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LIC tech term plan, or commonly called Plan 854 is a term insurance plan offered by Life Insurance Corporation of India (LIC). The plan can only be purchased through an online mode and it is not available offline. LIC Tech term plan is pocket-friendly in comparison to other term insurance plans offered by LIC. If you are thinking to purchase a term insurance plan, the LIC tech term plan is a smart insurance product to consider.
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Let’s understand the plan details and buying process:
Note: Know what is term insurance first and then buy a term plan for your loved ones.
LIC Tech term plan is an online, non-linked, and non-participating pure risk protection plan. It provides financial security to the policyholder’s family in case of his/her untimely demise during the plan term. The plan is available through the online process only. You can buy a LIC Tech term plan anytime anywhere as per your convenience using a hassle-free way. Following are the some of the useful features of LIC Tech Term Plan 854:
The plan provides you the option to choose from the benefit available –
Level sum assured and,
Increasing sum assured
Special premium rates are offered by LIC for women
Offers attractive rebates on high sum assured
Flexibility to choose from single, regular, limited premium payments
You can select premium payment term/policy term as per your choice
Option to opt for accidental benefit rider that enhances your coverage by paying an additional premium amount.
You can choose the payment of benefits in portions or installments
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying the plan.
Term Plans
The LIC Tech Term Plan 854 can only be bought by Indian citizens. Individuals of Indian origin and Overseas Indian Citizens are not eligible for this policy. NRIs can buy the LIC Tech plan through their time spent in India.
| Entry Age | Minimum: 18 Years Maximum: 65 Years |
| Maturity Age | Maximum: 80 Years |
| Basic Sum Assured | Minimum: Rs. 50,00,000 Maximum: No Limit |
| Policy Term (PT) | 10 - 40 Years |
| Premium Paying Term | Regular: Same as Policy Term Limited: Policy term minus 5 years for policy term 10 to 40 years Policy term minus 10 years for policy term 15 to 40 years Single: NA |
| Minimum Premium | Regular: Rs. 3000 Single: Rs. 30000 |
To get insured from the comforts of your home, you can buy lic tech term plan online from Policybazaar Insurance Broker Private Limited. Steps to buy LIC tech term plan online from Policybazaar are listed below:
Step 1- Enter your Date of birth and full name.
Step 2- Enter your correct phone number, and click on view plans.
Step 3- After filling in the details, LIC Tech Term Plan 854 Premium Calculator will calculate the premium for the chosen parameters.
Step 4- Enter other details such as Name, Address, Occupation, Qualification etc. displayed on the screen and complete the proposal form online.
Step 5- Select and compare the different term insurance plan on Policybazaar.com. You can choose the personalized plans options as well.
Step 6- Once the plan is selected, you can pay the premium or speak to our customer care representative to take you through different options.
Step 7- Make an informed decision and pay the premium. Once all the steps are completed, the policy will be emailed to your registered email-id.
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LIC Tech term is a plan that financially protects your family and their goals in case of your absence.
LIC is a trusted insurance company with a huge customer base. With a claim settlement ratio of 96.99 as per the IRDAI, Annual Report 2019-20, LIC has become one of the biggest insurers in India
The plan provides high coverage at low premium rates. For example, a male of 30-year-old who is a non-smoker purchases LIC Tech term plan for a sum assured Rs.1 Crore and policy term of 30 years. The individual is required to pay only Rs.9000 as a premium.
The plan also offers death benefit options - Level SA and Increased SA. In the former, the sum assured amount remains constant throughout the policy tenure, whereas in the latter, the sum assured amount that is required to be paid at the time of policyholder’s demise remains fixed till the completion of the 5th year of the policy.
Accidental benefit riders can enhance your coverage by paying extra premiums. In case of the accidental death of the life insured, the rider SA is paid as a lump sum.
Get the tax benefits as per the prevailing laws of the Income Tax Act, 1961.
Let’s understand this with the help of an example:
Rahul got married to Anjali and both moved to a new house, purchased on the home loan. Anjali is also contributing to the loan repayment, which enables both of them to plan their finances accordingly. One day because of the pandemic, Anjali loses her job. Moreover, she doesn’t want to join any other company for a while because of her pregnancy. Now, Rahul is the only sole earning member of the family and he had to plan finances in a way that takes care of his wife during pregnancy and could make some savings for the future. In such a case, Rahul bought the LIC Tech term plan for his family so that the payout benefit will cover his liabilities and helps his loved ones to live happily. Additionally, he is only required to pay Rs.9000 per annum that is quite pocket-friendly as compared to the other term plans.
LIC Tech term plan is a basic protection online plan that provides financial security to the policyholder’s family in case of his/her unfortunate death. One can only purchase the plan through online mode and the buying process is convenient and reliable.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
†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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