The LIC has recently launched a new plan with the name of LIC tech term plan. The plan has been successfully launched for the customers to opt for the benefits. The plan is non-linked without any profit and is a type of online protection term policy. The plan is good for those who want to protect their family’s future and to give them a better life.
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LIC Tech Term Plan Eligibility
| Criteria | Age Limit |
| Sum Assured under the plan | Min. – Rs. 50 lakhs
Max. – No bar |
| The term for payment of premium | Total Policy Tenure Time |
| Term of Policy | Min. – 10 Years
Max. – 40 Years |
| Premium Paying Time | One time, annually, or half-yearly. |
| Maximum Age for coverage of the policy | 80 Years |
Brief About LIC Tech Term Plan
The plan will provide financial assistance to the family of the insured person after their unfortunate death. In earlier LIC Term insurance plan non-resident Indian is not allowed to take the policy but in this new plan, the applicants/ NRI’s who are residing in the permissible countries will be able to choose this plan and get the benefits.
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Basic Features of LIC Tech Term Plan
- This is a pure term insurance plan of LIC.
- Under this plan, the nominee will be able to get the sum assured after the unfortunate death of the policyholder. But the condition is that the benefits will only be provided if the demise of the policyholder is before the end of the policy term.
- It is a low-cost Term plan with high sum assured.
- There is no specified higher limit for the payout of the sum assured but the minimum amount of sum assured is Rs. 50 lakhs.
- One can pay the premiums as their suitability that is in one time, half-yearly or annually.
- One will be able to get different benefits if they are smokers or non-smokers.
- Rider: In case of the demise of the policyholder due to an accident the additional premium benefit will be provided to the nominee.
How One Can Purchase Tech Term Plan?
- The plan could be availed through online mode very easily by visiting the LIC official website.
- One has to fill all their basic details and the payment and then the policy documents will get received from your address.
- The payment of premium could be done in various ways like UPI, IMPS, e-wallets, debit card and many more.
- Therefore, the procedure for applying for the plan and availing the benefits is very easy.
How To Get The Claim?
- The plan could be claimed by the nominee as per their suitability. Not every family requires an instant full payment of the insurance and hence they can avail the benefit in installments of 5, 10 or 15 years.
- The installments will be paid to the nominee as per their suitability that is yearly or half-yearly, quarterly or monthly.
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LIC Tech Term Policy Death Benefits
- The policy is having two different options for getting the sum assured which can be used by the policyholder at the time of buying the policy.
- Firstly, the policyholder could choose the level sum assured option in which the sum assured will be the same from the starting till the policy termination date.
- In the second option, the policyholder could choose the increasing sum assured option in which the sum assured will increase every year with the specific rate according to the policy.
- In this, the life cover will be the same for 5 years and then it will start increasing at the rate of 10% for the next 10 years and after those years it will remain constant until the policy termination date.
- We can say that the policyholder can opt for the option in which from 6th policy year and till the 15 policy year the sum assured will increase by 10% every year.
Conclusion
When it comes to buying life insurance every policyholder is confused about which policy will give the best assistance to their family after the unfortunate demise. Therefore, this new tech Term plan of LIC is quite effective and is providing all the best benefits which could be availed by the nominee very easily.
- One can get the detailed information and application form from the official website of the LIC and one can fill the form there very easily.
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