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:Read more
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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.
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.
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:
|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
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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.
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.
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
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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