How to Buy LIC Tech Term Plan 854 Online

LIC tech term plan, or commonly called Plan 854 is a term insurance plan offered by Life Insurance Corporation of India (LIC). The plan can only be purchased through an online mode and it is not available offline. LIC Tech term plan is pocket-friendly in comparison to other term insurance plans offered by LIC. If you are thinking to purchase a term insurance plan, the LIC tech term plan is a smart insurance product to consider.

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Upto Rs. 46800
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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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Let’s understand the plan details and buying process:

LIC Tech Term Plan

LIC Tech term plan is an online, non-linked, and non-participating pure risk protection plan. It provides financial security to the policyholder’s family in case of his/her untimely demise during the plan term. The plan is available through the online process only. You can buy a LIC Tech term plan anytime anywhere as per your convenience using a hassle-free way. Following are the some of the useful features of LIC Tech Term Plan 854:

  • The plan provides you the option to choose from the benefit available – 

    • Level sum assured and, 

    • Increasing sum assured 

  • Special premium rates are offered by LIC for women 

  • Offers attractive rebates on high sum assured 

  • Flexibility to choose from single, regular, limited premium payments

  • You can select premium payment term/policy term as per your choice 

  • Option to opt for accidental benefit rider that enhances your coverage by paying an additional premium amount. 

  • You can choose the payment of benefits in portions or installments

Who Can Buy LIC Tech Term Plan 854 Online?

The LIC Tech Term Plan 854 can only be bought by Indian citizens. Individuals of Indian origin and Overseas Indian Citizens are not eligible for this policy. NRIs can buy the LIC Tech plan through their time spent in India.

Eligibility to Buy LIC Tech Term Plan 854 Online?

Entry Age

Minimum: 18 Years

Maximum: 65 Years

Maturity Age

Maximum: 80 Years

Basic Sum Assured

Minimum: Rs. 50,00,000

Maximum: No Limit

Policy Term (PT)

10 - 40 Years

Premium Paying Term

Regular: Same as Policy Term


Policy term minus 5 years for policy term 10 to 40 years

Policy term minus 10 years for policy term 15 to 40 years

Single: NA

Minimum Premium

Regular: Rs. 3000

Single: Rs. 30000

How to Buy LIC Tech Term Plan 854 Online?

The LIC’s Tech Term plan buying process is easy and hassle-free. You can easily buy it through the LIC website in a couple of minutes. Here’s a quick laydown of the step-to-step process to purchase LIC Tech Term plan 854 online:

Step 1 – Visit LIC’s official website.

Step 2 – Log on to the website for buying LIC tech term online plan. Hit on ‘Buy Policies Online’

Step 3 – Select LIC Tech Term plan

Step 4 – Select ‘Buy Online’. Then choose the following options:

  • Sum Assured

  • Option of sum assured such as level and increasing term

  • Premium paying options like single, regular, limited, policy term

  • Mode of paying premiums i.e. yearly or half-yearly for limited and regular premium payment option

  • Date of Birth

  • Smoking habits

  • Gender

Step 5 – After filling in the above-mentioned details, LIC Tech Term Plan 854 Premium Calculator will compute the premiums rates for the selected parameters.

Step 6 – Submit other basic details such as name, occupation, address, education, etc.

Step 7 – Fill the proposal form through online mode.

Step 8 – Make the online premium payment.

Why Should You Buy LIC Tech Term Plan 854 Online?

LIC Tech term is a plan that financially protects your family and their goals in case of your absence. 

  • LIC is a trusted insurance company with a huge customer base. With a claim settlement ratio of 96.99 as per the IRDAI, Annual Report 2019-20, LIC has become one of the biggest insurers in India

  • The plan provides high coverage at low premium rates. For example, a male of 30-year-old who is a non-smoker purchases LIC Tech term plan for a sum assured Rs.1 Crore and policy term of 30 years. The individual is required to pay only Rs.9000 as a premium.

  • The plan also offers death benefit options - Level SA and Increased SA. In the former, the sum assured amount remains constant throughout the policy tenure, whereas in the latter, the sum assured amount that is required to be paid at the time of policyholder’s demise remains fixed till the completion of the 5th year of the policy.

  • Accidental benefit riders can enhance your coverage by paying extra premiums. In case of the accidental death of the life insured, the rider SA is paid as a lump sum.

  • Get the tax benefits as per the prevailing laws of the Income Tax Act, 1961.

Let’s understand this with the help of an example:

Rahul got married to Anjali and both moved to a new house, purchased on the home loan. Anjali is also contributing to the loan repayment, which enables both of them to plan their finances accordingly. One day because of the pandemic, Anjali loses her job. Moreover, she doesn’t want to join any other company for a while because of her pregnancy. Now, Rahul is the only sole earning member of the family and he had to plan finances in a way that takes care of his wife during pregnancy and could make some savings for the future. In such a case, Rahul bought the LIC Tech term plan for his family so that the payout benefit will cover his liabilities and helps his loved ones to live happily. Additionally, he is only required to pay Rs.9000 per annum that is quite pocket-friendly as compared to the other term plans.

Wrapping It Up!

LIC Tech term plan is a basic protection online plan that provides financial security to the policyholder’s family in case of his/her unfortunate death. One can only purchase the plan through online mode and the buying process is convenient and reliable.

Written By: PolicyBazaar

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