Read on to know all about LIC’s Tech Term Insurance Plan - a new entrant in the list of term plans offered by LIC!
The Life Insurance Corporation of India or the common household name, LIC, has introduced a new term insurance plan for the tech savvy. Why, you ask? Well, the plans is only available online and is titled ‘LIC Tech Term’ plan, denoted by LIC Table 854.
LIC’s Tech-Term plan is a pure protection, without profit, non-linked, ‘Online Term Assurance Policy’ that aims to provide financial protection to the policyholder’s family, in case of death of the insured during the term of the policy. This term plan covers death caused by any reason, including accidental deaths, except suicide in the first year. LIC’s Tech Term Plan can be purchased only by resident Indians, while Overseas Citizen of India (OCI) or Person of Indian Origin (PIO) cannot buy it. However, NRIs can choose to apply for LIC term plan while their stay in India, subject to the condition that the applicant lives in any one of the permissible countries only.
Here are some salient features of the Plan
As pure term plans are low-cost, high sum-assured insurance plans, the minimum life cover i.e. sum assured for LIC Tech Term is Rs. 50 lakhs with no upper limit. Here, one can pay the premium either yearly, half-yearly or a single premium. The minimum and maximum policy term are 10 years and 40 years respectively, and the maximum age for policy coverage is 80 years. What’s more? This plan also comes with an Accidental Benefit rider, which can be added to the base plan by paying an additional premium.
Let’s now understand how you can buy the brand new LIC Tech Term plan
To get your hands on LIC Tech-Term, you simply have to log on to LIC’s website, fill up the details, make the payment and the policy document shall be delivered at your doorstep. To make the premium or renewal payment you can use net banking, debit card, credit card, Amex card, UPI, IMPS and e-wallets. However, there shall be a convenience fee charge, depending on the premium amount during credit cards transactions.
The new LIC Tech Term comes with many other unique features such as customising the policy as per individual needs (subject to conditions), and the option of choosing the sum assured between ‘Level Sum assured’ or ‘Increasing Sum assured’. Also, LIC’s Tech-Term plans can be bought under the non-medical scheme, if one is between the age of 18 – 35 years, with annual income more than Rs. 3 lakh and the sum assured is up to Rs. 75 lakh. Further, individuals who are between 36-45 years of age, with annual income more than Rs. 5 lakhs, can buy up to Rs. 50 lakh, subject to the individual’s smoking and medical history, A potential policyholder, who is on the lookout for a new age term insurance plan should surely check this plan out before making the final decision. All information related to LIC Tech Term Plan is available on the official website of Life Insurance Corporation of India.
The Final Word
While one may consider buying LIC Tech Term plan to secure the future of their loved ones, as a thumb rule, he/she should must remember to have a life cover of at least ten times of one’s annual take-home income. Hence, ensure to disclose all material information when buying a life insurance plan. Also, it is important to evaluate the options available in the plan so as to make an informed decision.