LIC is the oldest and the most trusted life insurance companies in the insurance market which has been operating ever since the year 1956. The company offers a range of life insurance products, term insurance plans being one of them. Recently, LIC has introduced a new term insurance product in the market which is called LIC Tech Term Plan. Let’s understand what the plan is all about –
LIC’s Tech Term Plan is an online term insurance plan which you can only buy online as the policy is not available offline. The plan provides pure protection term insurance cover at affordable premium rates. You can opt for high coverage levels and the sum assured would be paid in case of death of the insured.
Here are the highlights of the plan –
The following benefits are available under LIC’s Tech Term policy –
If the premiums are paid regularly or for a limited tenure, the Sum Assured on Death is the highest of the following –
For single premium policies, the Sum Assured on Death would be higher of the following –
These discounts depend on the amount of sum assured and age and are as follows –
Entry age | Level sum assured | Increasing sum assured | ||
INR 1 crore to INR 2 crores | INR 2 crores and above | INR 1 crore to INR 2 crores | INR 2 crores and above | |
Up to 30 years | 12% | 20% | 10% | 18% |
31 years to 50 years | 10% | 15% | 8% | 13% |
51 years onwards | 5% | 7% | 4% | 6% |
Entry age | 18 years to 65 years |
Maturity age | Maximum – 80 years |
Sum assured | Minimum – INR 50 lakhs
Maximum – No limit |
Term of the policy | 10 years to 40 years |
Premium paying term | Regular pay – equal to the term of the plan
Limited pay: Term 10 years to 40 years – (term – 5) years Term 15 years to 40 years – (term – 10) years Single pay – once |
Premium amount | Minimum:
Regular or limited pay – INR 3000/year Single pay – INR 30,000 Maximum – would depend on age, term, coverage option and sum assured |
Here are the sample premium rates which a non-smoking male would have to pay at different combinations of plan parameters if he chooses coverage of INR 1 crore and policy tenure of 20 years–
Option I – If level sum assured option is selected
Entry age of the insured male | Regular premiums | Limited premiums for 5 years less than the term | Limited premiums for 10 years less than the term | Single premium |
20 years | INR 5368 | INR 6160 | INR 8008 | INR 64,592 |
30 years | INR 7216 | INR 8360 | INR 10,912 | INR 87,120 |
40 years | INR 13,770 | INR 16,110 | INR 21,060 | INR 166,230 |
Option II – if increasing sum assured option is selected
Entry age of the insured male | Regular premiums | Limited premiums for 5 years less than the term | Limited premiums for 10 years less than the term | Single premium |
20 years | INR 7020 | INR 8190 | INR 10,620 | INR 85,140 |
30 years | INR 10,350 | INR 12,060 | INR 15,750 | INR 124,920 |
40 years | INR 21,252 | INR 24,932 | INR 32,568 | INR 256,036 |
To buy LIC’s Tech Term Plan online from LIC’s website, you can take the following steps –
Alternately, you can buy the plan offline through an LIC Agent or from any branch of LIC.
To buy LIC’s Tech Term Plan, submit the following documents –
To make a valid death claim under LIC’s Tech Term policy, you should take the following steps –
If you have bought the policy through Turtlemint, you can also make a claim through Turtlemint. To do so, you should inform Turtlemint by calling on its toll-free number 1800 266 0101 or by sending an email to the claims team at claims@turtlemint.com. Once the claim team is informed you can sit back and relax. The team would follow the necessary claim settlement steps and would get your claims settled.
Suicidal deaths are not covered under the Tech Term plan if they happen within a year of buying or reviving the policy. There are two exclusions relating to suicides which are as follows –
LIC’s Tech Term plan allows yearly and half-yearly modes of premium payments.
Yes, a loading of 2% would be applicable if premiums are paid half-yearly.
The plan allows a maximum increase of up to 100% of the base sum assured. Once the sum assured doubles at the end of the 15th policy year, no further increase is allowed.