How to Buy LIC Tech-Term Insurance Plan?

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.

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How to buy LIC Tech-Term insurance plan?

Features of LIC Tech-Term Plan:

• This is a pure term life plan. The nominee gets the death benefit on policyholder’s demise, within the term of the plan. This plan offers no survival benefits.
• The minimum sum assured is Rs 50 Lakhs with no upper limit. You must be earning and the sum assured availed, depends on income.
• You can opt for single premium or the regular premium option. Premiums can be paid yearly or half-yearly.
• The minimum age of availing LIC Tech-Term Plan is 18 years and the maximum entry age of the plan is 65 years. The maximum coverage is till 80 years.
• The policy term ranges from 10-40 years. You enjoy accidental benefit rider by paying an additional premium.
• Premiums differ across smokers and non-smokers.

See Also: LIC Launches Tech Term Insurance Plan

How to buy LIC Tech-Term Life 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.

See Also: 5 Tips to Buy a Term Insurance Plan Online

LIC Tech-Term Premiums

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

LIC Tech-Term Claim Payments

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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