LIC India had launched the new online tech term plan on September 1st 2019. It is a pure term plan which safeguards the financial future of the dependents of the insured. The plan covers all types of deaths including death in an accident; but excludes suicide during the first year of the policy.
Non-smokers and female applicants can avail the term plan at lower premiums. The tech term plan is a promising product by LIC, and would offer tough competition to the online term plans of private insurers as it has a high claim settlement ratio.
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The tech term insurance policies are best suited for professionals and sole earning members of the family, who have dependent family members like parents or children.
The term plan pays the sum assured (death benefit) to your nominee in the event of death of the insured within the term.
The policy is a non-linked, without profit, pure protection online term assurance policy and has tenure ranging from 10 to 40 years. You can name your spouse, parents or your children as the nominees. The nominee can be a minor as well but in that case, an appointee (major) has to be named.
The plan is equipped with some other benefits as well. You can choose the increasing sum assured feature where death benefit increases at 10% each year from the 6th to the 10th year. You can also choose the death benefit payout in installments. However, the loan facility is not available for this plan.
See Also: Benefits of Buying Term Insurance Online
See Also: Why You Need A Term Insurance Plan?
See Also: What is a Term Life Insurance Policy?
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