LIC New Tech Term Plan: Death Benefits, Details, and Step-By-Step Guide on How to Apply

One of the newest products from the top insurer in the nation, Life Insurance Corporation, is the New Tech Term plan (LIC). Described as a "Non-Linked, Non-participating, Individual, Pure Risk Premium Life Insurance Plan," it unveiled the New Tech Term plan in November 2022.

The New Tech Term is an online plan that provides financial security to an insured's family in the event of a tragic death during the policy term. The Level Sum Assured and Rising Sum Assured benefit options, as well as the freedom to choose between single premium, regular premium, and limited premium payment, are the plan's primary advantages.

The Tech Term Plan offers appealing high-sum assured rebates, unique rates for women, and the choice of obtaining benefits in installments. The policy's "Sum Assured on Death" benefit is the highest of 7 times the annualized premium, 105% of the total premiums paid, and the absolute amount guaranteed to be paid in the event of regular premium payment.

The "Sum Assured on Death" for a single premium policy is greater than 125% of the single premium or the absolute amount guaranteed to be paid upon death. It is important for potential customers to know that New Tech Term does not provide maturity benefits to the insurer upon the continuation of the policy term.

Details of the LIC New Tech Term insurance:

1. Entry Age Requirement: 18 Years (Last Birthday)

2. 65 years of age maximum for entrance (Last Birthday)

3. 80 years is the maximum age at maturity (Last Birthday)

4. Basic Sum Assured Minimum: Rs. 50,00,000/- Basic Sum Assured Maximum: No Limit

5. Ten to forty years policy term.

How to Apply for the LIC New Tech Term Plan?

• Visit the LIC India website at www.licindia.in.

• Pick the New Tech Term plan by selecting "Purchase Policies Online"

• Choose desired Amount Assured, Sum Assured option, Policy Term, Premium Payment option, and Premium Payment Mode, along with Date of Birth, Gender, and Smoking status by clicking "Purchase Online."

• Fill out additional information, including as your name, address, occupation, and qualifications, to complete the proposal form. Pay your premium online and, if applicable, fulfill any underwriting requirements.

• For full insurance information, prospective clients should consult the official LIC New Tech Term policy sales document.