LIC Tech Term Plan Explained: Benefits, Features, and How to Buy Online

Life Insurance Corporation of India (LIC) is renowned for its wide array of insurance products tailored to meet diverse needs. Among its offerings, the LIC Tech Term Plan stands out as a popular choice for those seeking an affordable and efficient term insurance policy. Designed to provide substantial coverage at low premiums, this plan is an excellent option for individuals looking to secure their family’s financial future without the need for an agent or visiting an LIC office.

What is the LIC Tech Term Plan?

The LIC Tech Term Plan is a non-linked, non-participating pure risk premium term insurance plan available exclusively through LIC’s online platform. This means the policy can be purchased directly from LIC’s website without any intermediaries. It is designed to provide financial protection to the policyholder’s family in the event of their untimely demise during the policy term.

Key Features of LIC Tech Term Plan

• High Sum Assured: Offers significant coverage at a relatively low premium, accessible to many policyholders.
• Flexibility in Premium Payment: Choose from regular premium, single premium, or limited premium payment options.
• Multiple Policy Term Options: Flexible policy terms ranging from 10 to 40 years, catering to various life stages and goals.
• Two Sum Assured Options: Options for Level Sum Assured and Increasing Sum Assured, allowing customized coverage.
• Rider Benefits: Enhance coverage with riders such as the Accidental Death Benefit Rider.
• Tax Benefits: Premiums paid are eligible for tax deductions under Section 80C, and the death benefit is tax-free under Section 10(10D).

Benefits of LIC Tech Term Plan

• Financial Security: Provides a financial safety net for the family, maintaining their standard of living.
• Cost-Effective: High coverage at low premiums, making it an economical life insurance solution.
• Easy and Convenient: Entirely online purchase process, eliminating the need for physical paperwork.
• Flexible Premium Payment Options: Multiple payment modes to suit various financial situations.
• Customizable Coverage: Options for Level Sum Assured and Increasing Sum Assured, aligning with long-term financial goals.

Why Choose LIC Tech Term Plan Over Other Plans?

• Affordability: Offers high coverage at competitive premiums compared to other term insurance plans.
• Special Rates: Lower premiums for non-smokers and women, enhancing affordability.
• Reputation: Backed by LIC, one of the most trusted and reliable insurance providers in India.
• Comprehensive Coverage Options: Multiple sum assured options and rider benefits not always available with other plans.
• Convenience: Entirely online process, making it easier to purchase and manage without intermediaries.

Eligibility Criteria

• Age: Minimum entry age is 18 years, and the maximum entry age is 65 years.
• Policy Term: Flexible terms ranging from 10 to 40 years.
• Sum Assured: Minimum sum assured is ₹50,00,000, with no upper limit.

How to Purchase the LIC Tech Term Plan

Purchasing the LIC Tech Term Plan is straightforward and can be done entirely online. Here’s a step-by-step guide:

1. Visit LIC Website: Go to the LIC Tech Term Plan page.
2. Select LIC Tech Term Plan: Read the details carefully and select the plan.
3. Calculate Premium: Use the online premium calculator to estimate your premium.
4. Fill Application Form: Complete the form with personal and medical details.
5. Upload Documents: Submit necessary documents such as identity proof and medical reports.
6. Make Payment: Pay the premium online via net banking, credit/debit card, or other options.
7. Receive Policy: Upon verification, the policy document will be emailed to you.

Conclusion

The LIC Tech Term Plan is an ideal choice for individuals seeking comprehensive life coverage with the convenience of online purchase. Its flexible options, high sum assured, and cost-effectiveness make it a standout product in the term insurance market. By securing a LIC Tech Term Plan, you can ensure your family’s financial stability and peace of mind, knowing that they will be taken care of in your absence.

For more information and to get started, visit the official LIC website.