// LIC Tech Term Plan




LIC Tech Term Plan

LIC's Tech-Term is a Non-Linked, Non-participating Online Pure Risk Premium Plan which provides financial protection to the insured's family in case of his/her unfortunate death during the policy term. This plan will be available through online application process only and can be purchased anytime, anywhere at your convenience.

Features:

  • Flexibility to choose from two benefit options: Level Sum Assured and Increasing Sum Assured.
  • Flexibility to
  • Choose from Single Premium, Regular Premium and Limited Premium Payment
  • Choose the Policy Term/Premium Paying Term.
  • Opt for payment of benefit in instalments.
  • Special rates for women.
  • Benefit of attractive High Sum Assured Rebate.
  • Two categories of premium rates namely
    (1) Non-Smoker rates and
    (2) Smoker rates.
    The application of Non-Smoker rates shall be based on the findings of the Urinary Cotinine test. In all other cases, the Smoker rates will be applicable.
  • Option to enhance your coverage by opting for Accident Benefit Rider on payment of additional premium for the rider benefit.

Death Benefit

Death benefit, payable in case of admissible death claim, before the stipulated Date of Maturity, provided the policy is inforce, shall be "Sum Assured on Death".
For Regular premium and Limited premium payment policy, "Sum Assured on Death" is defined as the highest of:

  • 7 times of annualised premium; or
  • 105% of all the premiums paid as on the date of death; or
  • Absolute amount assured to be paid on death.

Absolute amount assured to be paid on death shall depend on Death Benefit Option chosen at the time of taking this policy and is as under:
Option I: Level Sum Assured Absolute amount assured to be paid on death shall be an amount equal to Basic Sum Assured, which shall remain the same throughout the policy term.

Option II: Increasing Sum Assured
Absolute amount assured to be paid on death shall remain equal to Basic Sum Assured till completion of fifth policy year. Thereafter, it increases by 10% of Basic Sum Assured each year from the sixth policy year till fifteenth policy year till it becomes twice the Basic Sum Assured. This increase will continue under an inforce policy till the end of policy term; or till the Date of Death; or till the fifteenth policy year, whichever is earlier. From sixteenth policy year and onwards, the Absolute amount assured to be paid on death remains constant i.e. twice the Basic Sum Assured till the policy term ends.

For example, Absolute amount assured to be paid on death under a policy with Basic Sum Assured of Rs. X will be Rs. X till the end of fifth policy year, Rs. 1.1X during the sixth policy year, 1.2X during seventh policy year, increasing so on by 10% of Basic Sum Assured each year till it becomes 2X in fifteenth policy year. From the sixteenth policy year and onwards, the Absolute amount assured to be paid on death will be 2X. The Death Benefit Option once chosen cannot be changed later.

Maturity Benefit:

On survival of the life assured to the end of the policy term, no maturity benefit is payable.<

Eligibility Conditions and Restrictions for Base Plan

  • Minimum Age at entry: 18 years (Last Birthday)
  • Maximum Age at entry: 65 years (Last Birthday)
  • Maximum age at Maturity 80 years (Last Birthday)
  • Minimum Basic Sum Assured Rs. 50,00,000/-.
  • Maximum Basic Sum Assured No Limit

Basic Sum Assured should be in multiples of amounts specified below:

Sum Assured Range Sum Assured Multiple
Rs. 50,00,000/- to Rs. 40,00,000/- Rs. 5,00,000/-
Above Rs 75,00,000/- Rs. 25,00,000/-
  • Policy Term 10 to 40 years
  • Minimum Premium - The minimum instalment premium will be Rs. 3,000/- for Regular/ Limited premium policies and Rs. 30,000/- for Single premium policies.
  • Mode of Premium Payment -Premiums can be paid either under Regular Premium, Limited Premium or Single Premium payment options. In case of Regular and Limited Premium payment, the premium can be paid regularly during the Premium Paying Term with modes of premium payment yearly or half-yearly.
  • Premium Paying Term
  • Regular Premium - Same as policy term
  • Limited Premium - [Policy Term minus 5] years for Policy Term 10 to 40 years; [Policy Term minus 10] years for Policy Term 15 to 40 years
  • Single Premium - NA