what is lic tech term plan

LIC Tech Term Plan No. 854

LIC Tech Term Plan No. 854 is a non-linked, non-participating online, pure risk premium plan. You can buy this term plan only through online medium. There is no middleman involved in this.

Through LIC Tech Term Plan No. 854 , the insured person can secure the financial future of his family members. In case of death of the life assured during the policy term, the sum assured is provided as death benefit to the nominee by the life assured.

This term plan gives you an opportunity to choose between two benefit options, which include Level Sum Assured and Increasing Sum Assured. In this plan you also get the option to choose your policy term and premium paying term.

You can enhance the coverage of your term plan by adding riders to it. In this, you get the option of Accident Benefit Rider. The minimum age for taking this plan is 18 years and the maximum entry age is 65 years. The policy term of this plan ranges from 10 to 40 years.

Features Of LIC Tech Term Plan

Features of LIC Tech Term Plan are as follows-

  1. LIC Tech Term Plan No. 854 is an online term insurance plan. You can buy it only through online medium. This plan is not available through offline mode.
  2. The policy term of LIC Tech Term Plan No. 854 ranges from a minimum of 10 years to a maximum of 40 years.
  3. In this you get the option to choose the death benefit from Level Sum Assured and Increasing Sum Assured.
  4. In this term plan, you get the option of single premium, regular premium and limited premium payment for premium payment.
  5. Additional discount in premium is provided for women
  6. Premium rates are different for Non-Smoker and Smoker. Non-Smoker is provided with a discount in premium.
  7. You can enhance your coverage by adding riders in LIC Tech Term Plan No. 854. In this, you get the option of adding Accidental Benefit Rider at an additional premium.
  8. In this plan you get a free look period of 30 days. If you are not satisfied with this policy, you can opt out of this policy within 30 days.
  9. In this plan, you get a grace period of 30 days. If you do not pay your premium by the due date, you are given an additional time of 30 days.
what is lic tech term plan

Benefits Of LIC Tech Term Plan

Following are the benefits of LIC Tech Term Plan:

  1. Death Benefit:

In LIC Tech term plan, in case of death of the life assured during the policy term, the insurance benefit is provided to the person nominated by him. This insurance benefit is minimum Rs.5 lakh. There is no limit on the maximum sum insured. It is decided by LIC.

An opportunity to choose the benefit of death benefit in the form of two options namely Level Sum Assured and Increasing Sum Assured is provided to the life assured. At the time of taking insurance, the insured person has to choose any one of these.

  1. Maturity Benefit:

LIC Tech Term Plan is a type of term insurance plan. In term insurance plan, if the life assured survives till the policy term, then no maturity benefit is provided to him.

  1. Rider Benefit:

LIC Tech term plan also gives the option of adding riders. You can further enhance your term insurance coverage by adding to your LIC Tech term plan. LIC gives you the option of adding Accident Benefit Rider to the term plan. You can enhance the coverage of your LIC Tech term plan by adding this rider to your plan by paying an additional premium.

  1. Tax Benefits:

Tax benefits are also available on the premiums paid in LIC Tech term plan. The premiums paid are eligible for tax exemption under section 80C of the Income Tax Act 1961.

  1. Online Process:

LIC Tech term plan can be availed through online only. The process of buying it is very easy. You can buy this plan anytime through online sitting at home. You do not need to go anywhere for this.

LIC Tech Term Plan Eligibility

Eligibility for LIC Tech Term Plan is as follows-

Minimum age at entry  18 years (Last Birthday)
Maximum age at entry  65 years (Last Birthday)
Maximum age at maturity80 years (Last Birthday)  
Minimum Basic Sum Assured  Rs. 5,00,000
Maximum Basic Sum Assured  No Limit   (Basic sum assured should be in the multiples of Rs. 5,00,000, if basic sum assured is Rs. 50,00,000 to Rs. 75,00,000;   Rs. 25,00,000, if basic sum assured is above Rs. 75,00,000)  
Policy Term  10 years to 40 years
Premium Paying Term Regular Premium: Limited Premium:



Single Premium:
 :Same as policy term :[Policy Term minus 5] years for Policy Term [10 to 40] years [Policy Term minus 10] years for Policy Term [15 to 40] years

:NO

Documents Required For LIC Tech Term Plan

The documents required for LIC Tech Term plan are as follows-

1. Duly filled application form 

2. Latest Medical Report 

3. Identity proof (any one of the following):

  • voter id, 
  • Aadhar card, 
  • Passport, 
  • PAN card, 
  • driving license.

4. Address Proof (Any one of the following):

  • Aadhar card,
  • Utility Bill. 

5. Age proof (any one of the following):

  • Birth certificate, 
  • driving license, 
  • Passport, 
  • School or College Certificate. 

6. Income Proof (Any one of the following):

  • it returns, 
  • Latest Bank Statement.

LIC Tech Term Plan Premium

In LIC Tech term plan, you get multiple options for premium payment. You get the option of paying regular premium, limited premium and single premium. You can choose any of these as per your convenience and pay the premium through online mode. If you opt for Regular or Limited premium payment option, then you have to pay your premiums regularly till the premium policy term.

How To Buy LIC Tech Term Plan? 

Buying LIC Tech term plan is quite easy. This plan is available only through online medium. You cannot get this plan through offline medium. 

  • To get this plan through online medium, you have to visit the official website of LIC. 
  • There you will have to choose LIC Tech term plan by clicking on ‘Buy Policies Online’. 
  • After this, there you will see the ‘Buy Online’ option, by clicking on which you can easily buy LIC Tech term plan. 

 

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