% | 6% |
To let policyholders avail additional coverage, LIC Tech Term plan offers several optional benefits that help the policyholder to customize their plan as per their needs and requirements. The available optional benefits available are:
Step 1:
Visit the official website of LIC which is 'LIC E-Services'. Then Click On the Option 'Buy a New Policy' present on the top bar of the page.
Step 2:
On clicking a new page will open, where the policyholder has to choose which plan he/she wants to buy. Click On 'Term Assurance'.
Step 3:
A list of term plans will appear, now click on 'Buy Online', to purchase LIC Tech Term Plan.
Step 4:
This will take you to the page where the UIN Information of the plan will be given, then click on 'Click To Buy Online'.
Step 5:
On the next page, upload all the required documents. And click on 'Proceed'.
Step 6:
Then the company will ask, where the policyholder has to answer whether or not he/she was suffering from Covid.
Step 7:
If the policyholder selects "Yes," they must submit all the paperwork needed for COVID therapy. The premium amount will change as a result.
If you chooses 'No', a new page will open where you must provide your information, including your email address and mobile number.
Click 'Proceed' after completing all the necessary information.
Step 8:
The next page will appear, in which the company will give you option for modes for payment. Select a mode of payment and pay the premium.
Step 9:
LIC will send you an acknowledgement message about the payment along policy number. You will even receive an email about the same.
To buy a LIC Tech Term Plan online, the policyholder has to provide certain documents, that are later verified by the insurer. Here is the list of documents required:
Proof Of Identity
Proof Of Address
Proof OF Income
In order to help you make an informed decision, we bring to you a sample illustration of the annual premiums payable under the two death benefit options discussed above.
As an example, we have considered a non-smoker male who has chosen a life cover at a basic sum assured of Rs. 1 Crore.
Age of Policyholder (in years) | Policy Term (in years) | Premium Payable (in Rs.) | |
Level Sum Assured | Increasing Sum Assured | ||
20 | 20 | 5,368 | 7,020 |
30 | 20 | 7,216 | 10,350 |
40 | 20 | 13,770 | 21,252 |
* Premiums illustrated are exclusive of GST
Age of Policyholder (in years) | Policy Term (in years) | Premium Payable (in Rs.) | |
Level Sum Assured | Increasing Sum Assured | ||
20 | 20 | 64,592 | 85,140 |
30 | 20 | 87,120 | 1,24,920 |
40 | 20 | 1,66,230 | 2,56,036 |
Claimants cannot hold LIC accountable for paying the sum assured under the Accident Benefit Rider if the Life Assured succumbs to her/his death as a result of the following:
Know more about LIC Term Insurance, its claim process, buying process, and contact details by clicking on the sections below:
Claim Process
Click to know LIC Term Insurance Claim Process.
Buying Process
Click to know LIC Term Insurance Buying Process.
Click to know
Click to know LIC Term Insurance Contact Details.
Premium Calculator
Click to Calculate LIC Term Insurance Premium
Comprehensive Plan
LIC Saral Jeevan Bima is a standard term plan that offers financial security to your family at affordable rates and provides sum assured up to Rs. 25 Lakhs.
Unique Features
Comprehensive Plan
The plan offers death benefits in 4 types of instalments and comes with a Settlement Option. It offers premium payment flexibility as well.
Unique Features
Affordable Plan
The plan offers the choice between Level Sum Assured and Increasing Sum Assured benefits, coupled with non-smoker and smoker premium rate categories and rebates.
Unique Features
LIC Insurance Contact Address
Yogakshema Building, Jeevan Bima Marg, P.O. Box No - 19953, Mumbai - 400 021 IRDAI Reg No- 512.
LIC call center: 022 6827 6827
(Monday to Friday: 08.00 a.m. to 08.00 p.m. / Saturday: 10.00 a.m. to 06.00 p.m.)
By simply going on to the official website of LIC India using your LIC login credentials, you will be able to check your LIC policy status, including data of the LIC premium payment online, accumulated bonuses, etc.
No, the plan does not offer any loan facility.
Yes, the plan offers special premium rates for the women policyholders. The plan also offers a significant discount on the premiums for both men & women if the sum assured chosen is Rs. 1 Crore or above.
If you forget to pay your premium, the firm will provide you a grace period of 30 days during which you can pay it.
You should be aware that if you do not pay your premiums during the grace period, your insurance will lapse. A lapsed policy can be resurrected after 5 years from the date of the first unpaid premium.
The company offers an online premium calculation tool through which you can calculate your premiums in a minute.
The minimum age to buy the plan is 18 years and the maximum age is 65 years.
You can pay LIC Tech Term premium as a single, regular and limited payment - half-yearly and yearly.
The documents that you require are:
The parameters required are name, gender, and date of birth for the LIC Tech Term calculator.
The minimum sum insured for Lic Tech Term plan is Rs 50,00,000.
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