LIC Tech Term Plan 2024 Benefits Features Details Reviews+

About Life Insurance Corporation of India

The Indian insurance industry has been dominated by LIC, or the Life Insurance Corporation of India. The LIC Tech-Term Plan is one of many term assurance plans that this seasoned business has introduced. Because it is a term plan, it covers life, so if the insured person dies while the policy is in effect, the appointed nominee will receive the sum assured as a death benefit from LIC. This plan does not offer a maturity benefit.

LIC Tech Term Plans

The LIC Tech Term Plan is a pure risk premium plan that is unlinked and does not participate in any way. It provides the insured’s family with financial protection in the event of the insured’s tragic death during the policy’s term.

LIC Tech Term Offers On Plans

Online term insurance plan LIC Tech Term Plan offers two death benefit options: Both an increasing and a level sum assured The first option, Level Sum Assured, ensures that the sum assured will not change until the policy expires. Therefore, the cost of the LIC Tech Term purchased by a policyholder for INR 50 lakhs remains the same throughout the duration of the policy. However, if he selects an Increasing Sum Insured, the amount will continue to increase in accordance with the policy’s terms. This plan does not offer a maturity benefit because it is a term life insurance policy.

LIC Tech Term online renewal

You will receive a guaranteed death benefit under this plan, which indicates that a substantial sum is anticipated at the time of the policyholder’s death. financial security for your loved ones, quick claim resolution, and simple online renewal With this term insurance plan, you can safeguard yourself and your loved ones.

LIC Tech Term Policies

The policy can be returned to the insurance company with the reasons for your objections within 30 days of the policy’s free-look period if you are dissatisfied with its terms and conditions.

LIC Tech Term Refund Policy

Upon receipt of the same, LIC will cancel the policy and refund the remaining premium, after deducting the proportionate risk premium (for the base plan and, if applicable, the rider) for the duration of protection against medical examination expenses, special records, and stamp duty costs.

LIC Tech Term comprehensive protection Plan

Best Features of LIC Tech Term Plan

The following features of the LIC Tech Term Plan make it an excellent choice:

• You have the freedom to select between two benefit options:
• Level Sum Assured and Increasing Sum Assured.
• Singular Premium Payment, Regular Premium Payment, and Limited Premium Payment are the three payment options available to you with the LIC Tech Term Plan.
• The LIC Tech Term Plan gives female policyholders a better deal because the plan guarantees special rates for women policyholders.
  Additionally, the LIC Tech Term Plan offers attractive benefits like a high sum assured rebate.
• Both smokers and non-smokers can choose from a variety of premium rates under the LIC Tech Term Plan.There are two types of premium rates: those for nonsmokers and those for smokers.The results of the Urinary Cotinine test will serve as the basis for your application for non-smoker rates.
• You can upgrade the inclusion of the arrangement by settling on the Mishap Advantage rider against the installment of an extra however ostensible premium.
• Benefits can be paid out in equal installments.
• If you do not pay the premium for the LIC Tech Term plan during the grace period, the policy will end or lapse.However, a grace period of five years is provided from the date of unpaid premiums so that participants can resume coverage if they so choose.

Also Read-IndiaFirst Life Insurance Premium Calculator Plan

Benefits of LIC Tech Term Plan

Are you looking to save money on your technology needs while still getting the best possible service? Then you’ll want to consider a LIC Tech term plan. These plans offer you flexibility, reliability, and quality technology services at a fraction of the price of traditional contracts.

Support From Experts

Plus, you can be sure that you’re getting support from experts who understand your specific needs. Check out our selection of LIC Tech term plans and find the plan that’s perfect for you. Following are the Profit available with LIC Tech Term Plan:

Death Benefit

In the event that the insured passes away unexpectedly, the beneficiaries of the LIC Tech Term plan have access to the following death benefits:

Level Sum Assured: 

When the assured passes away, the nominee receives the entire promised sum. For the entire duration of the policy, the amount must be the same as the basic sum assured.

Increasing Sum Assured: 

The Basic Sum Assured is multiplied by the Absolute Sum Assured for the first five years. From the sixth to the fifteenth policy year, it increases the Basic Sum Assured by 10% annually, until it reaches double that amount. If the policy is still in effect, this increase will continue until the end of the policy period, the date of death, or the fifteenth policy year, whichever comes first. From the 17th policy year onward, the absolute death benefit remains the same—two times the basic death benefit—until the policy period’s end.

2. Rider Benefit

There are around 2 ways for this plans, that are as follows:

3. Rise In Insured Sum Benefit

The predetermined amount that the beneficiary of your life insurance policy will receive in the event of your death is known as the sum assured. Assume you selected a rising assured amount when purchasing a technology-term plan with an assured amount of INR 50 lakh. The guaranteed amount will continue to rise by 10% for ten years without interruption after five renewals in a row.

