LIC Tech-Term Plan: 5 must-know facts before you consider investing

LIC’s New-Tech term plan has several qualities due to which it has emerged as a reasonable choice for individuals aspiring for easy and comprehensive life insurance coverage.

This non-linked, non-participating pure risk premium online term insurance plan provides holders with several unique benefits that make it a must have for 2025.

This plan is available both online and offline, it provides the holders flexible premium options, special rates for women and non-smokers. Not only this, it also provides an accidental benefit rider for all plan holders.

Eligibility criteria

To be eligible for this plan you must be between 18 and 65 years of age. The total term of the policy primarily ranges from 10 to 40 years. The coverage it provides is up to the age of 80 years. Further, the minimum sum assured is ₹50 lakhs and premium payments can be made on yearly or half yearly basis.

Note: The eligibility terms and conditions discussed above are illustrative in nature. For the updated terms and conditions refer to the official website of LIC.

Who can apply for this plan?

• Salaried individuals looking for cost-effective term insurance.
• Non-smokers and women seeking lower premium options.
• Individual applicants aged between 18-65 years with long term dependents.
• NRIs can also apply provided they meet LIC’s underwriting criteria.

Documents required

The following documents are required to apply for this plan:

• Valid ID Proof (Aadhaar, Passport, Voter ID etc)
• Address Proof (Aadhaar, Utility bills, bank statements)
• Recent photograph
• Income proof (Form 16, salary slips, ITR)

Note: The documents listed above are indicative in nature only. For the updated terms, conditions and other requirements refer to the official website of LIC.

Before you invest in LIC Tech-Term policy, read these crucial points

Below are five important factors that one should always keep in mind before considering investing in this particular plan:

1. High coverage at low premium

LIC New-Tech Term plan provides for substantial and comprehensive life coverage at lucrative premiums. It makes this plan an attractive option for all policyholders who are looking out for cost-efficient financial protection. The plan is designed in a way to provide investors high risk coverage at a low cost in comparison with other forms of life insurance.

2. Flexible payment options

All policyholders have the distinct option and flexibility to opt from single premium, regular premium or limited payment opportunities. Further, the plan also permits, for the payment of benefits in instalments providing greater financial flexibility and stability to beneficiaries.

3. Special premium rates for women and non-smokers

The LIC New Tech Term plan also provides for special premium rates for women and all individuals who are non-smokers, promoting inclusivity and making healthier lifestyle choices rewarding. This pricing structure helps in making the plan more accessible and prudent for these groups.

4. Accident benefit rider option

Policyholders can boost their coverage by opting for the accidental benefit rider. This option helps in securing additional financial protection in the event of accidental injuries and death. Further, this rider can be added for a nominal additional premium, ensuring peace of mind to all policyholders along with boosted protection for their families.

5. Online application process

The LIC New Tech-Term plan is exclusively available for all aspirational applicants through an online application process. This eliminates the need for intermediaries, external assistance and results in reducing associated costs. This efficient approach also permits for a more transparent, seamless and consistent purchasing experience. Applications can also be submitted offline, for complete details on the same refer to the official website of Life Insurance Corporation (LIC).

Conclusion

Therefore, LIC’s New Tech-Term plan clearly stands out for its affordability, inclusivity and flexibility, making it a prudent choice for those aspiring for reliable life insurance protection.

Still, before opting for this plan it will be reasonable on your part to properly understand the pros and cons of the policy by visiting the official website of LIC and your long term goals with a certified investment and tax consultant to ensure that you make the best possible investments.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Readers are advised to consult a licensed insurance advisor or financial planner before making any investment decisions.