LIC Tech Term Plan Review, Benefits, Eligibility and more: Many people invest money in multiple insurance plans to secure their future. That’s why investing money in LIC’s life insurance is considered risk free. If you are also planning to invest in LIC’s life insurance plan, then you can invest in LIC’s Tech term plan. By investing in this life insurance plan, you can secure your and your family’s future. Let us know this plan in detail.
LIC Tech Term Plan Review
LIC Tech Term Plan is a non linked, non participating, online pure risk premium plan. Which provides financial protection to the beneficiary and family of the insured in case of unfortunate death of the insured during the policy term. This plan can only be purchased online. You can buy it anytime, anywhere as per your convenience.
LIC Tech Term Plan Eligibility Criteria
| Name of Insurance: | LIC Tech Term Plan (Table No. 854) |
| Entry Age: | Minimum:- 18 Years Maximum:- 65 Years |
| Coverage (Basic Sum Assured): | Minimum:- Rs.50,00,000 Maximum:- No limit (Subject to Board approval) |
| Premium Paying Term: | Regular Premium: Same as Policy Term Limited Premium: For Policy Term (10 to 40 Years) (Policy Term – 5) Years For Policy Term (15 to 40 Years) (Policy Term – 10) Years |
| Policy Term: | 14 to 40 years |
| Maturity Age (Maximum): | 80 years |
| Official website: | www.licindia.in |
LIC Tech Term Plan Features
Key features of LIC Tech term plan are as follows:-
- The policy term of this insurance plan is 10 to 40 years.
- There are two types of death benefit options available in this policy, Level Sum Assured and Increase Sum Assured.
- No maturity benefit is available under this plan.
- This life insurance has a regular premium as well as limited premium option.
- LIC Tech term life insurance comes at a special cost for women policy buyers.
- LIC Tech term plan offers different premium rates for smokers and non-smokers.
LIC Tech Term Plan Benefits
Death Benefit
There are two types of death benefit options available while purchasing LIC Tech term insurance plan:
- Option 1 Level Sum Assured: This amount will be equal to the Basic Sum Assured, which remains constant throughout the policy term.
- Option 2 Increase Sum Assured: The Sum Assured on death will be equal to the Basic Sum Assured till the completion of the fifth policy year. Thereafter, it will increase by 10% of the Basic Sum Assured every year from the 6th policy year to the 15th policy year till it becomes double of the Basic Sum Assured. For policies in force, this increase will continue till the end of the policy term, till the date of death, or till the fifteenth policy year, whichever is earlier. The Sum Assured on death after the 16th policy year will remain constant i.e. twice the Basic Sum Assured till the end of the policy term.
For Regular Premium and Limited Premium policies, the “Sum Assured on Death” is defined as the higher of the following:
- 7 times the annualized premium
- 105% of all premiums paid till the date of death
- Payment of entire Sum Assured on death
For a Single Premium Policy, the “Sum Assured on Death” is defined as the higher of the following:
- 125% of single premium
- Payment of entire Sum Assured on death
Maturity Benefit
No maturity benefits are paid on survival till the term of this life insurance policy.
Tex Benefits
Income tax benefits are available on premiums paid as per section 80C of the Income Tax Act and claims received as per section 10(10D) of the Income Tax Act.
Riders of LIC Tech Term Plan
Accidental death benefit rider is available under this LIC Tech term plan.
Grace Period
A grace period of 30 days is available for half-yearly and annual premium payments. If the premium is not paid before the end date of the grace period, the policy will lapse.
Surrender Benefit
In this insurance plan, an option to surrender the policy is provided at any time after the policy has been continued for two consecutive years. In such situations, the insurer pays the higher of the Special Surrender Value or a surrender value equal to the Guaranteed Surrender Value. delete
Revival
If the premium is not paid within the grace period, the policy lapses. LIC provides option to revive policy but within 5 consecutive years. It means from the date of your first unpaid premium and it can be revived only before the maturity date.
Free look period
This plan gives a period of 30 days to the insured to think whether they want to continue with the plan or not. It gives you the option to cancel the policy within this period if the policyholder has not made any claim. That is, in this policy you get a free look period of 30 days.
The Bottom Line:
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