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The LIC Tech Term Plan has been withdrawn by LIC of India and is no longer available for purchase. LIC Tech Term is a term insurance policy that provides financial protection to the nominee in case of the policyholder's death during the policy term. The plan has special premium rates for women and has different pricing for smokers and non-smokers.
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LIC Tech Term 854 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 policyholders flexibility 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However, the company has withdrawn this plan, and in its place, LIC introduced the LIC New Tech Term, which offers financial protection to loved ones in case of your unfortunate demise.
Term Plans
The following are the eligibility criteria of the policy:
| Parameters | Details |
| Entry Age | Min - 18 years Max - 65 years |
| Maturity Age | 80 years |
| 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 |
| 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 either level sum assured or increasing sum assured options, the policyholder will receive a refund.
Standard income tax benefits* are available on the returns of this plan.
* Tax benefit is dependent on changes in tax laws
The LIC TechTerm offers an Accident Benefit Rider, which ensures a lump sum payout of the Accident Benefit Rider Sum Assured and the death benefit under the base plan, 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 calculate your premium amount using the term insurance calculator.
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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.
Here is how you can buy an LIC term plan online from the comfort of your home in just a few clicks:
Step 1: Go to the term insurance page
Step 2: Write in your name, date of birth, gender, and mobile number in the form
Step 3: Fill in the smoking habits, educational qualifications, occupation types, and annual income
Step 4: Select the most suitable plan and proceed to pay
*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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Note: Check all the best term insurance plan in India.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
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
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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