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 –

Overview of LIC e Term Plan – Tech Term Plan

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.

Key features of LIC e Term Plan – Tech Term Plan

Here are the highlights of the plan –

  1. The plan offers premium flexibility. You can pay regular premiums, limited premiums or single premiums for the policy
  2. There is flexibility in choosing the coverage benefit too. You can opt for a level sum assured or increasing sum assured
  3. In case you opt for an increasing sum assured coverage option, the sum assured would start increasing from the 6th policy year. The increase would be @10% and would be allowed till the 15th policy year when the sum assured would double
  4. The death benefit can be availed in instalments. These instalments can be taken yearly, half-yearly, quarterly or monthly
  5. If you choose to avail death benefit in instalments, the pay-out period can be chosen from 5, 10 or 15 years.

Benefits of LIC e Term Plan – Tech Term Plan

The following benefits are available under LIC’s Tech Term policy –

  1. Maturity benefit
    The policy is a pure protection plan and, therefore, has no maturity benefit.
  1. Death benefit
    If the insured dies during the term of the plan, the death benefit payable is called Sum Assured on Death. This value is calculated as follows  

    If the premiums are paid regularly or for a limited tenure, the Sum Assured on Death is the highest of the following –

    • 7 times the annualised premium
    • 105% of the aggregate premiums paid till death
    • Absolute amount assured payable on death which is the sum assured applicable in the year of death (level or increased amount)

For single premium policies, the Sum Assured on Death would be higher of the following –

    • 1.25 times the single premium paid
    • Absolute amount assured payable on death which is the sum assured applicable in the year of death (level or increased amount)
  1. Rider benefit
    Tech Term Plan allows you the option to enhance your policy’s coverage through an optional rider. LIC’s Accident Benefit Rider is available under the plan. This rider, if added to the policy, would give you an additional sum assured in case of death due to an accident.
  1. Premium discounts
    The plan offers different types of premium discounts which are as follows –

    • Women are charged a lower premium than men
    • Non-smokers are charged a lower premium than smokers
    • If you opt for a sum assured of INR 1 crore and above, you get premium discounts.

    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%

Eligibility criteria of LIC e Term – Tech Term Plan

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

A premium of LIC E-Term Plan – Tech Term Plan

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

How to buy LIC e Term – Tech Term Plan?

To buy LIC’s Tech Term Plan online from LIC’s website, you can take the following steps –

  1. Visit LIC’s website www.licindia.in
  2. Choose ‘Buy Policies Online’ and then choose ‘LIC’s Tech Term’
  3. Click ‘Buy Online’
  4. You would then have to enter in the details like the sum assured coverage option, policy tenure, premium paying tenure, premium paying frequency, etc.
  5. When the details are entered, the premium calculator would calculate the premium
  6. You would then have to enter your personal information like name, age, address, etc.
  7. The premium should, then, be paid online to buy the policy

Alternately, you can buy the plan offline through an LIC Agent or from any branch of LIC.

Documents for applying for LIC e Term – Tech Term Plan

To buy LIC’s Tech Term Plan, submit the following documents –

  • Age proof
  • Identity proof
  • Address proof
  • Income proof if you have chosen a high coverage level
  • Medical check-up reports if required by LIC
  • Any other documents which might be needed by the company

Claim process of LIC e Term – Tech Term Plan

To make a valid death claim under LIC’s Tech Term policy, you should take the following steps –

  1. Inform the insurance company immediately about the claim by filling and submitting Claim Form 3783
  2. You would also need to submit a death certificate of the insured
  3. Police FIR would be needed if death occurs due to an accident
  4. Any other document mentioned by LIC should also be submitted to get the settlement of the claim
  5. The company would verify the documents submitted and if everything is in order, the claim would be processed and the amount would be credited to the nominee’s bank account

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.

Exclusions of LIC e Term – Tech Term Plan

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 –

  1. If a single premium is paid under the policy and the insured dies within 12 months of policy purchase, 90% of the single premium paid would be refunded. The sum assured would not be paid on such death
  2. If regular or limited premiums are paid under the policy and the insured dies within 12 months of policy purchase or revival, 80% of the aggregate premium paid would be refunded back. The sum assured would not be paid as a death benefit.

FAQ’s

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.


The policy allows a grace period of 30 days for all premium paying modes.