LIC’s new Tech-Term (Plan No. 954) is a non-linked, non-participating, particular person, pure danger premium life insurance coverage plan.
This on-line plan offers monetary safety to the insured’s household in case of his/her unlucky loss of life throughout the coverage time period.
The coverage was launched in November 2022.
This plan is on the market in on-line solely mode instantly via the official web site of the Life Insurance Corporation of India.
Key options of LIC’s new Tech-Term:
• Flexibility to select from two profit choices: Level Sum Assured and Increasing Sum Assured.
Flexibility to;
- Choose from single premium, common premium and restricted premium fee
- Choose the coverage time period/premium paying time period
- Opt for fee of profit in instalments.
-Special charges for ladies.
-Benefit of enticing excessive sum assured rebate.
-Option to reinforce protection by choosing Accident Benefit Rider on fee of further premium for the rider profit.
The coverage has two classes of premium charges particularly;
(1) Non-Smoker charges and (2) Smoker charges.
The software of non-smoker charges is based mostly on the findings of the Urinary Cotinine take a look at. In all different instances, the Smoker charges will likely be relevant.
Benefits:
Benefits payable beneath an in-force coverage shall be as beneath:
A. Death Benefit:
Death profit payable on loss of life of the life assured throughout the coverage time period after the date of graduation of danger however earlier than the date of maturity offered the coverage is in-force and declare is admissible shall be ‘Sum Assured on Death’.
For common premium and restricted premium fee coverage, sum assured on loss of life is outlined as the very best of:
– 7 instances of Annualised Premium; or
– 105% of ‘Total Premiums Paid’ upto the date of loss of life; or
– Absolute quantity assured to be paid on loss of life.
For single premium coverage, ‘Sum Assured on Death’ is outlined as the upper of:
-125% of Single Premium.
-Absolute quantity assured to be paid on loss of life. Where,
“Annualised Premium” shall be the premium payable in a 12 months chosen by the policyholder, excluding the taxes, rider premiums, underwriting further premiums and loadings for modal premiums, if any, and
Maturity Benefit:
On survival of the life assured to the tip of the coverage time period, no maturity profit is payable.
Eligibility Conditions And Other Restrictions:
a) Minimum Age at entry : 18 years (Last Birthday)
b) Maximum Age at entry : 65 years (Last Birthday)
c) Maximum Age at Maturity: 80 years (Last Birthday)
d) Minimum Basic Sum Assured: Rs. 50,00,000/-
e) Maximum Basic Sum Assured: No restrict (The most Basic Sum Assured allowed to every particular person will likely be topic to underwriting determination as per the Board Approved).
The primary sum assured shall be in multiples of: Rs. 5,00,000.
-If primary sum assured for the coverage is Rs. 50,00,000/- to Rs. 75,00,000.
-Rs. 25,00,000/-, if primary sum assured for the coverage is above Rs. 75,00,000.
f) Policy Term : 10 to 40 years
How to purchase LIC’s new Tech-term?
This plan is on the market in on-line solely mode instantly via www[dot]licindia[dot]in.
Step-by-step course of to purchase LIC’s new Tech-Term on-line:
1) Log-on to the LIC web site. Click on ‘Buy Policies Online’. Select plan LIC’s New Tech-Term.
2) Click on ‘Buy Online’. Choose your required Sum Assured, Sum Assured possibility, Policy Term, Premium Payment possibility and Premium Payment Mode for Regular and Limited Premium Payment possibility, Date of Birth, Gender and Smoking standing.
3) After filling within the particulars, a premium calculator will calculate the premium for the chosen parameters.
4) Enter different particulars reminiscent of Name, Address, Occupation, Qualification and so forth. displayed on the display screen and full the proposal kind on-line.
5) Pay premium on-line and fulfil the underwriting necessities, if any.
Customers can know extra particulars on the official web site of the LIC and examine the plan data earlier than shopping for it.
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