LIC Tech Term Premium Calculator

If anyone is looking to buy a policy with low premium rates and from the comfort of home, then the LIC Tech Term plan is an ideal option. It can only be purchased online and provides a death benefit, optional rider benefits, etc. The speciality of this plan is that the premium rates vary from customer to customer. For example, non-smokers, women have to pay lower premiums as compared to others. Though the eligibility age for buying this plan is from 18-65 years, the varying premium rates can create a lot of confusion.

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The LIC Tech Term plan premium calculator is designed to solve this problem specifically. 

What is the LIC Tech Term Plan?

The significant thing that distinguishes the LIC Tech Term plan from other policies is that it is available only online. This plan has some other unique features, but it shares the common aim of any other insurance policy – to provide financial protection to the insured and his/her family. Following are the unique features of this policy:

  1. Health Rewards:

    This plan welcomes healthy habits as less premium is payable if an insurance buyer is a non-smoker, non-drinker, and non-consumer of hallucinogenic substances. This is a great encouragement as now maintaining healthy habits lands customers with low premium rates.

  2. Easy Renewals:

    Renewing policies can be a hectic process but renewing the Tech-Term Insurance Plan is fast and easy. Unlike other insurance policies, Tech-Term Insurance plans can be renewed from home through an online portal which is comparatively faster than manual processes. This Insurance policy is also programmed to send reminders to the customers on their registered contact details when it's time to deposit the premium.

  3. The flexibility of payment of premium:

    The LIC Tech-Term Insurance Plan provides flexible options for premium payment. It can be paid as a lump sum in the beginning as a single premium. It can be paid annually as a regular limited premium or paid as a regular annual premium. The Limited premium plan provides an option of paying the premium for a limited number of years. In this, 5 or 10 years is deducted from the term of the policy for premium payment.

  4. Option of enhanced Sum Insured:

    Tech-Term Insurance Plans come with the option of adding to the final payment. It can be activated at the time of buying. Or within 5 years of the start of the policy. 10% of the sum assured keeps getting added annually to the sum assured after completing the first five years of the policy. This happens for the next 10 years and results in a doubling of the amount.

  5. Death Benefit:

    Death can be uncertain. The sum assured by this policy on the demise of the insured remains unchanged throughout the policy term. It also remains unaffected if the policyholder fails to survive the policy term. The insured can choose to receive the payment of the death benefit as a single payment or in instalments.

  6. Female Subscribers are encouraged:

    Lately, females have been encouraged to buy policies for them. The LIC Tech-Term Insurance Plan provides great encouragement to the women as it gives a 10-20% discount to them. If the policy is in the name of a woman, she will be entitled to pay less as compared to a male counterpart of the same age, who buys this plan for the same term.

What is the LIC Tech Term Plan Premium Calculator?

If a customer is planning on buying the tech term plan by LIC, then he/she needs some guidance in finalizing the policy. All of the above factors mentioned would directly affect the premium rate of this policy. The LIC Tech Term premium calculator is a simple tool that asks for the basic details from the customer and calculates the premium rate and other benefits of this plan. It is a quick calculator and displays the results in a few seconds. This tool is particularly designed to assist the customers in finalizing their Tech-Term Insurance Policy. 

How to use the LIC Tech Term Premium Calculator?

An insurance buyer is assumed to have an idea of how much financial assurance he/she is looking for. The premium would directly depend on that. This calculator allows the customer to enter the desired sum assured and displays the premium according to that.

For using this calculator, a customer has to visit the online portals where it is available. They will be asked to enter a few details regarding the policy. As soon as the customer enters all the required fields, the calculator takes a few seconds and displays the premium that they will be expected to pay. If the customer feels the premium is too high, as compared to their expectations, then they can try reducing the assured sum or making changes in the other fields. The customer can decide the plan after a few permutations and combinations, and the LIC Tech Term premium calculator will assist accordingly.

Benefits of using the LIC Tech Term Plan Premium Calculator

This calculator is customized to assist potential insurance buyers, and so it comes with a lot of benefits:

  • The major benefit of using this online calculator is that as the process of buying the Tech Term policy is completely online, customers might miss professional guidance. The premium calculator eases out the process of finalizing the policy by telling the premium amount that will be expected to be paid by the customer.
  • It is reliable and shows accurate results.
  • This calculator is easily available on verified websites.
  • It can be used as many times as the customer requires to get the desired results.
  • It asks for basic information and is very convenient to use because of its user-friendly interface.
  • It takes very little time in doing the complicated calculations and displaying the results.

Information required to use the LIC Tech Term Premium Calculator

As a customer opens the premium calculator, he/she will be asked to enter the following details:

  • Method of premium payment they wish to choose – regular, limited, or single.
  • The age of the customer - anywhere between 18-65 years.
  • The policy term – anywhere between 10-40 years.
  • The gender of the customer.
  • If they are a smoker or not 
  • If they want to include additional rider benefits
  • The type of sum assured they want to get – fixed or increasing.
  • The desired sum that they are looking for. The Minimum has to be 50 lakhs, but there is no upper limit.

FAQ's

 

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

**Tax benefit is subject to changes in tax laws. Standard T&C apply.

Written By: PolicyBazaar - Updated: 24 August 2021
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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