LIC Tech Term Plan is a non-participating, non-linked pure risk premium plan that provides financial security to the family of the insured in case of any eventuality. The plan can be purchased only through the online application process in a simple and hassle-free way. Let’s read further to know in detail LIC Tech Term Plan.Read more
*Tax benefit is subject to changes in tax laws.
**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
The following are the eligibility criteria of the policy:
|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|
|Grace Period||30 Days|
|Sum Assured||Minimum- Rs 50,00,000
Maximum – No limit
|Liquidity||No loan available|
Following are the benefits offered by the LIC Tech Term Plan:
In case of the unfortunate demise of the policyholder, the beneficiary receives a lump sum payment that is equal to 7 times the annualized premium or 105% of the premiums paid till death, whichever is higher.
The absolute sum assured at death can be opted for by the policyholder at the time of policy inception between two types: level sum assured or increased sum assured. The death benefit can be taken in instalments over 5, 10, or 15 years by the beneficiary.
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
LIC Tech Term Plan is activated through a single premium payment, regular payment 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 mode of premium payment receives a 1% rebate in tabular premium. The details are available online on the official website of the Life Corporation of India.
The riders available under this plan are:
This rider benefit can be bought along with the base policy. The rider can be activated after completion of the 5 years of the policy. Under this rider, an additional sum assured amount is paid to the beneficiary of the policy in case of accidental demise of the insured person during the policy tenure.
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
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.
LIC Tech Term Plan reviews show that the plan is ideal for the urban Indian who needs to make a quick investment 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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