LIC Tech Term Plan

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.

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Get ₹1 Cr. Life Cover at just ₹411/month*
No medical
checkup required
Save more with
upto 10% discount**
Covers
COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers

*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

Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount**
Covers COVID-19
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Eligibility Criteria of LIC Tech Term Plan

The following are the eligibility criteria of the policy.

Parameters

Details

Policy Tenure

10-40 years

Premium Paying 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 Paying 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

Benefits Offered by LIC Tech Term Plan

Death Benefit

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 policy holder at the time of policy inception and will be of two types: level sum assured or increased sum assured. The death benefit can be taken in installments over a period of 5, 10, or 15 years by the beneficiary.

Surrender Benefit

 The LIC Tech Term Plan does not support traditional surrender value. However, in case of policy surrender in both level sum assured or increasing sum assured options, an amount shall be refunded to the policyholder.

Tax Benefits

 Standard income tax benefits* are available on the returns of this plan.

* Tax benefit is dependent on changes in tax laws

Premiums for LIC Tech Term Plan

LIC Tech Term Plan is activated through a single premium payment, regular payment or limited payment plan. The minimum payment amount for 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 will get you 2% rebate on the tabular premium, and the half yearly mode of premium payment would get you 1% rebate in tabular premium. The details are available online on the official website of the Corporation.

Additional Riders Offered Under LIC Tech Term Plan

The riders available under this plan are:

LIC’s Accident Benefit Rider

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 an an accidental demise of the insured person during the policy tenure.

Documents Required to Purchase LIC Tech Term Plan

To buy LIC Tech Term Plan policy, one has to provide:

  • Identity proof - passport, Aadhar card, voter ID
  • Address proof - Aadhar, driving license, ration card, electricity bill, voter ID, and passport
  • Income proof - salary slips or IT returns.

How to Purchase LIC Tech Term Plan Online?

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 and make the payment to activate your policy instantly. The Policy document has to be uploaded after scanning, and the policy gets activated instantly. This is a comparatively easier process and does not necessarily require the assistance of a LIC agent. 

Exclusions of LIC Tech Term Plan

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. He can ensure protection for his family in the sad incident of his death.  

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 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.   

LIC Tech Term Plan - FAQs

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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LIC Tech Term Plan Reviews & Ratings

0 / 5 (Based on 3 Reviews)
(Showing Newest 3 reviews)
Asha
Hariyana, September 16, 2021
Tax savings
The term plan is beneficial to save the tax amount too. I have saved a lot of tax and got a rebate too under my plan. I am happy and it is a part of investment. I took the plan for the financial safety of me and my family. Thanks team for good plans.
Arjun
Punjab, September 16, 2021
Time and money saving plans
I have saved a lot of money when I bought the term insurane plan online. I visited the policybazaar and check the premium calculator page. From there I searched for various good plans. I saved a lot of money and time too. I would recommend the policy to my friends and also tell them to buy a plan from policybazaar.
Ida
Amritsar, September 16, 2021
Customer experience team
Great to know that the customer care team of Policybazaar is superb and friendly. I opted a term plan from policybazaar and found it the best one. I was facing the issue related to name spelling and connected to policybazaar. The team immediately worked into my case and it was resolved. Thank you so much team Policybazaar.
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