Top Things you should know about LIC Tech Term Plan

We never thought that a virus can do such harm to us that we would lose so many loved ones. In just one and a half years we lost countless lives across the world. While many families were destroyed, there are even cases where both the parents of a family passed away due to COVID-19 and now the young children are dealing with their life miserably. Situations like COVID-19 may come to our life again and we should be better prepared for it. One of the best ways to secure the future of our families is by buying term insurance when the time is favorable to us. Choosing from so many options of term insurance plans can be a little confusing for many of us. However, you can take a look at the LIC TechTermPlan to get benefits.

It is a non-participating as well as non-linked pure risk premium plan which is one of the best term plans for providing financial security to the family of the policyholder. This plan is considered to be one of the most helpful in an uneventful situation. To buy the plan, you have to follow an online application process, which is absolutely free of hassles. The policy tenure was between 10 to 40 years. The minimum entry age for the term plan is 18 years, while the maximum age is 65 years, and the maturity age is 80 years. You can also enjoy a grace period of 30 days in this plan. The minimum sum assured in this plan is INR 50,00,000 and there is no limit for maximum sum assured. However, there is no loan available on this plan.If you are considering this term plan, here are few things that you should know about it.

Death benefit

If the policyholder passes away within the tenure of the term insurance plan, the beneficiary will get the death benefit. The lump-sum payment received by the beneficiary is equal to 7 times the premium paid in total by the insured. At the time of buying the policy, the policyholder can choose the absolute sum assured at death, which is of two types; increased sum assured and level sum assured. The beneficiary can take the death benefit in installments such as 5, 10, or 15 years.

Surrender benefit

The traditional surrender value is not supported by this term policy. However, if you surrender the policy in both increased sum assured and level sum assured, a certain amount will be refunded to you.

Premiums for the plan

You can activate this plan through a single payment plan, limited payment plan, or a regular payment plan. For a single premium payment, the minimum amount of payment is INR 30,000. For a regular and limited payment plan, the minimum amount of payment is INR 3,000.

Tax benefits

With this term insurance plan, you can enjoy the standard tax benefits.

Additional riders

When you purchase the LIC Tech Term Plan, you will also get additional riders. You can buy the rider benefits along with the base policy. Once you complete 5 years with the policy, the rider can be activated. And under this rider, the beneficiary of the plan will be paid an extra sum assured amount. However, all these will happen only on the demise of the policyholder within the tenure of the term plan.

Documents you need to buy the LIC Tech Term Plan

If you are interested in this policy and want to go ahead and purchase it, you would need certain documents. Here are some of them mentioned below:

• Identity proof: Aadhar Card, Passport, Voter ID
• Income proof: IT returns, Salary Slips
• Address proof: Driving License, Aadhar Card, Voter ID, Passport, Electricity Bill, Ration Card.

How to buy LIC Tech Term Plan Online?

To purchase this plan online, you have to visit the official website of LIC and go to Purchase Plan Online. From the dropdown, you have to select the LIC Tech Term Plan. Now you have to follow certain steps and even submit your documents online. Now to activate your policy instantly, you would be required to make the payments. After scanning, you will also be needed to upload the policy document. If you want to know more about this policy or want to compare it with the other policies, you can visit the website of IIFL.