LIC’s new Tech-Term 954 is a non-linked, non-participating life insurance plan. In this plan of LIC, women get special discount on premium. At the same time, non-smoker customers are also given a discount in premium.
New Delhi. Life Insurance Corporation of India (LIC) has come up with an excellent term plan offering high protection at low premium. This plan is very useful for those who want high risk protection for less money. LIC’s new Tech-Term 954 is a non-linked, non-participating life insurance plan. This policy was launched in November 2022. The special thing is that this plan can be bought only online, that means you will not have to go around the agent. It can be purchased directly by visiting LIC’s website.
It is a high risk life insurance plan that provides financial protection to the family in case of unfortunate death of the life assured during the policy term. LIC’s Tech term plan can be purchased with two benefit options, Level Sum Assured and Increasing Sum Assured.
Features of Tech Term Plan
- In LIC’s Tech Term Plan, the policy holder has the option to choose between lump sum, regular premium and limited premium payment.
- Under this plan, policy holders can opt for payment of benefits in instalments.
- In this plan, policy holders can enhance their policy coverage by opting for accident rider by paying some additional premium.
- The minimum age to enter this plan is 18 years and the maximum age is 65 years, while the maturity age has been kept at 80 years.
- The minimum sum assured in LIC Tech term plan is Rs 50 lakh, while there is no limit on the maximum sum assured. The policy term in this plan is 10 to 40 years.
- Death benefit payable on death of the life assured during the policy term before maturity after the commencement of risk. Since this is a term plan, no benefit is payable on survival of the life assured till the maturity of the policy.
- In this plan, on the death of the policy holder, the death benefit is available in two ways. In this, lump sum payment is made to the family or insurance amount can be taken in installments.
Special discount on premium for women
In this plan of LIC, women get special discount on premium. At the same time, non-smoker customers are also given a discount in premium. In LIC’s plan number 954, separate premium rates have been set for non-smokers and separate premium rates for smokers.
To buy LIC Tech Term Plan, you can directly visit the official website of LIC and buy Tech Term Policy by following the easy necessary steps.
