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Monday, July 15, 2024

LIC Tech Term plan: Plan Details, Eligibility, Sum Assured, reviews

LIC tech term plan is an online Life insurance coverage. Term plan LIC offers coverage for the life of the insurance holder. Term Plan LIC is a non- Linked, online non participating insurance service offered by LIC. 

Tech term plan LIC provides financial coverage to the family of the Policyholder in case he dies during the active period of LIC tech term plans. If the Policyholder survives the tenure of his operational term insurance plan, then he/she does not get any Life coverage benefits. 

In other words, the tech term plan LIC only offers benefits to the Policyholder if he dies. The assured amount is paid to the family members of the Policyholder. Tech term plans can only be purchased through an online application. 

LIC, an acronym for Life Insurance Corporation of India, is a government insurance company. It is one of the most popular insurance providers in the country. LIC offers different Life Insurance Policies, including Tech term plans. 

This article will inform you about the LIC tech term plan, its details, eligibility, the sum assured, and reviews.

LIC Tech Term Plans Details

The tech term plan LIC offers life coverage to the policyholders. It provides death coverage to the policyholders and their families. In this section, we have mentioned the Tech term plan LIC details. 

Eligibility criteria for term plan LIC

Individuals aged 18 and above can purchase the LIC tech term plans for himself/herself. Here are the eligibility criteria required for the LIC tech term plans. 

The Tech term plan LIC has a tenure of 10 to 40 years. The maximum age to avail of the services of LIC tech term plans is 65 years. The LIC term insurance plans are among the top LIC tech term plans. 

Parameters Information
Tech term plan LIC tenure10 to 40 years
Premium paymentRegular paymentLimited PaymentSingle payment
Frequency for Premium paymentsHalf-yearly and annual
Age criteria 18 years to 65 years 
Maturity term28 years and 80 years
Grace term30 days
Amount to be assured Minimum INR  50 Lakh- Unlimited
Loan No loan services

Features of the Tech term plan LIC

Here are the important key features of tech term plan LIC- 

  • Under LIC tech term plans, the policyholders get two options for benefits. The first one is the Level sum assured, and the second option is the Increasing sum assured. 
  • There are three different payment modes for tech term plan LIC, which are Single/Regular/ Limited premium payments. 
  • Under the LIC tech term plans, policyholders get a policy of their choice. 
  • LIC tech term plans offer benefits to the policyholders in installments
  • If you are a woman, then LIC tech term plans offer you additional benefits on rates.
  • There is a rebate on the amount assured under LIC tech term plans. 
  • Tech term plan LIC offers two types of premiums under its tech term plan, Non-smoker and smoker premium rates. 
  • You can buy additional coverage under the tech term plan offered by LIC.

Benefits of the LIC term insurance Plans

This top LIC tech term plan offers many benefits to the policyholders. We have mentioned some important benefits of the tech term plan LIC. 

1) Death Benefits 

As you know, the tech term plan LIC provides death benefits to the Policyholder if he dies during the active term period of the LIC tech term plans. The Policyholder’s nominee (family member) receives a lump sum amount under the LIC tech term plan. The final benefit made under LIC term insurance plans is almost 7 times more than the calculated annual premium or 105% of the amount paid in premiums till the death of the Policyholder. The death benefits are higher in the Tech term plan LIC. 

You can also choose the amount to be paid when receiving death benefits. This facility is available when you purchase the best LIC tech term plans. Also, there are two ways to assure the Tech term plan LIC amount, Level sum assured and increased sum assured. You can also choose to receive the death benefits in installments for 5 years/10 years/15 years. The death benefits offered under the tech term plan LIC make it the best LIC tech term plan.

2) Level Sum Assured

Under this, the death benefits amount is fixed during the Tech term plan LIC. 

3) Increasing sum assured

The assured amount increases under this benefit until the completion of the 5 years of the policy; the assured amount remains constant. The amount starts to increase from the 6 years of the LIC tech term plans. The benefits are provided until the completion of 15 years of the tech term plan LIC.

4) Premium Payment options 

When you buy the best LIC tech term plans, you can choose from the different payment methods to pay the premiums of the tech term plan LIC. Three payment modes are available for the LIC tech term plans premium: single payment, Regular payment, and limited payment of premiums. The premiums are paid online by the policyholders. You can pay the term tech plan LIC premiums in half-yearly and annually. 

The premium cost for the LIC tech term plans depends on the individual’s age. It also depends on the gender, lifestyle, the term of premium, and the sum assured option of the policyholders. 

