CONTEST TOGETHER AGAINST CORRUPTION
LIC's Tech Term | Dear Policyholder, Please submit Bank Account Details ( NEFT ) to LIC - Click here to Download NEFT form
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.
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:
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.
On survival of the life assured to the end of the policy term, no maturity benefit is payable.<