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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:
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:
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:
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
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
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
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.)
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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.