The amount for the regular and limited premium methods is INR 3000/- whereas, for the single premium method, it is INR 30,000/-

5) Surrender Benefits of LIC term insurance plans.

The LIC tech term insurance plans do not provide surrender benefits on traditional parameters. Instead, an amount is paid to the Policyholder based on the sum assured option of the policy.

6) Medical screening 

  • You will not have to undergo a medical screening if you are below 35 years of age and you buy a LIC tech term plan for INR 75 lakh. The condition is that you should not be a smoker and have an annual income of more than INR 3 Lakhs. 
  • You will not have to go through a medical test if you are between 36 and 45 and have bought a LIC tech term plan of INR 50 Lakhs. The condition is that you should not be a smoker and have an annual income of more than INR 5 Lakhs. 
  • The LIC tech term plans cover all kinds of death. However, it does not cover suicide in the first year of the tech term plan LIC. 

7) Tax benefits

The LIC term insurance plans offer tax benefits to the LIC term insurance plan buyer. 

8) Add-on benefits in LIC term insurance Plans

LIC term insurance plans offer the policyholders of Tech term plan LIC an option to choose additional benefits on their current tech term plan LIC. This makes it among the top LIC tech term plans. The other benefits can be activated under Regular/limited premium modes. 

Under LIC term insurance plans, an additional charge will be levied on the Tech term plan LIC policyholder. The other benefits under this top LIC tech term plan are provided to the Policyholders after 5 years. Under this rider benefit, an additional amount is paid to the family of the Policyholder if the Policyholder dies accidentally during the active term period of the LIC term insurance plans. 

Documents to avail of the LIC term insurance plans

The documents needed to activate the LIC term insurance term plans are mentioned here-

  • Identity proof of the Policyholder. (It can be an Aadhar Card, Passport, or Voter ID of the Policyholder.)
  • Address proof of the Policyholder (this can include Aadhar card, Ration card, Driving license, Utility bills, and Passport
  • Income proof of the Policyholder. (This consists of the Salary slips or the Income-tax returns)

Online Purchase of the LIC term insurance Plans

You can buy the LIC term insurance plans from the official website of the LIC. LIC provides top LIC tech term plans to those who want to buy the tech term plan LIC. To purchase the LIC term insurance plans, click on the LIC tech term plan in the purchase section (Purchase Plan). 

Fill in all the compulsory details asked to buy LIC term insurance plans. Make sure you are providing the correct information Online. The website will also ask you to upload the required documents. Make sure to scan the LIC term insurance plans policy papers before uploading. 

After you upload the documents, your Tech term plan LIC is activated. The online LIC term insurance plans are easy to purchase and do not require much time from the Policyholder. The online purchase of the LIC term insurance plans is the best option for those who are looking for an online term plan. 

The purchase of the LIC term insurance plans does not require any assistance; you can buy the policy by yourself without much trouble. 

LIC tech term plans exclusions

There is one primary LIC term plan exclusion under the LIC term insurance plans-

1) Suicide Exclusion

 Suppose the Policyholder commits suicide within one year of purchasing the LIC term insurance plans. In that case, the death benefit only comprises 90% of premiums paid by the Policyholder under the single compensation. However, only 80% of the premium is refunded under the regular and limited premiums. 

No claims can be made in such circumstances by the family of the Policyholder as the LIC term insurance plans do not cover deaths by suicide. 

Review of Term Plan LIC 

The LIC Term insurance plans are the best LIC tech term plans for those people who want to invest in life insurance online. The LIC term insurance plans provide financial security to the family menders of the Policyholder and have a flexible payment method. 

Frequently Asked Questions

Q. What is the LIC tech-term plan?

LIC tech term plan is an insurance service provided by the Life insurance corporation of India. This is among the best term plans available in the market. 

Q. Can I buy LIC term insurance plans online?

Yes, you can buy LIC term insurance plans online by visiting the official website of the LIC. 

Q. Do I need the help of a LIC agent while purchasing the LIC tech term plan?

No, you can complete the purchase on the official website of LIC. However, you can take a LIC agent’s advice on the policy’s pros and cons. 

Q. What is the minimum age to purchase the LIC term insurance plans?

The minimum age to purchase the LIC term insurance plans is 18 years. 

Q. Does the LIC tech term insurance plan offer maturity benefits if the Policyholder survives? 

No, the LIC tech term insurance plan does not offer any maturity benefits to the Policyholders. 

Q. Are there any special offers for the women under the LIC tech term insurance plan?

Yes, LIC offers many additional benefits to the women policyholders under the term plan LIC. 

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