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LIC Tech Term Insurance Eligibility

14 reviews Rate This
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 Features

Some of the major features of LIC Tech Term Plan are:

  • Flexible Premium Payment - LIC Tech Term plan comes with massive flexibility in terms of premium payment. The policyholders can choose from single, regular or limited premium payment based on their financial situation and other requirements.
  • Death Benefit Payout - LIC Tech Term plan provides the choice of death benefit payout. The dependents or beneficiaries of the life assured can choose to receive the death benefit as level sum assured (constant sum assured during policy tenure) or increasing sum assured (constant sum assured for first 5 years then 10% per annum increase in benefit payable from the 6th year up til the 15th year and constant thereafter until the policy term), in the event of unfortunate, sudden demise of the life assured.
  • Rebates on Higher Sum - LIC Tech Term plan provides attractive rebates on higher sum assured. The policyholders can avail major discounts on their premiums if the sum assured at the time of policy inception is Rs. 1 Crore and above.
  • Two Categories of Premium Rates - LIC Tech Term plan offers different premium rates for smokers and non-smokers.
  • Special Rates for Women - LIC Tech Term comes at a special price for women policy buyers.

LIC Tech Term Eligibility Criteria

Tabulated below is the eligibility criteria for LIC Tech Term Plan:

PARAMETER

DETAILS

Minimum age at entry

18 years (Last Birthday)

Maximum age at entry

65 years (Last Birthday)

Maximum age at maturity

80 years (Last Birthday)

Policy Term

10 years to 40 years

Minimum Basic Sum Assured

Rs. 50,00,000

Maximum Basic Sum Assured

No Limit

(Basic sum assured should be in the multiples of Rs. 5,00,000, if basic sum assured is Rs. 50,00,000 to Rs. 75,00,000;

Rs. 25,00,000, if basic sum assured is

above Rs. 75,00,000)

Premium Paying Term

Regular Premium : Same as policy term

Limited Premium : i) (Policy Term minus 5) years for 10 to 40 years of the chosen policy term

ii) (Policy Term minus 10) years for 15 to 40 years of the policy term chosen.
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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
Download PDF

Tech Term Plan Reviews

4.7
Rating based on
14 User reviews
Write your review
What users are saying
  • All
  • Paper-free policy issuance

    I Bought the LIC Term Insurance- Tech Term Plan from InsuranceDekho. Must say that the process was very easy to follow and I was able to upload the documents on the portal rather than submitting the paperwork. I was highly impressed by the paper-free policy issuance offered by InsuranceDekho. It is a very great initiative taken by the team to provide a seamless experience for everybody. 

    Read More

    S
    By Sudha Madhuri
    On: Sep 04, 2023
  • Received the best guidance

    I had some queries related to my LIC Term Insurance- Tech Term Plan which I had purchased from InsuranceDekho. So I contacted the customer care number of InsuranceDekho to get my queries resolved, the customer care assistant listened to my queries and provided me with effective solutions. Thanks to InsuranceDekho for helping me clear my doubts. 

    Read More

    K
    By Khushi Trivedi
    On: Aug 29, 2023
  • Easy premium calculation

    While purchasing a term plan from InsuranceDekho I learnt about the online term insurance premium calculator from which I was able to estimate premiums for different term plans. After comparing several term insurance plans I purchased the LIC Term Insurance- Tech Term Plan from InsuranceDekho. The premium calculator was easy to use.

    Read More

    S
    By Shivam Sen
    On: Aug 25, 2023
  • Good customer service

    I was not able to purchase the LIC Term Insurance- Tech Term Plan from InsuranceDekho’s website. I called the helpdesk number of InsuranceDekho, and the customer service specialist helped me through every step and made it very easy for me to purchase the policy. 

    Read More

    R
    By Renu Mittal
    On: Aug 11, 2023
  • Time saver website

    All the term insurance policy services such as renewal, claim settlement process, policy issuance are time-saving on InsuranceDekho’s website. By following the instructions on the website it took me less than 5 minutes to purchase the LIC Term Insurance- Tech Term Plan

    Read More

    D
    By Debjeet Singh
    On: Aug 09, 2023
View All Tech Term Plan Reviews

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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