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LIC Tech Term Insurance Benefits

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Highlights
Claim Settlement Ratio98.62%
Customer Care8:00 AM to 8:00 PM
Death Benefit Paid For73,3809 Policies
Inception1956
Presence2048 Branches
Total Death Benefit Paid12797.85 Crore

LIC Tech Term Plan Benefits

Prime benefits of LIC Tech Term Plan are:

1. Flexibility in Death Benefit & Premium Payments: The LIC Tech Term Plan provides huge flexibility in receiving death benefit payouts as the policyholder can choose either level sum assured or increasing sum assured basis. Moreover, the premium payment can be made on regular premium, limited premium or single premium basis as per the policyholder’s choice.

2. Lower Premium for Non-Smokers: LIC Tech Term plan charges less premium from non-smokers.

3. Exciting Rebates on Higher Sum Assured: LIC Tech Term Plan provides major discount on premiums in case of higher sum assured chosen.

4. Enhanced Coverage Through Accident Benefit Rider: LIC Tech Term Plan provides increased cover by means of accident benefit rider that can be added to the existing plan by paying an additional premium amount.

5. Discounted Premium Rates for Women: LIC Tech Term plan comes at a special discounted premium rate for women policyholders.

6. Increased User Experience Due to Online Process: An LIC Tech Term plan gives superior user experience to the policy buyer due to availability through online mode.

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Key Inclusions and Exclusions of the Plan

What's Included

  • Death benefit
  • Accident benefit rider (optional)
  • Death benefit in installments (optional)
  • Two benefit options
  • Tax benefits

What's Not Included

  • Suicide within 12 months
  • Breach of law with criminal intent
  • Participation in any illegal or criminal act
  • Use of intoxicating drugs, alcohol, solvent, etc.
  • Treatment for injuries caused due to hunting, mountaineering, etc.

LIC Tech Term Plan Brochure

  • 369.86 KB
  • PDF Document
  • Aug 23, 2021
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FAQs on Tech Term Plan Health Insurance Plan

  • Can I buy LIC Tech Term Plan through offline mode?

    No! LIC Tech Term plan is available through ONLINE MODE ONLY.

  • Is it compulsory to buy riders under the LIC Tech Term Plan?

    No! It is not a compulsion to buy riders under the LIC Tech Term Plan. One can buy the Accident Benefit Rider based on their requirement by paying an extra premium. 

  • What is the grace period under the LIC Tech Term Plan?

    The grace period, in case of limited and regular premium policies is 30 days for payment of yearly or half yearly premiums from the date of first unpaid premium. 

  • Does LIC Tech Term Plan provide maturity benefit if the life assured survives the policy term?

    No! Maturity benefit is not payable under LIC Tech Term Plan if the life assured survives the end of the policy term.

  • Can I avail tax benefits on the premium paid for LIC Tech Term Plan?

    Yes! A policyholder is eligible for standard tax benefits on the returns of the plan.

  • Does LIC Tech Term Plan provide flexibility in death benefit payout?

    Death benefit can be received as per Limited Sum Assured or Increasing Sum Assured basis based on the policyholder’s choice.

  • Does the LIC Tech Term plan provide any special benefits to women?

    Yes! The LIC Tech Term plan comes at a discounted rate for women.

  • Are tax benefits offered under the LIC Tech Term Plan?

    LIC Tech Term Plan offers tax benefits under Section 80C and Section 10 (10D).

  • Does LIC Tech Term have a limit on maximum sum assured?

    No! There is no limit on the maximum sum assured under the LIC Tech Term plan.

  • Does LIC Tech Term plan offer surrender benefits?

    No! However, if policy is surrendered in both, level sum assured or increasing sum assured options, the amount is refunded to the policyholder.

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