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LIC Tech Term Plan

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 Plan- An Overview

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 However, this plan has been withdrawn by the company, and in its place, LIC introduced the LIC New Tech Term, which offers financial protection to your loved ones in case of your unfortunate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.

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₹50
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₹75
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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 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

Benefits Offered by LIC Tech Term Plan

The following are the benefits offered by the LIC Tech Term Plan:

  1. Death Benefit

    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.

  2. Surrender Benefit

    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.

  3. Tax Benefits

    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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Optional Benefits 

  1. Accident Benefit Rider:

    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.

  2. Installment Payment of Death Benefit:

    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.

Premiums for LIC Tech Term Plan

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.

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. 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.

Documents Required to Purchase LIC Tech Term Plan

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

Exclusions of LIC Tech Term Plan

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. 

You May Also Like to Read: Term Insurance Plan

LIC Tech Term Plan - FAQs

  • Can we check the LIC Tech Term Plan policy status online?

    A. Yes, the policy status can be requested online. The status is emailed to you. You can also check it by visiting the nearest LIC branch. 
  • I want to change my premium payment term. Does LIC Tech Term Plan allow that?

    A. Please check for the option if it is available online, or else you can easily adjust by making a written request and submitting it to the nearest LIC branch. 
  • Does the LIC Tech Term Plan policyholder get any maturity benefit if he survives the policy tenure?

    A. NO, there is no maturity benefit under this plan.
  • I want to use the LIC Tech Term Plan Calculator. Can I find it online?

    A. LIC provides online calculators for various plans on its official website. To use the LIC Tech Term Plan calculator, visit the official website and input relevant details like age, sum assured, and policy term on the calculator page to get an estimate of premiums.
  • Does a revived policy under LIC Tech Term Plan qualify for a rebate in premium amount?

    A. Yes, rebates to premium are applicable to revived policies if the yearly or half-yearly payment mode is continued as per base policy.  
  • What does LIC Tech Term Plan have on offer for women? 

    A. Women applicants are given special rates of the rebate, and Absolute Sum Assured is higher.
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