LIC New Tech Term coverage is offered by way of on-line mode solely
LIC Policy: Non-participating insurance coverage signifies that the policyholder will not be entitled to take part within the income or bonuses of the insurer
Life Insurance Corporation of India’s LIC New Tech-Term is a non-linked, non-participating, particular person, pure threat premium life insurance coverage plan. Non-linked, non-participating insurance coverage is a kind of insurance coverage coverage that doesn’t present any funding element or participation in income or bonuses of the insurer.
Non-linked insurance coverage signifies that the policyholder’s premiums aren’t invested in any fund, and the returns or advantages aren’t linked to any funding efficiency. This kind of insurance coverage is also called time period insurance coverage or pure insurance coverage.
Non-participating insurance coverage signifies that the policyholder will not be entitled to take part within the income or bonuses of the insurer. The premiums paid by the policyholder are used solely for offering the insurance coverage protection and never for any funding objective.
This plan is offered by way of an on-line utility course of solely and no intermediaries are concerned. This plan offers monetary safety to the insured’s household in case of his/her unlucky loss of life throughout the coverage time period.
This coverage is offered by way of on-line mode solely at www.licindia.in.
LIC New Tech Term Plan: Features
LIC’s New Tech-Term coverage is a pure life cowl coverage. Under this insurance coverage coverage, in opposition to cost of normal premium, the insurer agrees to pay your beneficiaries the sum assured in occasion of your untimely loss of life throughout coverage time period. However, for those who survive until the tip of the coverage time period, nothing is payable to you.
Who can purchase time period Insurance?
Term insurance coverage insurance policies are greatest suited to working people who’ve dependents (Children, mother and father) and are on the lookout for a substantial sum of safety in opposition to uncertainties of life (loss of life) at pretty low costs.
Term insurance coverage fulfill the fundamental objective of any life insurance coverage coverage by offering monetary safety for the applicant and his household.
What is the minimal and most coverage time period?
Minimum Policy Term: 10 years
Maximum Policy Term: 40 years
What sorts of loss of life are lined beneath New Tech-Term ?
All sorts of loss of life together with unintended deaths are lined beneath this plan besides suicide throughout first 12 months.
If I’m travelling overseas for enterprise/trip will I be lined?
Once the coverage is issued you’re lined throughout the globe. Even in case you get a chance to work overseas the protection shall be relevant.
Policy advantages on loss of life:
In case of unlucky loss of life of the life assured throughout the coverage time period sum assured shall be payable.
In case of loss of life by means of an accident, the accident-benefit rider sum-assured (if/as opted) shall be payable topic to the restrictive clause of general restrict of Rs.100 Lakhs (for all LIC’s insurance policies put collectively).
Maturity Benefit:
On survival to the tip of the coverage time period, nothing shall be payable and the contract will terminate routinely.
Other Details
- Minimum Basic Sum Assured- Rs. 50,00,000
- Maximum Sum Assured- No restrict (topic to sum-assured a number of restrictions)
- Minimum coverage term- 10 years
- Maximum coverage term- 40 years
- Premium Paying Term- Regular Premium : Same as coverage time period
- Limited Premium : [Policy Term minus 5] years for Policy Term 10 to 40 years.
- Limited Premium : [Policy Term minus 10] years for Policy Term 15 to 40 years.
- Single Premium : One Time cost at inception.
- Minimum Premium- The minimal installment premium can be Rs. 3,000/- for Regular/ Limited premium insurance policies and Rs. 30,000/- for Single premium insurance policies.
- Mode of installment premium cost Yearly/Half-Yearly OR as Single premium
Eligible life– The particular person life-proposed will need to have personal ‘earned income’.
One can not suggest/register a proposal for anybody aside from self.
The life-proposed ought to be resident Indian residing in India.
Non-Resident Indian (NRI) can also apply whereas their keep in India topic to the situation that the applicant is residing in any one of many permissible international locations
The listing of permissible international locations is offered within the part “know your premium” on website at www.licindia.in).
Individuals must note that the above information is not comprehensive. For detailed product information and terms and conditions, you may check https://licindia.in/. It is advisable to consult a financial/insurance expert before opting for any policy.
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