LIC Tech Term Plan: LIC Online Term Insurance Plan

Life Insurance Corporation of India (LIC) has launched a new term insurance plan called LIC’s Tech Term plan in 2019. This is the most awaited online pure protection plan. In this post, let us take a look at the features and benefits of LIC Tech Term plan.

Table of Contents

What is Term Insurance Plan?

You may skip this portion if you already know about the term insurance plan.

Term insurance plan is the simplest form of life cover that provides financial coverage for a defined period of time. If the policyholder expires during the term of the policy and the policy is active then death benefit is payable to the policy holder’s family.

Term insurance is the cheapest form of life insurance and you will not get any maturity benefits.

Who should buy Term Insurance Policy?

Anyone (married couples, parents, young professionals, etc.) with financial dependents should buy a term insurance policy. Working individuals who have dependents and are looking for financial protection against uncertainties of life (death) should buy term insurance policies.

Term insurance policies fulfill the basic purpose of any life insurance. It provides financial security to your family in the event of your death during the term of the policy.

LIC Tech Term Plan – LIC Online Term Insurance Plan

LIC Tech Term Plan (LIC Term Insurance Plan) is a non-linked, without profit, pure protection “Online Term Assurance Policy”. This policy provides financial protection to your family in the event of your unfortunate death during the policy term.

However, if you survive till the end of the policy term then the cover ceases. Nothing is payable to you.

This new policy is available through online application process only. And there are no intermediaries involved.

Features of LIC Tech Term Plan – LIC Online Term Insurance Plan

Here are some of the key features of this policy.

This policy is available through the online portal only (licindia.in).
This plan is a pure online term insurance policy.
You must have own earned income and the proposal on own life only will be considered.
The minimum sum assured for this policy is Rs 50 lakh with no upper limit.
You can choose from two benefit options: Level Sum Assured and Increasing Sum Assured.
As a policyholder, you can choose to pay the premium from single premium, regular premium, and limited premium.
You can also choose the policy term/premium paying term.
You can opt for payment of benefit in installments.
There are special premium rates for women.
You will have the benefit of attractive high sum assured rebate.
There are different premium rates for smoker and non-smoker lives.
You can enhance your coverage by opting for Accident Benefit Rider on payment of an extra premium.

Benefits of LIC Tech Term Plan – LIC Online Term Insurance Plan

Here are the benefits of this online term insurance policy.

1. Death Benefit

In the event of the unfortunate demise of the Life Assured during the policy term, Sum Assured shall be payable.

2. Maturity Benefit

On survival of the life assured to the end of the policy term, no maturity benefit is payable.

Eligibility criteria for LIC Tech Term Plan – LIC Online Term Insurance Plan

Eligibility criteria to take this policy are given below

Minimum Sum Assured – Rs. 50,00,000 for non-smoker/smoker category
Maximum Sum Assured – No limit
Minimum age at entry – 18 years (last birthday)
Maximum age at entry – 65 years (completed)
Maximum cover ceasing age – 80 years (last birthday)
Minimum policy term – 10 years
Maximum policy term – 40 years
Mode of payment – Premiums are to be paid yearly, half-yearly or as a single premium
Eligible life – You must have own earned income.
You cannot propose for anyone other than self.
Partnership/ Key Man Insurance/ Employer-Employee Cover will not allowed

How to Buy LIC Tech Term Plan Online?

Follow the step-by-step process given below to buy LIC Term Insurance online:

First of all, visit the LIC official website (www.licindia.in) for buying this online product.
Click on “Buy Policies Online” option.
Select the plan – LIC’s Tech-Term.
Here, click on the blue color tab (Click To Buy Online).
Next page, fill your contact details like your name, date of birth, mobile number, email Id, city. Enter in the Captcha code and click on the “Calculate Premium” button.
An access Id generated for you. An OTP sent to your mobile number which you have entered in contact details. Enter the OTP received to proceed further.
Next page, fill all the necessary personal information and product information like the sum assured, smoker or not, premium payment option, payment mode, policy term, premium paying term and death SA option.
After filling in these details, you will get the premium quotation on the screen for the chosen parameters.
Next, complete the KYC details. You can choose either Offline or Online option.
Next, enter other details such as address and some basic information as displayed on the screen.
Now you need to give information on the habits and status of your health.
Once filling in all the details completely, you need to pay premium online.

Mode of Payments for LIC Tech Term Plan

You can pay your premiums through debit card, credit card, Amex card, net banking, UPI, IMPS, and e-wallets.

What kinds of death are covered under LIC Tech Term Plan?

All kinds of death covered under this insurance policy except suicide during the first year. Accidental deaths also included.

Can a loan be taken under this policy?

The loan is not available under this policy.

Why should you buy an Online Term Insurance Plan?

Buying a term insurance policy online is one of the cheapest modes to buy insurance plan. It saves both time and money. With the rapid growth of e-commerce, the world has moved ahead fast, competitively.

Final Thoughts

LIC Tech Term Plan seems to be a fantastic plan by LIC. LIC launched this plan with many good features which are already available in the market. This policy is also available at competitive rates. It is much cheaper as compared to earlier LIC e-term plan.

Overall LIC Tech Term Plan is a good plan. If you have not purchased a term insurance plan yet then go ahead and purchase LIC Online Term Insurance Plan.

Note: This post was originally published on September 22, 2019. And now it has been completely updated for accuracy and comprehensiveness.