Term life insurance is the best and cheapest way to buy life insurance. Some time ago I LIC Jeevan Amar (LIC Jeevan Amar Yojana 855) was discussed about. LIC Jeevan Amar is a term plan that you can buy with the help of your agent. Apart from this, LIC has also launched an online term plan LIC Tech Term (LIC Tech Term Plan, Plan 854). You can buy this plan online only.
Today in this post let us discuss about LIC Tech Term.
LIC Tech Term (Plan 854): Complete Information (LIC Tech Term Plan in Hindi)
- LIC Tech Term is a term insurance plan. If the holder dies during the policy term, the nominee receives the sum assured. If the policyholder is alive at the expiry of the policy, nothing is paid.
- You can buy this plan online only. LIC Life is immortal and LIC Tech conditions This is the biggest difference. LIC You cannot buy Jeevan Amar online and LIC Tech conditions to you
- age of entry (entry age,: 18 to 65 years
- Maximum age at policy maturity (max age here Maturity,: 80 years
- Minimum Sum Assured (At least Sum promised,: 50 Lakh Rs
- Maximum Sum Assured (max Sum promised,: No time limit
- Policy Term (policy conditions,: 18 to 40 years
- Premium payment options (Premium payment option,: Single Premium, Limited Premium Plan, Regular Premium. In a single premium plan, you have to pay the premium only once. In the limited premium option, you have to pay the premium for a few years. In the regular premium option, you have to pay during the entire policy term.
- You have two options for life insurance. level Sum promised Or
is increasing Sum promised - level Sum promised: Your life insurance sum remains the same throughout the policy term. Let’s say you have purchased an insurance worth Rs.50 lakh. The term of the policy is 20 years. Your life insurance will remain only Rs 50 lakh during the entire term.
- is increasing Sum promised: Life insurance remains the same for the first 5 years. From the 6th year to the 15th policy year, the sum assured increases by 10% every year. Let’s say you have purchased an insurance worth Rs.50 lakh. The term of the policy is 20 years. Life insurance for 5 years will be Rs 50 lakh only. It will increase by 10% every year from the sixth year onwards. The maximum can be twice the basic Sum Assured ie Rs. 1 crore. The insurance will be Rs 55 lakhs in 6th year, 60 lakhs in 7th year, 65 lakhs in 8th year, 70 lakhs in 9th year and 75 lakhs in 10th year. By doing this, the sum assured will be Rs 1 crore in the 15th year. After this there will be no increase in sum insured. From the 16th to the 20th year, the sum assured will be Rs 1 crore only.
- As insurance is available on increasing sum assured, your premium will also be higher.
- Death Benefit Option (death benefits option,: In case of death during the policy term, you can take the sum assured as a lump sum. You also have the option of taking the sum assured in installments. You can choose installments of 5, 10 or 15 years.
- maturity benefit (Maturity benefits,: Since this is a term plan, you will not get anything after the policy term ends.
- If you smoke, your premium will be higher. If you say you are a non-smoker, you will be given a urine cotinine test to confirm.
- The premium for women will be slightly lower.
- As Jeevan Amar is a term plan, you cannot take loan from this policy.
- Surrender Value: There will be no surrender value for regular premium plans. If the limited or single premium option is selected, some of the premium will be refunded on surrender of the policy.
- You can add accidental death rider with LIC Jeevan Amar.
Read: How to take loan from your LIC policy?
Can LIC take a tech term plan even without medical test?
Yes, you can buy LIC Tech term plan even without medical test. You have to opt for non-medical scheme. But there are some conditions for this.
- You do not smoke (non smoker).
- May you have good health. At least there should be no serious illness.
If you are between 18 to 35 years of age and have an annual income of more than Rs 3 lakh, you can get insured up to Rs 75 lakh under the non-medical scheme.
If you are between 36 to 45 years of age and have an annual income of more than Rs 5 lakh, you can take insurance up to Rs 50 lakh under the non-medical scheme.
Note that your premium will be higher if you purchase a plan under a non-medical plan.
So, if you are a non-smoker, it is better to buy this term plan in a simple way.
LIC Tech Term: Death Benefit (Death Benefit in LIC Tech Term)
If the policyholder dies during the policy term, the sum assured will be paid to the nominee. The sum assured can be taken in lump sum or in installments for 5, 10 or 15 years.
LIC Tech Term Plan 854: Maturity Benefit in LIC Tech Term
LIC Jeevan Amar is a term insurance plan. If you are alive after the policy expires, you will get nothing.
LIC Tech Term: Tax Benefits (Tax Benefits in LIC Tech Term Plan)
You will get a tax benefit of up to Rs 1.5 lakh under section 80C on the premium payment.
If the holder dies during the policy term, no tax is payable on the proceeds.
How much is the premium for LIC Tech Term Plan? (Premium for LIC Tech Term Plan)
The premium will depend on your age of entry, sum assured, policy term and mode of premium payment. Also, the premium will also depend on whether you smoke or not. Or you have opted for Level Sum Assured or Increasing Sum Assured.
Let me tell you about premium with an example:
As I mentioned above, if you are a non-smoker, it is better to buy a term plan after a medical test. If you apply for a non-medical plan and the Medica is not up-to-date, the premium will be higher. Compare entries (2) and (4).
What type of plan is LIC Tech Term?
I think LIC Jeevan Amar is a good plan. If you haven’t bought a term insurance plan yet or don’t have enough life insurance, you can buy LIC Tech Term Plan.
How to buy LIC Tech Term Plan?
You can buy this plan online only.
You go to LIC website.https://eterm.licindia.in/onlinePlansIndex/login.do,
You will need to enter information about yourself. An OTP will be sent to your mobile number. Enter the OTP. Select the sum assured as per your requirement and make the payment.
Etiquette, www.PersonalFinancePlan.in
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