If you want to provide financial security to your family by securing their future, then LIC’s Tech-Term 854 plan can be of great use to you. Know the features of this plan.
LIC Term Plan: People still trust LIC’s schemes a lot because whatever money you invest in it, the risk is low, you get the benefit of life protection, as well as you get a good amount on maturity. But if you want to provide financial security to your family by securing their future, then LIC’s Tech-Term 854 plan can be of great use to you. It is considered one of the cheapest plans of LIC. In this, you can take insurance up to a minimum of Rs 50 lakh. Know here the details of LIC Term Plan.
Can be bought for 10 years to 40 years
LIC’s Take-Term Policy is a non-linked, without profit, pure protection online term assurance policy. People between 18 years to 65 years can buy this scheme. It can be purchased for 10 years to 40 years. If the policyholder dies due to any reason, then the family gets financial protection through this policy. In such a situation, the sum assured is given to the nominee
In this Tech Term Plan, premium can be deposited in all three modes – Regular, Limited and Single. In the regular premium, you have to pay the premium continuously for the number of years for which you plan. In limited premium, premium has to be paid for 5 years or 10 years out of the total tenure of the policy and while taking the policy in single premium option, all premium has to be paid in one go.
How much premium has to be paid
If someone takes this policy for 20 years at the age of 21, then a premium of Rs 6,438 has to be paid annually and for 40 years a premium of Rs 8,826 has to be paid. On the other hand, if you buy this policy for 20 years at the age of 40, you will have to pay an annual premium of Rs 16,249 and if you buy it for 40 years, you will have to pay an annual premium of Rs 28,886.
Policy highlights
- This policy can be purchased online only.
- If a woman buys this plan of LIC, then a special discount is given in the payment of premium.
- Apart from the death benefit, there is also an option to add the name of the nominee.
- This term plan will work till the policyholder turns 80.
