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The LIC Tech Term Plan is a term insurance policy that offers financial protection to the nominee upon the policyholder's death within the specified term. The plan has special rates for women and different rates for smokers and non-smokers. However, the plan is no longer available as the company withdrew it.
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LIC Tech Term is a non-participating, non-linked pure risk premium plan offered by the LIC of India that provides financial security to the insured family in case of any eventuality. The plan offers flexibility to the policyholders and allows them to choose the premium payment term at their convenience. In addition to this, the plan also offers special premium rates for females and non-smokers.
However, this plan has been withdrawn by the company, and in its place, LIC introduced the LIC New Tech Term, which offers financial protection to your loved ones in case of your unfortunate demise.
Term Plans
The following are the eligibility criteria of the policy:
| Parameters | Details |
| Policy Tenure | 10-40 years |
| Premium Payment Term | Regular Payment- Same as policy tenure Limited Payment- Policy minus 5 years (for 10-40 years policy tenures) Policy tenure minus 10 years (for 15-40 years policy tenure) |
| Premium Payment Mode | Regular & Limited Pay - Half Yearly and Yearly |
| Entry Age | Min - 18 years Max - 65 years |
| Maturity Age | 80 years |
| Sum Assured | Minimum- Rs 50,00,000 Maximum – No limit |
The following are the benefits offered by the LIC Tech Term Plan:
In case of the policyholder's unfortunate demise, the beneficiary receives a lump sum payment equal to 7 times the annualized premium or 105% of the premiums paid till death, whichever is higher.
The policyholder can opt for the absolute sum assured at death at the time of policy inception between two types: level sum assured or increased sum assured. The beneficiary can take the death benefit in instalments over 5, 10, or 15 years.
The LIC Tech Term Plan does not support traditional surrender value. In case of policy surrender in both level sum assured or increasing sum assured options, an amount shall be refunded to the policyholder.
Standard income tax benefits* are available on the returns of this plan.
* Tax benefit is dependent on changes in tax laws
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Opt for additional financial protection in case of accidental death. The rider ensures a lump sum payout of the Accident Benefit Rider Sum Assured along with the death benefit under the base plan, with the premium not exceeding 100% of the base plan premium.
Choose to receive death benefits in installments over 5, 10, or 15 years instead of a lump sum. The payout frequency can be customized to your needs, and the option ensures financial stability for your family. Minimum installment amounts vary based on the chosen mode of payment.
*Note: You can quickly use the term insurance calculator to calculate your term insurance premium amount.
LIC Tech Term Plan is activated through a single premium, regular, or limited payment plan. The minimum payment amount for a Single Premium payment is *Rs. 30,000. The minimum premium amount for Regular and Limited pay is *Rs. 3,000.
*Standard T&C Apply
As in the case of all LIC policies, rebates are available on the premium amount for payments made in yearly and half-yearly mode. The yearly mode of premium payment received a 2% rebate on the tabular premium, and the half-yearly payment received a 1% rebate in tabular premium. The details are available online on the official website of the Life Corporation of India.
You can easily buy LIC Tech Term Plan online. To purchase the plan, one has to visit the LIC official website and select the LIC Tech Term Plan in the Purchase Plan Online Dropdown. Follow the steps and submit your documents. Further, make the payment to activate your policy instantly.
The Policy document has to be uploaded after scanning, and the policy gets activated instantly. It is an easy process and does not necessarily require the assistance of a LIC agent.
*Note: It is recommended that you firstly understand what is term insurance before you proceed onto buying the LIC Tech Term Plan online.
To buy LIC Tech Term Plan policy, one has to provide:
Identity proof - passport, Adhaar card, voter ID
Address proof - Adhaar, driving license, ration card, electricity bill, voter ID, and passport
Income proof - salary slips or IT returns
LIC Tech Term Plan reviews show that the plan is ideal for the urban Indian who needs to invest quickly in this fast-paced life. They can ensure protection for his family in the sad incident of his death.
The suicide clause is applicable under this plan and the standard LIC rules are followed. Single premium plans allow a 90% refund of the premium amount if the suicide happens within 12 months of commencement of risk.
In the case of regular and limited pay plans, 80% of the premiums paid till death are refunded, provided the suicide is within the first 12 months of commencement of policy or revival of the policy.
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†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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