Insurance giant LIC or the Life Insurance Corporation of India, has launched the only-online term life insurance plan. This is for both smokers and non-smokers. Popularly called the LIC Tech-Term Plan, this is a non-linked, without profit pure term life plan. This online term life plan offers financial protection to family members of the insured on an untoward demise, within the term of the plan. Accidents are covered under LIC Tech-Term Plan, but suicide within the first year is not covered.
How to buy LIC Tech-Term plan? Let’s find out. Want to know more on Term Insurance? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
See Also: LIC Launches Tech Term Insurance Plan
You can avail LIC Tech-Term Life Insurance Plan, directly from the LIC website. You have to fill details such as name, age, sum assured or cover till the age required. The system displays the term insurance premium. You pay the premium and complete the process. The policy documents are then sent to your address.
If you are between 18-35 years, there are no medical tests. Your annual income must be more than 3 Lakhs and sum assured up to Rs 75 Lakhs to get this benefit. If you are between 36-45 years, with annual income more than Rs 5 Lakhs, you can avail LIC Tech-Term Life Insurance Plan without medical tests. You must be a non-smoker; the sum assured must be up to Rs 50 Lakhs with no past medical history.
This is not the cheapest term plan around, but it’s quite competitive. If a 30-year non-smoker avails a cover of Rs 1 Crore for 30 years, he pays a premium of Rs 17,445 for a level sum assured. You can pay the LIC Tech-Term Premiums through net-banking, debit or credit card, UPI, IMPS, mobile wallets or Amex cards. When you pay through credit cards, a convenience fee up to 1% of term insurance premium is charged with GST.
See Also: Benefits of Buying Term Insurance Online
Nominees avail the death benefit as a lumpsum or in installments. The installments can be availed in 5, 10 or 15 years. Nominees get the installments in advance at monthly, quarterly, half-yearly or yearly intervals as chosen by the policyholder.
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