4. Healthy Lifestyle Reward Benefit

The policyholders of the LIC Tech Term Policy are taken care of by providing them with health benefits that can be earned by abstaining from smoking, using drugs, tobacco, or any other substance with hallucinogenic properties. At the time of purchase, the online platform will inquire about whether you smoke or are a nonsmoker.

5. Female Discount Benefit 

For female policyholders, the LIC Tech Term Plan provides exciting benefits. As a special benefit for female assured life, you will receive a discount on your premium if you purchase this term insurance. The discount percentage can range anywhere from 10 to 20 percent. Let’s say that the policyholder will only pay INR 5,896 at the same age if INR 6,248 is submitted at the age of 30.

6. Higher Sum Insured Benefit

You frequently have the option of selecting a higher sum assured at a single or annual premium rate with an LIC term insurance policy. Regarding the selected assured sum, a maximum discount of 20% is offered.

Read Also:-Bajaj Allianz Term Insurance Calculator Plan 

What is Covered?

There are three plans for the LIC Tech Term Plan that cover the aforementioned scenarios. The following is a detailed list of the various variants:

LIC Anmol Jeevan

There are no bonus features in this pure term insurance plan. Therefore, the nominee already listed in the policy receives the death benefit if the assured passes away during the policy’s term. This is the policy’s coverage.

Death Benefit:

In the event of the policyholder’s death, death benefits are available. In the unfortunate event of the policyholder’s death, his designated beneficiary will receive the assured sum. The policyholder receives coverage for life up to the age of 80.In contrast, in the first year of coverage, the plan covers all types of deaths, with the exception of suicides.

Here’s how it works –

Example – 

LIC Amulya Jeevan

This is a comprehensive insurance term plan with the bonus facility as one of its additional perks. In the event of the policyholder’s death during the policy’s term, the death benefit offered by this term insurance plan is paid to the plan’s nominee. The following are LIC Amulya Jeevan’s benefits:

Death Benefit:

• In the event of the policyholder’s death, death benefits are available. The assured sum will be paid to the nominee in the unfortunate event of the policyholder’s death. This option provides life insurance coverage up to the age of 80.The variant covers all kinds of deaths in the first year of the plan, with the exception of suicides.

Here’s how it works –

Example – 

LIC e-Term Plan

The policyholder’s family is covered completely by this comprehensive term insurance plan. It is simple to purchase this plan online. The policy covers the following:

Death Benefit:

In the event of the policyholder’s death, death benefits are available. In the unfortunate event of the policyholder’s death, his designated beneficiary will receive the assured sum. The Life Cover policy covers you until you’re 80 years old.

Here’s how it works –

Example – 

Check Also:-Tata AIA Term Insurance Reviews & Rating Details Reviews

What is not Covered?

Suicidal deaths are not covered by the LIC Tech Term plan.The nominee will only be entitled to: In the event that the insured commits suicide before a period of one year has passed since the date the plan was purchased or the program was reinstated,

Regular Or Limited Premium Policy

• In the case of a single premium policy, 90% of the single premium paid;
• in the case of a regular or limited premium policy, 80% of the premiums paid up until the date of death.

LIC Tech Term Plan Eligibility

LIC Tech Term Plan Claim Process

The following provides an overview of the distinct claim procedures for various LIC Tech Term Plan claims:

1.Death Claims

The policyholder’s beneficiary should notify the branch of the policyholder’s death and thus initiate the death claim process.

Documents Required for Death Claims

The following documents are needed for the procedure:

• Form No. ‘A’ in your claim378, which the nominee duly completed and signed.
• Together with the original copy of the death certificate, copies of the original policy documents and, if applicable, agreement deeds.

2. Maturity Claims

• The Discharged Receipt and the original policy document must be submitted with Form No.3825 at least one month in advance of the due date to ensure that the invoice is issued prior to the claim for maturity’s due date.
• In the subsequent two months, the servicing branch sends notification of the due claim.

LIC Tech Term Plan Riders

Under both the limited premium option and the regular premium option, the assured has the option to select the LIC Accidental Rider benefit.This rider offers two choices:

• Benefit of the lump sum accident rider: Sum Assured and the base plan’s death benefit will be paid out in one payment if the assured passes away as a result of an accident. By adding an additional premium, it can be selected during the premium payment term. However, under the plan, the accidental sum assured must not exceed the basic sum assured.
• Benefit of the Installment-Wise Accident Rider: Instead of receiving the death benefit in one lump sum, you can take advantage of this option. These portions could be chosen for a time of 5 or 10 or 15 years.

LIC Tech Term Plan Review

After the normal premiums have been paid, this plan will make a payment to the beneficiaries that is equal to the amount that is guaranteed in the event of the tragic death of the life assured. There is a 30-day grace period included in the plan. As a result, you will have 30 days to pay your annual or half-yearly premiums from the date you first missed them. This plan has an additional advantage over all other term plans because LIC is one of India’s most reputable insurance companies. In FY19, LIC had a Claim Settlement Ratio of 97.79 percent.

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