About LIC Tech Term Insurance
The LIC Tech Term Plan is a non-linked, non-participating, pure-risk premium plan. This term insurance plan provides financial security to the nominees in case of the unfortunate demise of the life assured. However, an insurance provider will not pay any maturity benefit to the policyholders for surviving the policy tenure.
The LIC Tech term insurance policy provides options to select from two sum assured options: the level sum assured and the increasing sum assured. Additionally, the policyholders have the flexibility to choose their policy tenure and premium-paying terms as per their specific needs. The Tech Plan by LIC of India provides enhanced coverage to its policyholders. You can buy an accident benefit rider with your standard term life insurance.
The minimum entry age to apply for the LIC Tech Term Insurance Plan is 18 years, and the maximum period is 65 years. You can buy this term insurance plan with a minimum sum assured of Rs. 50 lakhs, and there is no maximum limit. The policy tenure ranges from 10 years to 40 years. Anyone who wants to secure the future of their loved ones can buy the LIC Tech Term Insurance Plan online.
LIC Tech Term Plan Features
The features of the LIC Tech Term Plan are as follows:
- The policyholders can choose from single, regular and limited premium payment options.
- The LIC Tech Term Insurance nominees can choose from the level sum assured and increasing sum assured death benefit payout options.
- You are eligible for attractive rebates on choosing a higher sum assured for your term insurance plan.
- The premium that policyholders may pay against their policy may differ for smokers and non-smokers.
- The plan offers exceptional discounts for women.
Benefits of LIC Tech Term Insurance Plan
The LIC Tech Term Plan offers several advantages to policyholders. Some of these benefits are listed below:
- Death Benefit: The beneficiaries or nominees of the LIC Tech Term Plan can choose between level sum assured and increasing sum assured death benefit payout options. In the case of the level sum assured payout option, the nominees get a death benefit in a lump sum. However, in the case of an increased sum assured payout option, the policyholders get an increased death benefit up to a certain percentage decided when purchasing a policy.
- Surrender Benefit: The LIC Tech Term Plan do not follow traditional surrender value. Therefore, the policyholder will get a refund of the amount in case of both level sum assured and increasing sum assured options.
- Discounts and Rebates: This term insurance plan is ideal for discounts and rebates. In simple terms, the LIC Tech Term Insurance Plan offers special discounts for women buyers and exceptional rebates for purchasing a plan with a higher sum assured.
- Tax Benefits: The policyholders of the LIC Tech Term Plan are eligible for tax benefits as per prevailing sections of the Income Tax Act, 1961.
LIC Tech Term Eligibility Criteria
The table below highlights who is eligible for the LIC Tech Term Insurance Plan:
18 -65 years
10- 40 years
Rs. 50,00,000- no limit
Premium payment term
Single, regular and limited pay
Riders in LIC Tech Term Plan
The policyholders of the LIC Tech Term Insurance Plan can enhance their plan coverage by purchasing a LIC accidental benefit rider. The term insurance company offers it as an extra perk. You can activate this rider after five years of policy inception. Additionally, you may have to pay an additional premium to include an accidental death benefit rider in your base term plan.
Exclusions in LIC Tech Term Plan
The LIC Tech Term Insurance Plan provides life coverage for policyholders. This means if the policyholder dies during the policy tenure, nominees or beneficiaries will get a death benefit. However, there are some exclusions that LIC of India will not cover under their tech-term policy. Here are some exclusions under the LIC Tech Term Insurance Plan:
- Suicidal death committed by the policyholder within 12 months of the policy inception or renewal is not covered.
- Only 80% of the premiums that the policyholder had paid up until the date of their death are recoverable by LIC of India.
Process To Buy LIC Tech Term Plan
If you are looking for a term insurance plan to secure the future of your loved ones, the LIC Tech Term Insurance Plan is an ideal choice. You can easily buy this plan online from the official website of the LIC of India. Read on to find out the process in detail.
Documents Required To Buy LIC Tech Term Plan
Here is a list of documents required:
- Identity proof
- Address proof
- Income proof
- Duly filled application form
Steps To Be Followed To Buy LIC Tech Term Plan
You will need to follow the below steps to apply for the LIC Tech Term Insurance Plan:
- Visit the official website of LIC of India.
- Under “Term Insurance,” click on the LIC Tech Term Plan.
- Provide necessary details and complete the documentation process.
- Once the process is complete, make a premium payment online.
- Your LIC Tech Term Insurance policy activates instantly.
Process To Claim LIC Tech Term Insurance Plan
Here’s a guide that LIC Tech Term Insurance nominees can follow to claim the policy in case of the demise of the life assured:
Documents Required to Claim LIC Tech Term Plan
- Original policy document
- Death certificate of the policyholder issued by a valid authority
- Claim form A that includes details of the deceased person and the claimant
- FIR copy and post-mortem report in case of accidental death
- Medical bills and other diagnostic reports
Steps To Be Followed To Claim LIC Tech Term Plan
- Inform the term insurance company about the happening as soon as possible.
- Fill in the claim form and attach all the necessary documents.
- Submit the documents along with the claim form to LIC of India.
- The company will verify the documents submitted by you. In some cases, an insurer may also send an investigator to the hospital for verification.
- Once the verification process is completed, an insurer will process or reject your claim request.
Key Inclusions and Exclusions of the Plan
- Death benefit
- Accident benefit rider (optional)
- Death benefit in installments (optional)
- Two benefit options
- Tax benefits
What's Not Included
- Suicide within 12 months
- Breach of law with criminal intent
- Participation in any illegal or criminal act
- Use of intoxicating drugs, alcohol, solvent, etc.
- Treatment for injuries caused due to hunting, mountaineering, etc.
Tech Term Plan User Reviews
Claim Process at LIC Term Insurance
Claim IntimationIn the case of death of the life assured, a claim intimation to the insurance company must be made as early as possible.
Submission of DocumentsClaim form, death certificate, original policy document, and more documents must be submitted to ensure smooth claim settlement.
Claim EvaluationOnce the documents are submitted, the insurance company will conduct thorough evaluation of the claim filed.
Claim SettlementIf claim request is approved, claim settlement is done within 30 days. If additional investigation is required, it make take 6 months.
FAQs on Tech Term Plan Health Insurance Plan
Can I buy LIC Tech Term Plan through offline mode?
No! LIC Tech Term plan is available through ONLINE MODE ONLY.
Is it compulsory to buy riders under the LIC Tech Term Plan?
No! It is not a compulsion to buy riders under the LIC Tech Term Plan. One can buy the Accident Benefit Rider based on their requirement by paying an extra premium.
What is the grace period under the LIC Tech Term Plan?
The grace period, in case of limited and regular premium policies is 30 days for payment of yearly or half yearly premiums from the date of first unpaid premium.
Does LIC Tech Term Plan provide maturity benefit if the life assured survives the policy term?
No! Maturity benefit is not payable under LIC Tech Term Plan if the life assured survives the end of the policy term.
Can I avail tax benefits on the premium paid for LIC Tech Term Plan?
Yes! A policyholder is eligible for standard tax benefits on the returns of the plan.
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