LIC’s New Tech-Term Plan
The New Tech-Term Plan by Life Insurance Corporation (LIC) of India is a non-linked, non-participating, pure risk premium life insurance plan which an individual can avail for themselves. This online plan offers financial security to the insured's family in the terrible event of their passing during the policy term. This plan will only be accessible online directly through the www.licindia.in website.
Features of LIC New Tech-Term Plan
The features of LIC’s New Tech-Term Plan are given below:
- You can choose any one of the two benefit options – Increasing Sum Assured, and Level Sum Assured
- You can choose your policy term or premium paying term.
- For the payment of your premiums, you can choose any one of the options – Single Premium, Regular Premium, or Limited Premium Payment.
- You can also avail yourself of the option of getting your benefits paid in installments.
- Women applicants will get special rates on availing this scheme.
- Enjoy the benefit of rebate on High Sum Assured.
- There are two types of premium rates: non-smoker rates and smoker rates. The results of the urine cotinine test must be used as the basis for applying the non-smoker rates. All other circumstances will be subject to the smoker charges.
- Option to choose the Accident Benefit Rider in order to increase coverage for a small additional fee.
Benefits of LIC New Tech-Term Plan
The benefits of LIC New Tech-Term plan are given below:
Category | Benefits Offered |
Death Benefit | Death Benefit for Regular or Limited premium payment policy offered will be the highest of:·
|
Maturity Benefit | No maturity benefit is paid if the life guaranteed survives until the conclusion of the policy term. |
Eligibility Criteria
The eligibility criteria to apply for the policy is given below:
Minimum entry age | 18 years |
Maximum entry age | 65 years |
Maximum maturity age | 80 years |
Minimum sum assured | Rs.50 lakh |
Maximum sum assured | No limit |
Policy Term | 10 years to 40 years |
Premium Payment Term |
|
Other Features of LIC New Tech-Term Plan
Some of the other features of LIC New-Tech Term Plan are given below:
- Optional Riders: The policyholder can avail the LIC's Accident Benefit Rider Regular Premium and Limited Premium payment modes by paying an additional premium during the Premium Paying Term. In the event of accidental death, the Accident Benefit Rider amount Assured will be paid as a lumpsum amount in addition to the death benefit. This Rider's premium shall not exceed 100% of the Base plan's premium.
- Avail the option of taking death benefit in installments: This is an option to collect Death Benefits in instalments over a 5-year period rather than a lump sum payment under an active policy. This applicant can avail this throughout their lifetime for the entire or partial payment of death benefits payable under the policy. The amount selected by the policyholder might be in either absolute or percentage terms of the total claim funds payable. The instalments shall be paid in advance at monthly, quarterly, half-yearly, or yearly intervals, as chosen, subject to the following minimum instalment amounts for different means of payment:
Installment Payment Mode | Minimum installment amount |
Monthly | Rs.5,000 |
Quarterly | Rs.15,000 |
Half-Yearly | Rs.25,000 |
Annually | Rs.50,000 |
- Premium Payments: This plan allows you to pay a regular premium, a limited premium, or a single premium.
- Grace Period: Payment of annual or semi-annual premiums must be made within 30 days of the date of the first unpaid premium.
- Rebates: Rebates if applicable will be allowed under this policy.
- Policy Revival: The coverage will lapse if the premiums remain unpaid within the grace period. A lapsed insurance, however, can be reinstated after 5 years from the date of the first unpaid premium. The revival shall be performed upon payment of all arrears of premiums along with interest (compounding half yearly) at such rate as the Corporation may determine from time to time, and upon satisfaction of the Life Assured's Continued Insurability based on information.
- Surrender Value: There will be no surrender value available under this Plan. However, in the following instances (for both Level Sum Assured (Option I) and Increasing Sum Assured (Option II) options), an amount shall be refunded as follows:
o Regular Premium policies: There will be no refunds.
o Policies with a single premium: The reimbursement is payable at any point throughout the Policy Term.
o Limited Premium Payment: The applicable reimbursement is only eligible if the following premiums have been paid in full:
§ Two years in a row if the premium-paying term is shorter than ten years.
§ Three years in a row in the case of a premium-paying term of ten years or more.
- Free Look Period: If the applicant does not agree with the terms and conditions stated under the policy document, then they can return the policy within 30 days of its issuance upon which all the premium amounts paid will be returned. The time period of 30 days is considered to be the free-look period.
Suicide Exclusions under LIC’s New Tech-Term Plan
The suicide exclusions under the LIC’s New Tech-Term Plan are given below:
- Under the single premium policy, if the life assured (whether sane or insane) commits suicide at any point within the first 12 months of the risk, the nominee of the policyholder is entitled to 90% of the Single Premium paid.
- Under regular or limited premium policy, If the life assured (whether sane or insane) commits suicide at any time within 12 months of the date of risk commencement, provided the policy is in force, or within 12 months of the date of revival, 80% of the premiums paid up to the date of death shall be payable. The nominee of the policyholder shall have no other claim under the policy.
How to Buy LIC New Tech-Term Plan Online
The process to purchase the LIC New Tech-Term Plan online is given below:
- Visit www.licindia.com and click on ‘Buy Policies Online’.
- Choose ‘LIC’s New Tech-Term' followed by clicking on ‘Buy Online’.
- In the next step choose your sum assured, sum assured option, policy term, premium payment term, the mode of payment of premium, and provide your birth date, gender, and select whether you smoke or not.
- Once you have filled in all the details, a premium calculator will calculate the premium you will have to pay based on the parameters chosen by you.
- Once you have provided all these details, in the next step, enter your name, address, qualification, occupation, etc.
- Pay the premium amount online.
FAQs on LIC’s New Tech-Term Plan
- Is the LIC technology term a wise policy?
Yes, the LIC tech term plan is a wonderful insurance that lets policyholders to acquire more coverage for a reduced price. The policy gives the insured the option of receiving a payout benefit.
- Is LIC completely risk-free?
Yes, LIC Life Insurance is beneficial. The LIC Life Insurance Company offers the most affordable life insurance policies. The company provides life insurance coverage and an excellent claim settlement ratio to protect your family and loved ones even after death.
- Is LIC New Tech-Term Plan equipped with a loan facility?
LIC’s New Tech-Term Plan does not offer a loan facility.
- Can I avail any tax benefits if I purchase the LIC New Tech-Term Plan?
Statutory taxes imposed on such insurance plans by the Indian Government or any other legitimate Tax Authority of India shall be in accordance with the Tax laws and rates in effect at the time.
- Can I purchase LIC Tech term offline?
No, you cannot purchase the LIC Tech-Term Plan offline. You will have to visit the LIC’s official website to purchase the plan.
- Is a medical exam required for the LIC Tech term?
Tech term plan is one such LIC term insurance without medical test option in which the applicant is not required to undergo medical testing if they meet the policy's specific parameters.
- Will there be a difference in the premium amount if the applicant is a smoker?
Yes, the applicant who smokes will have to pay a higher premium amount compared to another individual who doesn’t smoke as the former is at a higher health risk.
Annie Jangam is a financial writer with a unique background in biotechnology and eight years of genomics research experience, culminating in 6 international publications. She combines her analytical and communication skills to simplify complex financial concepts, delivering precise and creatively engaging content in the fintech industry. She covers various financial products such as banking, insurance, credit cards, tax, commodities, and more. Outside of the financial realm, she dabbles in poetry. Her extracurricular passions include organizing events like One Billion Rising and Human Rights Day. She is committed to the equality of all people, a principle rooted in her Christian faith. Annie strives to embody the values of faith, hope, and love in both her work and her life.
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