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Benefits of LIC Tech Term Plan

LIC Tech Term Plan (UIN - 512N333V01) is a pure life cover policy that is available only through the online channel. Under this policy, upon payment of regular premiums, LIC will pay an amount equal to the sum assured to the beneficiaries in the event of unfortunate death of the life insured.

The Benefits of this Plan are as Follows:

  • Option 1: Level Sum Assured: The absolute sum assured amount to be paid on death remains the same throughout the policy term.
  • Option 2: Increasing Sum Assured: The absolute sum assured amount to be paid on death remains the same till completion of the 5th policy year. Thereafter, the basic sum assured amount increases by 10% every year from 6th policy year to 15th policy year till it becomes twice the basic sum assured. From the 16th policy year and onwards, the absolute sum assured amount to be paid on death remains constant and equal to twice the basic sum assured.

Let’s take a look at the comparison of the premiums at a sample modal point under both options.

  Age Policy Term Premium Payment Term Premium for a sum assured of 50 Lakhs
Level Sum Assured 30 30 30 8,400
Increasing Sum Assured 30 30 30 13,900
  • Under the option of increasing sum assured, your cover will increase gradually by 10% every year from 6th policy year to Rs.1 crore from 16th policy year onwards.
  • Following are the 2 options of death benefit claim payment offered by the policy.
    • Option1: The death benefit amount is paid as lump-sum.
    • Option2: The death benefit is paid in instalments. Under this option, the beneficiary of the policy receives the death benefit in instalments over a chosen period of 5, 10 or 15 years. The instalments shall be paid at yearly, half-yearly or quarterly or monthly intervals as opted for.
  • This plan offers the policyholder to choose from any of the following Premium Payment options - Single, Limited and Regular Premium Payment options
  • No medical test is required up to a sum assured of 75 lakhs provided, you are a non-smoker, your age is less than 35 years and your annual income is greater than 3 lakhs. 
    If you are a non-smoker and your age is in the range of 36-45 years, with an annual income greater than 5 lacs, a medical test is not required up to a sum assured of 50 lakhs
  • All deaths are covered under this plan except suicide during first year. 
  • Accidental Death Benefit Rider can be available under regular and limited premium payment policies as an optional rider by paying an additional premium. This rider can be opted anytime within the premium payment term of the base plan.

Eligibility Details of LIC Tech Term Plan

  Minimum Maximum
Entry Age 18 65
Maturity Age 28 80
Policy Term 10 40
Sum Assured 50,00,000 No Limit
Premium Payment Term Single/Limited/Regular
Premium Payment Frequency Yearly / Half - Yearly or as Single-Premium
  • LIC Anmol Jeevan

    LIC Anmol Jeevan is a pure term insurance plan, which does not provide the facility of bonus. Thus, in case of demise of life insured during the tenure of policy the death benefit is paid to the beneficiary of the policy.

    Benefits Offered by LIC Anmol Jeevan

    Let’s take a look at the benefits offered by LIC Anmol Jeevan.

    • As a pure term plan, LIC Anmol Jeevan only provides death benefit and no maturity benefit.
    • The plan offers affordable premium rates.
    • Premium discount is available for annual modes.
    • The premium paid towards the policy is eligible for tax exemption under section 80C of Income Tax Act.

    Eligibility Criteria of LIC Anmol Jeevan

    Eligibility Criteria Minimum Maximum
    Entry Age 18 years 55 years
    Maturity Age - 65 years
    Policy Term 5 years 25 years
    Premium Paying Term Equal to policy tenure
    Premium paying frequency Yearly, half-yearly
    Sum Assured Rs.5 lakhs Rs. 25 Lakhs
  • LIC Amulya Jeevan

    LIC Amulya Jeevan is a comprehensive term insurance plan, which comes with additional bonus facility. Under this term insurance plan, death benefit is offered to the beneficiary of the policy in case of demise of the life insured, during the policy term.

    Benefits Offered by LIC Amulya Jeevan

    Let’s take a look at the benefits offered by LIC Amulya Jeevan Plan.

    • The plan provides high sum assured benefit at an affordable premium rate.
    • The plan comes with a long policy term of 35 years.
    • Premium discount is available for annual mode and high sum assured.
    • The life insured can avail tax benefit on the premium paid, up to the maximum limit of Rs1.5 Lakhs U/S 80 C of income Tax Act.

    Eligibility Criteria of LIC Amulya Jeevan

    Eligibility Criteria Minimum Maximum
    Entry Age 18 years 60 years
    Maturity Age - 70 years
    Policy Term 5 years 35 years
    Premium Paying Term Equal to policy tenure
    Premium paying frequency Yearly, half-yearly
    Sum Assured Rs.25 lakhs No limit
  • LIC e-Term Plan

    This is an online term insurance plan, which offers comprehensive coverage to the family of the insured. The plan can be purchased online in an easy and hassle free-way. Let’s take a look at the benefits offered by LIC e-Term Plan.

    Benefits Offered By LIC e-Term Plan

    • The plan offers high sum assured amount at an affordable premium rate.
    • The policy buyers can choose up to the maximum policy tenure of 35 years.
    • Income tax benefit is available on the premium paid under section 80C of Income Tax Act.
    • The policy offers minimum sum assured amount of Rs.25lakhs for aggregate plan and Rs.50 Lakhs for non-smokers.

    Eligibility Criteria of LIC e-Term Plan

    Eligibility Criteria Minimum Maximum
    Entry Age 18 years 60 years
    Maturity Age - 75 years
    Policy Term 10 years 35 years
    Premium Paying Term Equal to policy tenure
    Premium paying frequency Yearly
    Sum Assured Rs.25 lakhs for aggregate PolicyRs.50 Lakhs for non-smokers No limit

Comparison with online Products

Online term plans, on an average are 40% cheaper than the offline options. This is primarily because there is no intermediary involved in the process. You are directly connected to the company via their website; hence there is no room for any commission to broker or agent.

In an offline plan for every premium paid, a certain percentage goes to the broker. 

However, when one buys an online plan, all these costs can be saved and the company passes on these benefits directly to the customer in the form to lower premiums.

Here is a snapshot of how the premium of LIC Tech Term plan compares with online term plans  for a male age 30, non- smoker opting for a sum assured of 1 crore for 40 years.

InsurerPlan NameClaim Settlement RatioPrice
ICICI PrudentialiProtect Smart97.8%1468/month
SBI LifeeShield94.52%1282/month

The annual premium of LIC Tech Term plan is Rs. 11968 for a healthy male, 30 years of age opting for sum assured of Rs.1 crore for 40 years. LIC plan is available only in annual/semi-annual/single pay mode.

Written By: PolicyBazaar - Updated: 18 June 2020
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