LIC Tech Term Plan (UIN - 512N351V01) is a pure life cover policy 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 the unfortunate death of the life insured.Read more
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Here is a list of all the benefits offered by the LIC Tech Term Plan
Death Benefit: The plan provides an amount referred to as the ‘Sum Assured on Death.’ In case of your unfortunate death within the policy term. You can choose any of the following sum assured options:
Level Sum Assured: The absolute sum assured amount to be paid on death remains the same throughout the policy term.
Increasing Sum Assured: The absolute sum assured amount to be paid on death remains the same until the 5th policy year is completed. After that, the basic sum assured amount increases by 10% every year from the 6th policy year to the 15th policy year till it becomes twice the basic sum assured. From the 16th policy year onwards, the absolute sum assured amount to be paid on death remains constant and equal to twice the basic sum assured.
For regular and limited premium payment modes, the sum assured on death will be higher of the following
7 times the annual premium
105% of the total premiums paid up until that point
Absolute sum assured to be paid on death
Whereas, for single premium payment mode the sum assured on death will be the higher of the following
125% of the single premium paid
Absolute sum assured to be paid on death
Let us understand this with an example. If a 30-year-old male purchased the policy for Rs. 1 Crore at a yearly premium paid regularly for a policy term of 30 years then the premiums for both types of sum assured will be:
|Premium Payment Term
|Level Sum Assured
|Increasing Sum Assured
Note: You can also use the LIC tech term premium calculator to estimate the premiums you would need to pay for the required sum assured.
Death Benefit Payout: Listed below are the two options for death benefit claim payment offered by the LIC new tech term plan.
Option 1: The death benefit amount is paid as a lump sum.
Option 2: The death benefit is paid in installments over a period of 5 years. These installments shall be paid at yearly, half-yearly, quarterly, or monthly intervals, as per the policyholder's choice.
Maturity Benefit: There will be no maturity benefit payable on outliving the policy term.
Premium Payment Frequency: This plan offers the policyholder to choose from any of the following Premium Payment options - Single, Limited, and Regular Premium Payment.
Premium Payment Modes: The policy offers two premium payment modes for its regular and limited premium payment modes i.e., yearly and half-yearly.
Rider Benefits: LIC’s Accidental Death Benefit Rider is available under regular and limited premium payment policies. You can add this rider to your base plan to enhance the coverage of the base plan by paying an additional amount included in your regular premiums.
Special Premium Rates: The policy offers special premium rates for women and non-smokers.
Tax Benefit: LIC’s tech term offers tax benefits as per the prevailing tax laws u/s 80C and 10(10D) of the Income Tax Act.
Grace Period: A grace period of 30 days will be given after the end of the due date, for both yearly and half-yearly premium payment modes.
Revival Period: You can revive your lapsed LIC tech term within 5 years from the end of the grace period.
Surrender Value: In the case of a regular premium, there will be no refund amount, in the case of a single premium, the applicable refund will be paid at any point during the policy term, and in case of a limited premium the refund will be paid if the plan has been active for over 2/3 years.
Policy Loan: No loan facility is available under the plan.
Free Look Period: The policy offers a free look period of 30 days during which you can cancel the policy if unsatisfied with the policy terms and conditions.
|Premium Payment Frequency
|Premium Payment Mode
|Yearly/Half-yearly for regular/limited premiums
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Here is a list of other term plans offered by LIC
Let us take a look at all the required eligibility conditions to purchase LIC term insurance plans
|LIC Jeevan Amar
|LIC Saral Jeevan Bima
|18 - 65 years
|18 - 65 years
|Minimum Sum Assured
|Rs. 25 Lacs
|Rs. 5 Lacs
|10 - 40 years
|5 - 40 years
LIC Jeevan Amar is a newly relaunched term insurance plan by Life Insurance Corporation of India, that offers pure protection to the family of the assured in case of any eventuality. Thus, in case the policyholder suffers an unforeseen death during the policy term then the nominee will receive the death benefit payable on death.
The plan offers a death benefit to the nominee of the policyholder in case of the policyholder’s death within the policy tenure.
You can include LIC’s Accident Benefit Rider to increase the coverage of the base plan.
You can choose to receive the death benefit in installments over a span of 5 years.
You can avail of tax benefits u/s 80C and 10(10D) of the Income Tax Act.
LIC Saral Jeevan Bima is a term plan that allows you to get risk protection of a sum assured as low as Rs. 5 Lacs. You can pay your premiums on a monthly, annual, or half-yearly basis for regular or limited premium options.
If the policyholder suffers an unforeseen death during the policy term then the beneficiary will receive the sum assured on death as the death benefit.
For limited and regular premiums you can pay the premiums on a monthly, yearly, or bi-annual basis.
Tax benefits as per the current tax laws can be availed on the premiums paid.
The minimum and maximum basic sum assured under the plan is Rs. 5 Lacs and Rs. 25 Lacs respectively.
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