LIC Tech Term Plan

Overview

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 policyholder's demise during the policy term. The plan was introduced by LIC of India 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.

LIC Tech Term Plan offers a range of benefits, including:

• Flexible Premium Payment Terms
• Tax Benefit
• Death Benefit Payout
• Additional riders to choose from
• Rebates on High Sum Assured

Key Features of LIC Tech Term Plan

• Flexibility to Choose Benefit Option

  Policyholders have the flexibility to choose from two benefit options: Level Sum Assured and Increasing Sum Assured.

• High Sum Assured Rebate

  LIC Tech Term Plan offers discounts/rebates to policyholders on choosing a high sum assured.

• Choice of Policy Term

  LIC Tech Term Plan offers you the option to choose the policy tenure.

• Lower Premiums for Females

  LIC Tech Term Plan offers lower premium rates for its female policyholders.

Exclusions

• Death due to a pandemic is not covered by the company.
• Death due to adventure sports.
• Death due to consumption of drugs or alcohol.
• Death due to any pre-existing disease not disclosed at policy inception.
• If a policyholder commits suicide within the first 12 months of purchasing the policy, no death benefits are paid to their nominee. Either premiums paid to date or the surrender value of the policy, whichever is higher, is paid to them.

Benefits of LIC Tech Term Plan

• 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 lump sum or monthly income.

• 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.

• 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.

• 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.