LIC Tech Term Plan
  • Online Application
  • Rebate on High Sum Assured
  • Lower Premium for Women
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LIC Tech Term Plan

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:

Eligibility Criteria of LIC Tech Term Plan

Entry Age

Min: 18 years
Max: 65 years

Max age at Maturity

80 years

Policy Term

10 to 40 years

Premium Payment Options

Single premium, Regular premium, Limited premium

Minimum Sum Assured

Rs. 50,00,000

LIC Tech Term Plan No. 854 Details
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Benefits of LIC Tech Term Plan

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:

Flexible Premium Payment Terms

In terms of premium payment

Death Benefit Payout

LIC Tech Term plan allows room for choice

Rebates on High Sum Assured

LIC Tech Term Plan also offers attractive

Optional Benefits

To let policyholders avail additional coverage

Flexible Premium Payment Terms

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.

  • If the policyholder decides to opt for a single premium payment, it is fairly obvious that the amount is paid as a lump sum. However, it is important to note that this mode of payment is associated with a minimum premium of Rs. 30,000.
  • On choosing the regular or limited modes of payment, the premium can be paid on a yearly or half-yearly basis. These variants are significantly easier on the pockets with the minimum premium set at Rs. 3000.
Death Benefit Payout

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:

  • 125% of Single Premium.
  • Absolute amount assured to be paid on death.

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:

  • 7 times of annualised premium; or
  • 105% of all the premiums paid as on the date of death; or
  • Absolute amount assured to be paid on death.

Moreover, the plan offers the option to receive the death benefit as:

  • Level Sum Assured
  • Increasing Sum Assured

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.

Rebates on High Sum Assured

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%
Optional Benefits

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:

  • Accident Benefit Rider, wherein you can enhance your protection in case of accidental death.
  • Option to receive death benefits in instalments, wherein the family of the life assured receives the death benefit at monthly, quarterly, half-yearly, or yearly intervals for a total period of 5, 10, or 15 years.

Sample Premium Illustration for LIC Tech Term Plan

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.

Regular Premium Payment option

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

Single Premium Payment option

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

What is Not Covered Under LIC Tech Term Plan

  • Beneficiaries cannot claim benefits under the LIC Tech Term Plan if the policyholder commits suicide within 12 months from the date of commencement of the policy or the date of policy revival.
  • LIC only entertains claims for up to 80% of the premiums paid (90% in case of a single premium payment) till the date of death.

Exclusions Under Accident Benefit Rider

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:

  • Attempted suicide, self-injury, insanity, or if the policyholder was under the influence of liquor, drugs, or narcotics.
  • The plan shall stand void if death occurs while being engaged in aviation or aeronautics.
  • LIC is not liable to a pay death benefit in the event of death due to injuries from participating in riots, civil commotion, rebellion, war, and invasion.
  • Further, death caused while indulging in adventurous sports such as hunting, mountaineering, steeplechasing, racing of any kind, paragliding, or parachuting, is also exempted from the cover.
  • In case the Life Assured breaches the law with criminal intent the policy shall stand terminated.
  • Benefits under the Accident Benefit Rider cannot be availed if death occurs as a result of employment in the armed forces.

Explore Other LIC Term Insurance Plans

LIC Jeevan Amar Term Plan

LIC Jeevan Amar is an offline and affordable term insurance plan that offers complete flexibility to the policyholder, allowing them to choose their death benefits.

Unique Features

  • Attractive high sum assured rebate
  • Separate premium for smoker & non-smoker
  • Accident benefit rider available

LIC Saral Jeevan Bima

LIC Saral Jeevan Bima is a standard term plan that offers financial security to your family at affordable rates. Unlike other term plans offered by LIC, the sum assured under Saral Jeevan Bima is limited to Rs. 25 Lakhs.

Unique Features

  • Death due to accident covered in waiting period
  • Flexible premium payment terms
  • A grace period of 30 days

LIC Tech Term Plan

LIC Tech Term is a pure protection term plan that protects your family's financial needs after your demise. The plan is available online only, and comes with several benefits.

Unique Features

  • Flexibility to choose from two benefit options
  • Option to take death benefit in instalments
  • Different premium rates for non-smokers

How to Contact LIC?

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.)

LIC Tech Term Plan: FAQs

1. How can I check my LIC Tech Term policy status online?

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.

2. Does the LIC Tech Term plan allow me to avail loan facility?

No, the plan does not offer any loan facility.

3. Is the premium of LIC Tech Term different for men & women?

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.

4. I forgot to pay my premium for this month? Will my LIC Tech Term policy get cancelled?

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.

5. How can I calculate LIC Tech Term Premium online?

The company offers an online premium calculation tool through which you can calculate your premiums in a minute.