If you are low at the budget but want higher profits from your insurance term plan? Then no worry as Life Insurance Corporation of India (LIC) has announced a new term plan called Tech Term Plan. It is a purely non-profit, life protection plan under which you will guarantee receive death benefits, faster claim settlement, family security, discounts on the premium and easy online renewal. This new LIC Tech Term Plan can only be purchased via the online platform as it is not available to LIC agents.
Who Can Buy LIC Tech Term Plan?
- Term protection policies are most appropriate for working people who have dependents (children and parents) and are searching for a sum of assurance against vulnerabilities of life at genuinely low costs.
- The base policy term is 10 years while the maximum is 40 years.
- The candidate can be a minor yet a representative (major) must be accommodated the minor chosen one.
- The loan isn’t accessible under this tech term plan.
LIC’s Tech Term (No.854) – Features
- It is purely an ONLINE Term Life Insurance from LIC.
- You can select an increasing total guaranteed likewise, where the demise advantage will continue as before as long as 5 years of the first policy period. From that point onward, it will increase at a pace of 10% for the next 10 years. From the sixteenth year, it will continue as before.
- Least Sum Assured is Rs.50 lakh and there is no restriction for maximum sum assured.
- Coverage as long as 80 years old.
- You can add an Accidental Rider too.
- Lower rates for Non-Smokers and special rates for ladies.
- You can pay the premium as customary, single or constrained.
- You can decide on a level whole guaranteed, where the sum assured you picked will continue as before throughout the policy period.
- Death Benefits can be taken in installments additionally of 5 years, 10 years or 15 years.
Eligibility for the LIC Tech Term (table 854)
Here is eligibility for the LIC tech term plan
- Minimum Entering age – 18 years
- Maximum Entering age – 65 years
- Minimum Total Guaranteed – 50 Lakh
- Maximum Total Guaranteed- No Max Limits
- Minimum Term of Maturity- 10 years
- Maximum Term of Maturity – 40 years
A different premium choice, – Single (once), Regular (Till the policy time frame), Limited (Up to 10 years)
Since the LIC Tech term plan will be accessible just through the online gateway, the exceptional sum would be less expensive when compared with the current term plans accessible in the market. Here is the inexact premium computation with the guide to understanding whether you should elect it or not.
How Does the Nominee Get the Demise Advantage?
The demise advantage can be paid out as lump sum or in installments more than 5, 10 or 15 years.
You don’t need to determine this forthright. You can determine this anytime during the tech policy term. There is additionally a choice to get the part amount as a lump sum and the left part in installments.
While I have nothing against getting the death advantage in installment (salary substitution term plans), LIC has not indicated the interest rate, it will use to figure those installment sums. That leaves you with the interest rate risk. You are a hostage client. You should take whatever they give you. With other salary substitution plans, the installment sums are determined forthright and the premium is changed as per needs.
With LIC Tech Term, the premium continues as before. The LIC keeps adaptability with itself.
Benefits of LIC Tech Term Plan
Death Advantages: As you know LIC provides death benefit on all of its plans, so the same as that LIC tech plan also has death advantage. Thus, the nominee the insured amount proposed in the policy.
Increase in Insured Sum: Imagine you purchased a tech term plan for the sum insured of Rs 50 lakh and picked the option of increasing the insured sum. At that point, after your five repeated renewals, the insured sum will be kept on increasing @10% for ten years without any obstacle.
Health Benefits: The LIC Tech Term Policy especially take care of their customers by providing them health benefits. You can get this benefit at the time purchase by simply clicking the option whether you are chain smoker or not non-smoker.
Flexible-Premium Payment: While you choose the premium tech term plan then you get three options which include Single, Regular, Limited.
Explore Below What These Policies Offer
- Single-Premium: Insured person had to pay the whole amount in one go, there is no need to pay the amount in installments.
- Regular Premium: Insured person has to pay the amount every year till it got matured or on the death of the policyholders.
- Limited Premium: The premium amount is submitted for some particular period. The installment period is estimated by subtracting 5 or 10 years from the policy period.
Discount for Insured Female: In the case of any female whether it is your mom or wife, she will get a discount on the premium amount that needed to pay. For example, if a man paying Rs 6,248 at the age of 30 years then females need to pay only Rs 5,896 at the same age group.
Higher Total Amount Insured Benefit: The plan is also giving you the advantage of picking the higher amount insured under single or annual premium installment.
How To Purchase LIC Tech Term Plan
To buy LIC Tech-Term, one should legitimately go to the LIC site, fill the details, make the installment and wait for the policy file to be received at the location. One can make a premium installment including renewal installments through credit card, net banking, debit card, Amex card, UPI, IMPS, and e-wallets. There will, but, be a convenience expense charge depending upon the premium sum during credit card transactions.
Thus, don’t wait for the mishappening and get insured yourself, so that your family gets protected even if you are not in this world for them. Get this policy now and ensure all your loved ones.