Why you should buy LIC Tech Term Plan?

Charlotte Miller

Updated on:

Looks like COVID-19 is not going to get over anytime soon. Even after 2 years of the outbreak of this novel coronavirus and so many people getting vaccinated, there are still cases of COVID-19 in India. Amidst such a pandemic, we must take care of our health and our family’s. And one more important step that we should take is investing our hard-earned money in a term insurance plan. One of the best things about choosing a term insurance plan is that even if something happens to you, the family will have money to carry on their lifestyle. The beneficiary of the policy, who is mostly either the spouse or the children gets the sum assured on the sudden demise of the policyholder. Therefore, you can make the future of your family secure by getting a term insurance policy.

Now the confusion that may arise, and which is quite natural is choosing a particular term insurance plan. This is a time-consuming part but an important one. Well, one of the best term plans that you can opt for is the LIC tech term plan.

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What is LIC Tech Term Plan?

It is a pure protection term insurance policy that helps in protecting the family of the policyholder financially in a situation where he/she dies during the policy term. It is also a non-participating, non-linked plan that provides coverage at affordable premiums. This plan can only be bought online. Therefore, you can take your time, read the features of the plan, and if it suits you, go ahead and buy it from any corner of the country and at any time.

Some of the main features of this plan include: 

  • The entry age of the insured is 18 years, and it should not be more than 65 years
  • The duration of the policy varies between 10 and 40 years
  • There is no upper limit of the coverage. The minimum sum assured under this plan is INR 50 lakh
  • There are two options offered to the policyholders for receiving death benefits, which include Increasing the sum assured, and Maintaining the same sum assured
  • There are no maturity advantages offered with this plan
  • The insured can choose to pay a regular premium, a limited premium, an annual or half-yearly premium, or a single premium
  • If the policyholders do not find the terms and conditions of the policy up to the mark, they can return the policy to the company within the 30-day free look period. The premium they have paid will be refunded to them.

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Benefits of the LIC Tech Term Plan

LIC tech term plan comes with quite many benefits. A few of them are mentioned below:

High coverage at an affordable premium

The minimum coverage that can be received through this term plan is INR 50 lakh, while the premiums that you would be required to pay are much lesser. Also, you do not have to pay any money to a broker as everything can be done online.

Option for payout benefit

The death benefit under this plan is available in two forms, which include augmented amount assured and level sum assured. The policyholder has to choose from these two options while buying the plan.

Accidental benefit rider

By paying an extra premium, you can purchase the accidental benefit rider. On your sudden demise in an accident within the policy term, the beneficiary will get extra coverage along with the sum assured with the policy.

Tax benefits

You can avail of tax benefits under Section 80C of the Internal Revenue Code for the premiums you pay for this policy.

There are several benefits of buying a LIC tech term plan, which is why it is one of the most sought-after term insurance policies today. To know more about the policy, you can visit the website of IIFL and even can compare it with the other term policies available in the market.