LIC’s Tech Term (Plan No. 854)

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The LIC’s Tech Term Plan was launched in 2019 and has become one of the most prominent plans to provide the best benefits and features to the people of India. It is a pure life cover policy that is available only through online channels. Upon the purchase of plans and payment of premiums, the beneficiary is liable to be paid a basic sum assured which is equal to the premiums paid.

The LIC Tech Term plan has two parts or sub-plans under it that provide segregation in an organized manner. Following this article, we will learn more about the plan and its functions.

Key features:

  • The LIC Tech Term Plan is available only through online portals
  • It is applicable only for death benefits
  • The plan adheres to Section 80C and 10D of the Income Tax Act of India 1961
  • The plan has two subcategories under it – Anmol Jeevan and Amulya Jeevan
  • The policyholder can choose his or her premium paying methods: Single premium, limited or regular

Benefits under the LIC’s Tech Term Plan:

There are several levels of benefits that are provided under this plan which are categorized in the following paragraphs:

  • Option 1: Sum Assured – In the event of death, the sum assured will be absolute and remains the same through the policy period
  • Option 2: Increasing sum assured-The absolute sum assured remains the same for the first years of the date of commencement. After this, the rate of basic sum assured increases by 10% from the 6th to the 15th year of the policy. This happens every year until the new sum assured becomes twice the basic sum assured. On completion of the 15th year, from the 16th year, the new sum assured will remain the same for the rest of the policy term.

The death benefit can be claimed as a lump sum amount or it can be claimed in installments. This can be done over a chosen period of 5,10 and 15 years. The instalments shall be paid yearly, half-yearly, quarterly, and monthly.

Eligibility under this plan

Minimum age of entry 18 years
Maximum age of entry 65 years
Minimum policy term 28 years
Maximum policy term 80 years
Minimum sum assured Rs. 50,00,000
Maximum sum assured Unlimited
Premium payment term Single, limited, or regular
Payment paying frequency Yearly, half-yearly, or as a single payment
Minimum age of maturity Nil
Maximum age of maturity 65 years

 

  1. LIC Anmol Jeevan

This policy is a pure term policy that does not provide any extra facilities or bonuses. Instead, it focuses on the demise and the benefit that the company provides in case of the demise of the policyholder.

Benefits

  • Affordable premium rates
  • Premium discount available in case of an annual mode of payment
  • Eligible towards tax exemption of section 80C

Eligibility

Minimum age of entry 18 years
Maximum age of entry 60 years
Minimum policy term 5 years
Maximum policy term 35 years
Minimum age of maturity Nil
Maximum age of maturity 70 years
Premium paying term Same as policy term
Premium paying modes Yearly, half-yearly
Minimum sum assured Rs. 25 lakh
Maximum sum assured Unlimited

 

  1. LIC Amulya Jeevan

This plan includes additional bonuses along with the basic sum assured. It offers a death benefit to the beneficiary in case of the demise of the policyholder

Benefits

The benefits provided under this category of the plan are:

  • Provides high sum assured benefit at low premium rates
  • The maximum policy term is of 35 years
  • Discount over premium is available for annual mode and high sum assured
  • Tax benefits up to Rs. 1.5 lakh under Section 80C and 10D of the Income Tax Act of India 1961

Eligibility

Minimum age of entry 18 years
Maximum age of entry 60 years
Minimum policy term 5 years
Maximum policy term 35 years
Minimum age of maturity Nil
Maximum age of maturity 70 years
Premium paying term Same as policy term
Premium paying modes Yearly, half-yearly
Minimum sum assured Rs. 25 lakh
Maximum sum assured Unlimited
  1. LIC’s Tech Term

This plan is an e-term plan which means that this is an online term plan available on the lic website making it easy and hassle-free.

Benefits

The benefits provided under the online plan are:

  • Provides high sum assured amount over low premium rates
  • The maximum policy term is of 35 years
  • Income tax benefits under section 80C are available
  • Offers a minimum amount of Rs. 25 lakh for regular policyholders or Rs. 50 lakh for non-smokers

Eligibility

Minimum age of entry 18 years
Maximum age of entry 60 years
Minimum policy term 10 years
Maximum policy term 35 years
Minimum age of maturity Nil
Maximum age of maturity 75 years
Premium paying term Same as policy term
Premium paying modes Yearly
Minimum sum assured Rs. 25 lakh for regular premium and Rs. 50 lakh for non-smokers
Maximum sum assured Unlimited

 

FAQs

  1. Are all deaths covered under this policy?

All deaths except for suicide within the first year is covered under the policy

  1. What kind of riders is available?

Accidental benefit rider is available under regular and limited premium payment mode. It can be purchased at the time of buying the policy

  1. Do medical records apply?

No medical tests will be required: 1. if you are a non-smoker, below the age of 35, and have an annual income of 3 lakh and up to a sum assured of 75 lakh. 2. For more than 5 lakhs as annual income and aged between 36-45 years up to a sum assured of 50 lakh

  1. Is there any special requirement for an extra amount over the sum assured?

If you are a non-smoker, the sum assured will be 50 lakh.

  1. What are the two categories under the LIC aggregate?

The two categories are smoker and non-smoker.

  1. How to check my maturity amount calculated?

Maturity Is equal to Sum Assured +Bonuses (if any) + final addition bonus

  1. Are there any policies available to children?

Yes, Jeevan Tarun

  1. Is there any minimum age to insure my child?

No, there isn’t any minimum age however, it depends from plan to plan and the ideal age is 18 years

  1. Can I buy LIC policies without an agent?

Yes, you can avail our facilities online. Log in to www.licindia.in

  1. Can I get maturity benefits under LIC e-term?

Yes, the plan only covers death benefits.

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