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LIC New Tech Term: LIC Relaunched Its Pure-risk Protection Plan

LIC recently relaunched its two most popular term assurance plans, one of which was the popular LIC New Tech Term Plan. Under this plan, you can receive guaranteed returns by paying fixed premium amounts regularly. With special premium rates for women and non-smokers, it also offers the benefit of attractive rebates on high sum assured amounts. Let’s discuss the LIC New Tech Term Plan in detail: 

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Note: Know more about what is term insurance first before reading this article.

What Is LIC New Tech Term Plan?

LIC New Tech Term is a comprehensive term insurance plan offered by the government-backed insurance company, Life Insurance Corporation (LIC) of India. This is a pure-risk term assurance plan that provides financial protection to your family in case of your unforeseen death. The nominees will receive the death benefit according to the sum assured payable on death selected by you at the time of policy purchase.

What are the Benefits of LIC New Tech Term Plan?

Let us take a look at all the benefits offered under the LIC New Tech Term Plan:

  • Death Benefit: In case you suffer an unfortunate death within the policy term, your nominee will receive a death benefit higher of the following

    • For regular and limited premium payment tenure

      • 7 times the annualized premium

      • 105 percent of the ‘Total Premiums Paid’ up until the death of the assured

      • Absolute sum assured payable on death

    • For single premium payment

      • 125% of single premium

      • Absolute sum assured payable on death

    The two options offered for the basic sum assured are:

    • Option 1: Level Sum Assured: The absolute sum assured to be paid on death will remain the same over the entire policy tenure.

    • Option 2: Increasing Sum Assured: The absolute sum assured to be paid on death will double in amount by the end of the policy tenure.

  • Maturity Benefit: There will be no maturity benefit offered in case you outlive the policy term.

  • Tax Benefit: You can avail of tax benefits under sections 80C and 10(10D) of the Income Tax Act of India.

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Eligibility Conditions of LIC New Tech Term Plan

Before purchasing the LIC New Tech Term Plan you must make sure to satisfy all the eligibility conditions. Here is a list of all the requirements for the plan:

Parameters Minimum Maximum
Entry Age 18 years 65 years
Age at Maturity - 80 years
Basic Sum Assured Rs. 50,00,000 No limit
Policy Term 10 years 40 years
Premium Paying Tenure Regular Premium
  • Same as the policy term
Single Premium
Limited Premium
  • (Policy term - 5) years for a policy term of (10 to 40 years)
  • (Policy term - 10) years for a policy term of (15 to 40 years)

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Let us take a look at an example to understand the plan better.

Suppose a 28-year-old male is purchasing the LIC New Tech Term plan to get a life cover until his retirement. If he buys the plan for a sum assured of Rs. 75 Lacs for a 32-year policy term and the selected mode of premium payment is regular, then the yearly and half-yearly sum assured for the different dum assured options will be

Sum Assured on Death Level Sum Assured Increasing Sum Assured
Regular Premium Yearly Rs. 11,859 Rs. 18,585
Half-yearly Rs. 6,048 Rs. 9,478

You can also use a term insurance calculator to make the calculations easily and effortlessly.

Key Takeaways Of LIC New Tech Term

Here are some key takeaways you should keep in mind before purchasing the LIC New Tech Term Plan:

  • The plan provides a term insurance grace period of 30 days for annual and bi-annual premium payments, during which you can pay your premiums without any penalty charges.

  • The premiums can be paid in a single, regular, or limited premium paying term. The regular and limited premiums can be paid on a yearly or half-yearly mode.

  • There will be no policy loans available under the LIC New Tech Term Plan.

  • The policy provides a 30-day free look period during which if unsatisfied with the policy T&Cs, you can cancel and return the policy.

  • The policy offers a revival period of 5 years within which you can revive your lapsed New Tech Term Plan.

  • The policy offers the option of including LIC’s Accident Benefit Rider into its base plan to enhance the policy coverage.

  • You can also opt for the death benefits to be paid in installments over a period of 5 years.

  • The plan offers special rates for women and two different categories of premium rates for smokers and non-smokers.

  • The plan can only be purchased online through LIC’s official website.

  • You can choose a policy term from 10 to 40 years.

  • The plan also offers the benefit of High Sum Assured Rebates.

How To Buy LIC New Tech Term Plan Online?

Here is how you can buy LIC New Tech Term Plan online:

  • Step 1: Go to Policybazaar’s official LIC term insurance plan page

  • Step 2: Fill in the required details like name, date of birth, and other important information

  • Step 3: Find LIC New Tech Term and click ‘View Plan’

  • Step 4: Select the appropriate sum assured and policy term

  • Step 5: Proceed to pay

Wrapping It Up!

LIC New Tech Term is a term plan that allows individuals to live their life stress-free without worrying about their family’s financial condition in their absence. It is especially suitable for the breadwinner of the family who is responsible for the financial stability of the family.

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