LIC Tech Term Plan 854 Premium Calculator

What is LIC Tech Term Plan 854 Premium Calculator?

LIC Tech Term Plan 854 premium calculator is an online tool specially designed to help insurance buyers to estimate the approximate rate of premium of their policies. It is a simple and hassle-free tool. To compute the premium prices of the plan, the individual is required to enter relevant details on the calculator page. There are several benefits of using LIC Tech term plan 854 premium calculator: 

• It is a very easy and convenient process 
• You can compute your estimated premium cost by sitting at home 
• The insurance buyers are only required to enter some details
• It also helps to determine the sum assured amount that an individual wants to buy to secure his/her family’s financial future

Why Should You Use LIC Tech Term 854 Premium Calculator? 

Life is uncertain, and for any individual who wants to secure his/her family, a term insurance plan is a necessity to have a safe and protected future. LIC tech term plan has gained enormous popularity among its customers. This plan ensures safety to you and your loved ones with pocket-friendly premium rates. 

LIC Tech Term 854 Premium Calculator is specifically designed to compute the premium rates that you will be required to pay to receive a certain amount i.e. sum assured from your LIC tech term policy. This calculator helps in financial planning and you can easily predict which premium price is suitable for you and your family’s financial objectives. 

How to Calculate LIC Tech Term Plan Premium Rates? 

The process of calculating the premium rate of a LIC Tech Term plan is quite easy. Follow the below step for a smooth process: 

Step 1 – Visit the Official website of LIC  

Step 2 – Open ‘Banner of LIC Tech Term Plan or Buy Policy Online’ or select the LIC Tech Term Plan Premium calculator on the home page

Step 3 - Click on the tab Buy Online and select Tech term plans 

Step 4 – After choosing the premium calculator or clicking on buy online, you will be redirected to the new page of LIC

Step 5 – Enter the required details in the calculator such as name, date of birth, gender, country code, mobile, and email. 

Step 6 - Click on the Quick Quote option after entering all the essential information. 

Step 7- The insurance buyer will again be redirected to a new window, where they can select the term plan as per their requirements and then proceed with the premium computation. 

Step 8 – Choose the coverage, premium amount, premium payment frequency, and the policy tenure, if required by the insurer. 

Step 9 – Now a buyer can choose the quotes and then on the next page, all the LIC Tech Term plan premium details will be displayed. 

What are the Benefits of LIC Tech Term Plan 854 Premium Calculator?

The LIC Tech Term Plan 854 premium calculator is a quick and convenient tool to calculate the approximate premium amount required to pay by the policyholder. It is customized to help the potential buyers as per their preferences. Following are the benefits of the LIC term plan calculator: 

• The process of purchasing the LIC tech term is completely online. So the LIC Tech term plan 854 premium calculator helps you in deciding the premium by calculating the amount you need to pay. 
• It is reliable as you can check what payout, term, and premium prices work out the best as per your budget, financial goals, and expectations. 
• The calculator shows accurate results. 
• It is easily available on the LIC official website. 
• Customer can use it as many times as he/she wants to use to get the desired outcome. 
• You are only required to enter some of the basic details to get the premium result. 
• The interface of the LIC premium calculator is quite user-friendly. 
• It consumes less time to complete complex calculations.

Sample Illustration of LIC Tech Term Plan Premium Calculator  

The below table illustrates the premium costs of Level sum assured and increasing sum assured of Rs. 1 crore of basic sum assured for male and non-smoker. The policy term is 20 years. 

1. Level Sum Assured 

   Age	Regular Premium (Annual)	Limited PPT (Annual) – Policy term minus 5 years (in Rs.)	Limited PPT – Annual – Policy term minus 10 years (in Rs)	Single-Premium (in Rs.)
   Level Sum Assured
   20	5368	6160	8008	64592
   30	7216	8360	10912	87120
   40	13770	16110	21060	166230
   Increasing Sum Assured
   20	7020	8190	10620	85140
   30	10350	12060	15750	124920
   40	21252	24932	32568	256036

2. High SA (Sum Assured) Rebates 

   Rebates on High SA are also available under the LIC Tech Term plan that makes it more attractive for buyers. 

   Age range	Rebates on High SA (in %)
   	< Rs. 1 Crore	Rs. 1 Crores to < 2 crore (in %)	>Rs. 2 Crores (in %)
   Level SA
   Up to 30 years	-	12	20
   31years - 50 years	-	10	15
   >51years	-	52	7
   Increasing SA
   Up to 30 years	-	10	18
   to 50 years	-	8	13
   >51years	-	4	6

What are the Documents Required for LIC Tech Term Plan Premium Calculator? 

• ID proof such as PAN card, Aadhar card, driving license. 
• Proof of Date of Birth such as birth certificate, school leaving certificate, 10^th passing certificate 
• Address Proof, any certified document having your full address such as utility bills

LIC Tech Term Plan – An Overview 

1. Death Benefit 

   For regular and limited premium payment 

   In case of death claim during the plan term, the death benefit in form of ‘sum assured amount on death’ is payable as the highest of: 

   • 7X of the annualized premium 
   • 105 percent of the paid premiums as of the death date 
   • Absolute assured amount paid at the time of death

   For Single payment of Premium 

   The nominee will receive the sum assured (SA) on death as the highest of the following: 

   • 126 percent of a single amount of premium
   • Absolute assured amount paid at the time of death

   The absolute assured amount that is paid on death depends on the choice of death benefit selected at the time of purchasing the policy: 

   1. Level SA (Sum Assured) 

      In this, the absolute sum/amount assured that is to be payable at the time of death is an amount equivalent to the SA (sum assured), which remains constant throughout the tenure of the policy. 

   2. Increasing Sum Assured 

      Under this, the absolute sum/amount assured that is paid at the time of death shall remain equivalent to the SA (sum assured) till the end of the 5^th year of the policy. Afterward, it rises by 10 percent of the sum assured each year i.e., from the 6^th year of the policy till the 15^th one till it turns out to be 2 times the sum assured. In other words, the Absolute sum that is paid on death remains the same i.e., two times the sum assured amount till the ending of the policy tenure. 

2. Maturity Benefit

   No Maturity benefit is payable upon the survival of the policyholder to the end of the policy tenure 

 Eligibility Criteria to Buy LIC Tech Term Plan 

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