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Raju recently got married to Siya and shifted to a new house that he had bought on a home loan. Siya, his wife also started contributing to the loan repayment. But, after some time, Siya lost his job during the pandemic and didn’t want to work for a while as she got pregnant.
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Now, Raju has to plan finances in order to manage household expenditures, take care of his better half during pregnancy time and also make important investments for the long run. Vinay thought of buying an online term plan for Rs. 1 Crore. This amount would cover his current liabilities and provides future protection. Additionally, he only has to pay Rs. 9000 as an annual premium which was relatively affordable as compared to the other plans.
One such kind of plan that provides a life cover of 1 Crore at low premiums is LIC Tech Term Plan. Here are more details of this plan:
Term Plans
LIC Tech Term is a comprehensive term insurance plan that offers financial protection to the policyholder’s family members in case of his/her unforeseen death. This plan can easily be purchased through online mode anytime anywhere at your convenience.
Note: Now that you know that what is LIC Tech Term Plan, you should also get to know about what is term insurance to buy a term plan for your loved ones.
Here are the key features of a Tech Term Plan offered by LIC:
Option to choose from 2 options of benefit: Increasing sum assured and Level Sum Assured
Special premium rates for women and non-smokers
The benefit of rebates on high sum assured amounts
Option to increase coverage by choosing Accident Benefit Rider on payment of extra premium for the term insurance rider benefit.
Flexibility to select from single, regular and limited premium payment.
Option to choose policy term and premium payment term
Flexibility to choose for benefit payment in installments.
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| Minimum Entry Age | 18 years |
| Maximum Entry Age | 65 years |
| Maximum Maturity Age | 80 years |
| Minimum Sum Assured | 50 Lakhs |
| Maximum Sum Assured | No Limit |
| Policy Term (PT) | 10 years to 40 years of PT |
| Premium Payment Term | Regular Premium: Same as Policy Term Limited Premium: (PT minus 5) years for PT (10 to 40) years (PT minus 10) years for PT (15 to 40) years Single Premium: Not Available |
LIC, founded in the year 1956 is one of the oldest and the only recognized public sector life insurer in India. With 2000 branches, lakhs of agents, and millions of customers, LIC has an extensive presence across the nation. The Claim Settlement ratio of LIC for the financial year 2020-21 is 98.62%, indicating the quick settlement of claims.
In order to manage the risks in life, it is important to select a sum assured that provides financial security to your family members in case of your absence and also helps manage the increasing living costs. This plan provides high life coverage at low premium rates. For example, a 32-year-old non-smoking male who buys a policy of 1 crore for 30 years of the policy term is required to pay around Rs. 10000 annually as a premium.
++Premium amounts of LIC Tech Term can easily be calculated using LIC Tech Term Premium Calculator.
For Regular and limited premium payment plans, the sum assured on death is defined as the highest of the:
7X of annualized premium
105 percent of all the premium amount paid on death
Absolute assured amount to be paid on the demise
For Single Premium Policy, the sum assured amount on death is defined as the highest of:
125 percent of single premium
Absolute assured amount to be paid on the demise
The death payout under this plan can be received as an Increased sum assured or Level sum assured.
Level Sum Assured: The level sum assured amount remains fixed all over the policy tenure in this option
Increasing level assured: In this benefit option, the sum assured amount payable on the policyholder’s death remains the same till the last of the 5th year of the policy. Then, from the 6th to 15th year of the policy, the SA upsurges by 10 percent every year till the time it becomes twice the SA. This new amount of life cover remains constant after the 16th year of the policy.
LIC also offers an option to receive the death payouts in installments of 5/10/15 years. The policyholder should opt for this facility at the time of buying the plan.
The term riders are additional benefits that are added to the base plan and enhance the plan coverage by paying an additional amount of premium. LIC Accidental benefit rider works when the policyholder met with accidental death, the rider SA shall be paid as a lump sum payment along with the death benefit.
LIC Tech Term Policy offers income tax savings benefits on payouts and premium amounts. You can claim tax deductions for the premium amount paid u/s 80C of the ITA, 1961. And, the benefit payout is also exempted u/s 10(10D) of the Income Tax Law.
There are a number of features and benefits of a LIC Tech Term Plan that makes it an ideal solution for you to make sure the financial responsibilities of your loved ones are met while you are away. So, for individuals who are looking out to invest in a term plan but have a limited financial budget, LIC Tech Term is the right choice. This online term plan offers life cover at low premium rates. You can easily calculate the premium amounts of this plan with the LIC Tech term plan 854 premium calculator.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
Yes, term insurance is covered under 80C. Term insurance not
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