Benefits of LIC Tech Term Plan

LIC Tech Term Plan (UIN - 512N333V01) 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.

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** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines

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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 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.

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

Age

Policy Term

Premium Payment Term

The premium

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 the 6th policy year to Rs.1 crore from the 16th policy year onwards.
  • Following are the two options of death benefit claim payment offered by the policy.
    • Option1: The death benefit amount is paid as a lump sum.
    • Option2: The death benefit is paid in installments. Under this option, the policy beneficiary receives the death benefit in installments over a chosen period of 5, 10, or 15 years. As opted for, the installments shall be paid at yearly, half-yearly, or quarterly, or monthly intervals.
  • 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 three lakhs. 
  • If you are a non-smoker and your age is in the range of 36-45 years, with an annual income greater than five 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 the 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.
Why buy Term Insurance early?

Your premium is decided on age at which you buy the policy and remains same, throughout your life

Premiums can increase between 4-8% each year after your Birthday

Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease

See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
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Age 25
Age 50
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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 the demise of the life insured during the policy's tenure, the death benefit is paid to the policy's beneficiary.

  1. 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 a death benefit and no maturity benefit.
    • The plan offers affordable premium rates.
    • The premium discount is available for annual modes.
    • The premium paid towards the policy is eligible for tax exemption under section 80C of the Income Tax Act.
  2. 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 an additional bonus facility. Under this term insurance plan, the death benefit is offered to the policy's beneficiary in case of the demise of the life insured during the policy term.

  1. 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.
    • The 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.
  2. 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.

  1. Benefits Offered By LIC e-Term Plan

    • The plan offers a high sum assured amount at an affordable premium rate.
    • The policy buyers can choose up to the maximum policy tenure of 35 years.
    • The income tax benefit is available on the premium paid under section 80C of the Income Tax Act.
    • The policy offers a minimum sum assured amount of Rs.25lakhs for the aggregate plan and Rs.50 Lakhs for non-smokers.
  2. 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 LIC term insurance plans, on average, are 40% cheaper than 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. The company passes on these benefits directly to the customer in the form of lower premiums.

Here is a snapshot of how the premium of the 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.

Insurer

Plan Name

Claim Settlement Ratio

Price

ICICI Prudential

iProtect Smart          

97.90%

1335/month

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

You may like to Read: Saral Jeevan Bima Yojana
Written By: PolicyBazaar

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