LIC Policy: LIC, which has brought more than one beneficial insurance plan for the customers, last year the company launched an insurance policy named Tech-Term 954 in the form of term insurance. Its specialty is that it provides 1000 times the protection of its premium to the customer.
LIC Policy: Life Insurance Corporation of India (LIC) has launched a very special insurance policy for its customers. In this, the insured and his family get the benefit of 1,000 times the sum assured on the premium paid. This means that if you pay a premium of Rs 1, you will get a protection of Rs 1,000. In this policy named Tech-Term 954, the company provides an insurance protection cover of the entire sum assured of Rs 50 lakh to the insured and his family at a premium of Rs 5,000.
Explain that this is a high risk life insurance plan in which financial security is provided to the family in case of unfortunate death of the insured during the policy term. LIC’s Tech term plan can be purchased with two benefit options, Level Sum Assured and Increasing Sum Assured.
- 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 extra 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.
