LIC Tech Term is an online term plan by LIC. It is non-linked, non-participating online pure protection plan. This plan is launched by LIC on 2nd September 2019. You can purchase LIC Tech Term policy online on LIC portal. Here is step by step guide of buying LIC Tech Term policy from LIC portal. To purchase this policy you need to enter basic details, date of birth, the sum assured and policy term to know premium detail.
LIC Tech Term is a pure life cover policy. This means in case of unfortunate death of the policyholder during policy term nominee will get sum assured. If the policyholder survives to the end of policy term nothing is payable.
Key features, Premium details and process to purchase Tech Term online is given below.
LIC Tech Term – Key Features
- Pure Term Plan that can be purchased online only
- Differential premium rates for Smoker/Non-smoker lives
- Proposal on own life only will be considered
- Minimum sum assured 50 Lakh
- Maximum policy term 40 years
- Minimum entry age 18 years & Maximum entry age 65 years
- Maximum coverage age 80 years
- Premium payment half yearly and yearly
- Increasing coverage option from 5th to 15th year
- Optional accidental rider available
Premium Details – Tech Term Plan
Example 1 – Suppose non-smoker male candidate with age 30 of years decide to purchase Tech Term with sum assured – 1 Cr. He select a regular premium paying option with level sum assured without accidental benefit rider. The premium amount under this case would be Rs. 11007.
In case smoker male candidate with 30 years of age decide to purchase this plan with same sum assured he need to pay Rs.17445 as premium amount.
In case of female candidate premium amount would be Rs.9346.
|30||30||Male – Non-Smoker||Rs.11007|
|30||30||Male – Smoker||Rs.17445|
Note – Above premium amount is including GST.
Example 2 – Suppose non-smoker male candidate with age 25 of years decide to purchase Tech Term policy with sum assured – 1 Cr. He select level sum assured and yearly payment mode without accidental rider. The premium amount under this conditions would be Rs. 8515.
Incase smoker male candidate with 25 years of age wants to purchase this plan he need to pay Rs.12980 as a premium amount. For female candidate this amount would be Rs.7580.
|25||30||Male – Non-Smoker||Rs.8515|
|25||30||Male – Smoker||Rs.12980|
From above premium comparison one can easily say that LIC Tech Term plan is low premium policy compared to all other term plan of LIC. The premium amount is comparable with other private insurance term plans available in the market.
LIC Tech Term Policy – How to buy Online?
Follow the simple steps given below to buy Tech Term Policy online at LIC website.
- Go to LIC Direct Portal. You will be able to see various policies.
- Click on the “LIC’s Tech Term”. You will be taken to the new page which provides information about this policy.
- Click on the button “CLICK TO BUY ONLINE”.
- Enter your contact details name, date of birth, mobile number, e-mail ID. Select the city and enter correct captcha text. Once you are done click on calculate premium button.
- The system will generate Access ID and OTP. OTP will be sent to mentioned mobile number.
- Please note down Access ID. You can use this Access ID to view/modify proposal detail.
- Enter OTP. Now system will ask you further information such as date of birth, residential status, sum assured, premium payment option, premium mode, policy term and SA option.
- After making selection of this you need to opt for accidental rider benefit if any. Once you are done click on the calculate premium to get results.
- After verification of premium amount click on Confirm & Proceed.
- Now click on the ‘Generate Lead’ button. You will get proposal reference number via e-mail/mobile. You can track your proposal status by entering reference number online.
FAQ – LIC Tech Term Plan
I already have term plan with other insurance company can I purchase LIC’s Tech Term Plan?
You can still purchase LIC’s Tech Term plan. You need to disclose your income detail and existing insurance cover while applying for cover under this policy.
I am already covered under group term insurance by my employer. Why I should purchase this policy?
Well, it is always advisable to buy individual term plan. Few compelling reasons are given below.
- The group insurance amount will be low.
- If you decide to leave your job, your coverage amount will be NIL.
Do I need to undergo medical test for buying this policy?
You need not to undergo medical test if your age in range of 18-35 years and your annual income is above 3 Lakh and sum assured is up to 75 Lakh. If your age is in range of 36-45 years and your annual income is above 5 Lakh you can purchase policy without medical up to sum assured 50 Lakh.