HomePersonal FinanceLife InsuranceLIC Tech Term (Table 854) - LIC Online Term Plan Review

LIC Tech Term (Table 854) – LIC Online Term Plan Review

LIC Tech Term

LIC Tech Term (Table 854) is a new online term plan by LIC. LIC Tech Term is non-linked, non-participating pure life insurance term plan. It seems to be one of the best plans by LIC. This plan is launched in 2019. Along with this plan LIC has also launched offline term plan LIC Jeevan Amar.

LIC Tech Term Plan will be a cheaper plan with respect to premium. As this plan will be sold online no intervention from LIC agent is required. The basic intention behind launching this plan is to capture online term insurance market. Let’s explore more detail about LIC Tech Term (Table 854).

LIC Tech Term – LIC Online Term Plan

Key Features

  • LIC Tech Tem is pure Online Term Life Insurance Plan.
  • Minimum Sum assured for this plan is 50 Lakh with no upper limit on Sum assured.
  • A premium of this plan can be paid online as single premium or regular premium.
  • Death Benefits can be availed as installment 5 years, 10 years or 15 years.
  • This policy comes with two different options for sum assured.

#1 Level Sum Assured – You can opt for the same sum assured throughout the policy period.

#2 Increasing Sum Assured – Sum Assured will be increasing with the policy year.

  • In the case of increasing sum assured, the death benefit will remain constant up to first 5 policy year. It will increase @ 10% for next 10 years and later stage it will be constant.
  • This plan will provide coverage up to 80 years of age.
  • This plan provides accidental rider benefit at the higher premium.
  • The premium rate will be lower for non-smoker and women.

Also Read – Top 5 Best LIC Policy for 2018 – 2019

LIC Tech Term – Eligibility

The eligibility criteria for this plan is given below.

  • Minimum and Maximum Entry Age – 18 years to 65 years
  • Maximum Maturity Age – 80 years
  • Minimum Sum Assured – 50 Lakh
  • Maximum Sum Assured – No Limit
  • Minimum Policy Term – 10 Years
  • Maximum Policy Term – 40 Years
  • Premium Payment Option – Single (One Time) , Regular (Up to Policy Period) , Limited (Up to 10 years)

LIC Tech Term – Death Benefits

As LIC Tech Tem is pure term plan it will offer only death benefit. No maturity benefit will be provided. As discussed above this plan comes with two different options for sum assured.

Level Sum Assured – Death Benefit

Your nominee will receive sum assured as death benefit. This sum assured will remain constant throughout policy period.

Increasing Sum Assured – Death Benefit

Under this option, the death benefit sum assured will be increasing. In case of death is taking place within first 5 policy year, nominee will receive sum assured as death benefit.

The sum assured benefit will increase 10% per year from 6th policy year to 10th policy year. From 16th policy year this benefit will remain constant throughout policy year.

Your nominee will receive death benefit according to policy year.

Death Benefit Payment Options

At the time of buying LIC Tech Tem you can select death benefit payment option. Following options are available.

  1. Full Lump sum payment to Nominee
  2. Installment option – 5 Years, 10 Years or 15 Years

The policy also provide option to select full death claim amount payable in installment or portion of claim amount.

You can make changes in the above payment option at the time of buying policy or at later date during policy term.

Premium Details

Premium Example collected from online sources is given below.

Sum Assured – 1 Cr

Premium Term – 10 Years

Regular Premium

Premium for Level Sum Assured

Age-20 Years-Male-Rs.5,456 (Yearly)

Age-20 Years-Female-Rs.5,192 (Yearly)

Age-30 Years-Male-Rs.6248 (Yearly)

Age-30 Years-Female-Rs.5,896 (Yearly)

Age-40 Years-Male-Rs.10,260 (Yearly)

Age-40 Years-Female-Rs.8,460 (Yearly)

LIC Tech Term (Table 854) – LIC Online Term Plan Review

LIC Tech Tem plan is a fantastic product by LIC. This plan is available at competitive rates. If we compare any other term plan the premium rate is similar. As it is an online term plan it can be purchased with a click of a button without intervention from LIC Agent. If you compare this plan with earlier LIC term plan e-Term it is much cheaper.

This plan provides coverage up to 80 years. This is at par with the other products available in the market. Accidental rider option and discounted rate premium for the non-smoker and women are additional advantages.

LIC has offered flexibility in terms of selection sum assured. One can select level sum assured as well as increasing sum assured. The increasing sum assured is a unique feature of this policy. The risk level is increasing with age & one should increase the sum assured with age. This concept is perfectly covered in this plan. One can avoid purchasing multiple insurance policies if he/she opts for increasing sum assured.

LIC Tech Term is a very good plan. If you have not purchased Term plan or you are planning to purchase a new term plan you should purchase LIC Tech Tem Online Term Plan. You can get more information about LIC Tech Term Plan on LIC website.

Shitanshu Kapadia
Shitanshu Kapadia
Hi, I am Shitanshu founder of moneyexcel.com. I am engaged in blogging & Digital Marketing for 10 years. The purpose of this blog is to share my experience, knowledge and help people in managing money. Please note that the views expressed on this Blog are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment , tax, financial advice or legal opinion. Please consult a qualified financial planner and do your own due diligence before making any investment decision.