LIC Tech Term Plan is non-participating, non-linked without profit pure term assurance plan that provides financial security to your (Policyholder) family in the case of untimely death. Since it is an online plan, you can buy it online from anywhere at comfort.
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|Company||LIC of India|
|Policy / Plan Name||LIC Tech Term|
|Launch Date||1st September 2019|
Key Features of LIC Tech Term Plan 854
LIC’s Tech Term Plan has a lot of great features that are listed below. There are many flexible options available to opt for, check out them.
- You have the flexibility to choose from two sum assured options
- Level Sum Assured: The coverage sum assured will the same throughout the policy term that you selected. It means, if your sum assured amount is 50 Lac for a policy term of 40 years then it will remain the same throughout 40 years.
- Increasing Sum Assured: In the LIC Tech Term Plan, the sum assured amount will increase with the policy term after the first 5 years. It means for the first 5 years there will be no change in sum assured, is called BSA (Basic Sum Assured). But after 5 years the sum assured will increase by 10% of the BSA every year for the coming next 10 years. After the 15th policy year, the sum assured will not increase. The sum assured amount becomes twice of the BSA in the 15th policy year. This increase will continue under an enforce policy till the end of policy term; or till the Date of Death; or till the fifteenth policy year, whichever is earlier.
- Flexibility to choose a premium payment option from
- Single-Premium Payment
- Regular Premium Payment
- Limited Premium Payment.
- Choose Policy Term / Premium Paying Term
- You can opt for the payment benefit in installments
- Attractive Special Rates for Female Buyers
- Attractive High Sum Assured Rebate
- Different Rates for Smokers and Non-Smoker Category
- Options to Add riders with the policy
Eligibility of LIC Tech Term Plan 854
To opt for the LIC Tech Term Plan, there is some eligibility that you should look at once.
|Entry Age||18 years (Last Birthday)||65 years (Last Birthday)|
|Maturity Age||28 years (Last Birthday)||80 years (Last Birthday)|
|Policy Term||10 years||40 years|
|Basic Sum Assured (BSA)||Rs. 50 Lakhs||No Limit|
|Premium Payment Options||Regular Premium: Same as the policy term|
Limited Premium: Policy Term – 5 (For policy term 10 to 4 years)
Limited Premium: Policy Term – 10 (For policy term 15 to 40 years)
Single-Premium: Single Payment
|Minimum Premium||Regular Premium – Rs. 3,000/-|
Single-Premium – Rs. 30,000/-
Benefits of LIC Tech Term Policy 854
The plan has some good benefits and insurance riders available to opt for. We have listed below, look at them below.
Death Benefit: If the policyholder dies during the policy term then the sum assured amount will be paid to the nominee.
For the regular premium payment and limited premium payment policy, “Sum Assured on Death” is defined as the highest of:
- 7 times of annual premium; or
- 105% of all the premiums paid as on the date of death;
If you opted single premium payment, then “Sum Assured on Death” is defined as the higher of:
- 125% of Single Premium.
- Absolute amount assured to be paid on death
Flexibility to Getting Death Benefit in Installment: You can get death benefits in installments for a period of 5 or 10 or 15 years instead of the lump-sum amount. You will get paid all the installments in advance at yearly or half-yearly or quarterly or monthly intervals, as the option you opted for.
Minimum Installment Payments As Follows:
|Mode of Installment Payment||Minimum Installment Amount|
Maturity Benefit: Since LIC Tech Term Plan is pure term life insurance, there is no maturity benefit for the policyholder.
Riders Available in LIC Jeevan Amar
You can opt for LIC’s accident rider benefit under regular and limited premium payment mode by paying an additional premium amount.
If you opted for this accidental rider benefit, and If the death happened due to an accident, then the accidental rider benefit sum assured along with the death benefits of the base plan of LIC Jeevan Amar will be paid to the nominee.
Premium Illustration Sample
The premium illustrative sample for both options, for option 1 (Level Sum Assured) and option 2 (Increasing Sum Assured) for a BSA of Rs 50 Lacs, Non-smoker, under different premium payment terms.
I’m Tejas and, I am a web designer cum insurance, business researcher & professional writer. I love to write about insurance policies, and other financial products available in India. I write to help and educate people that how insurance can help them to secure their future.