How to buy lic tech term plan online? | How to purchase lic tech term plan?
How to buy lic tech term plan online? | How to purchase lic tech term plan?
The LIC TECH TERM PLAN is a popular Term life insurance plan by the Life Insurance Corporation of India (LIC). If you're interested in purchasing LIC's TechTerm Insurance policy online, here’s a step-by-step guide to help you through the process: Today i will discuss about "How to buy lic tech term plan online". I want to share about LIC TECH TERM PLAN - is this only pure Insurance plan.
Now world is coming Digitalization day by day system is updated Hence now possible to buy online policy online. Here today i am telling "How to buy policy online from lic"
 |
| How to buy lic tech term plan online? | How to purchase lic tech term plan? |
LIC's New Tech-Term policy is a pure life cover policy. Under this insurance policy, against payment of regular premium, the insurer agrees to pay your beneficiaries the sum assured in event of your premature death during policy term. However, if you survive till the end of the policy term, nothing is payable to you.
LIC's NEW TECH-TERM plan is 512N351V01.
LIC's New Tech-Term is a Non-Linked, Without Profit, Pure Protection Online Term Assurance Plan which provides financial protection to the insured's family in case of his/her unfortunate demise.
This plan will be available through online application process only and no intermediaries will be involved.
Features of LIC Tech Term Insurance Plan
Individual Pure Risk Premium Life Insurance plan.
Differential premium rates for Smoker/Non-Smoker lives.
Proposal on own life ONLY will be considered
Option 1: Level Sum Assured.
Option 2: Increasing Sum Assured.
Optional Rider benefit : Accident Benefit Rider UIN (512B203V03):
LIC’s Accident Benefit Rider is available as an optional Rider by payment of an additional premium.This rider shall not be available under Single Premium policies.
Benefits of LIC Tech Term Plan
Policy benefits on Death:
In case of unfortunate death of the Life Assured during the policy term Sum Assured shall be payable.
In case of death by way of an accident, the accident-benefit rider sum-assured (if/as opted) shall be payable subject to the restrictive clause of overall limit of Rs.100 Lakhs (for all LIC’s policies put together).
Maturity Benefit
On survival to the end of the policy term, nothing shall be payable and contract will terminate automatically.
Eligibility
Minimum age at entry
18 years (Last Birthday)
Maximum age at entry
65 years (Last Birthday)
Maximum age at Maturity
80 years (Last Birthday)
Minimum Basic Sum Assured
Rs. 50,00,000
Maximum Sum Assured
No limit (subject to sum-assure multiple restrictions)
Minimum policy term
10 years
Maximum policy term
40 years
Premium Paying Term
Regular Premium : Same as policy term
Limited Premium : [Policy Term minus 5] years for Policy Term 10 to 40 years.
Limited Premium : [Policy Term minus 10] years for Policy Term 15 to 40 years.
Limited Premium : [Policy Term minus 10] years for Policy Term 15 to 40 years.
Minimum Premium
The minimum installment premium will be
Rs. 3,000/- for Regular/ Limited premium policies and
Rs. 30,000/- for Single premium policies.
Mode of installment premium payment
Yearly/Half-Yearly OR as Single premium
Eligible life
The individual life-proposed must have own “earned income”.
One cannot propose/register a proposal for anyone other person other than self.Key Man Insurance (KMI)/Partnership/Employer-Employee Cover will not be allowed.
The life-proposed should be Resident Indian residing in India. He should not be Overseas Citizen of India(OCI)or Person of Indian Origin(PIO).
Non-Resident Indian (NRI) also can apply while their stay in India subject to the condition that the applicant is residing in any one of the permissible countries(List of permissible countries are provided in the section know your premium on website :www.licindia.in).
General rules of Financial eligibility and Restrictions :
Please check your indicative financial eligibility before filling online proposal form
| Age at Entry | Maximum allowable Total Rated-up Sum Assure as multiples of average of last 3 years income(For indicative purpose - subject to acceptance by LIC) |
|---|---|
| Upto 35 Years | 25 times |
| 36 To 45 Years | 20 times |
| 46 To 55 Years | 15 times |
| Above 56 | 10 times |
Restrictions :
Decision of the LIC’s underwriters will be final and no kind of representation will be entertained by LIC.
Proposals may get dropped/declined/postponed - because of less income, not fulfilling the above criteria(s) or for any other reason as per LIC’s rules. Proposal-Deposit paid by life-proposed will then be refunded in such condition after deducting Cost of Medical Tests – including Service Charges with applicable GST. No Interest is paid on Proposal Deposit.
Minimum own earned Income required is Rs.3.00 Lakh per annum. Pension, Income from Rent, Interest Income etc. will not be considered to decide the eligibility of the Plan.
This Plan is not allowed to Housewife and Pregnant Ladies. Also, for female lives, proposals may be submitted after six months from the date of last delivery.
Major students may apply only against “Collateral Security for Education Loan”. Other this plan will not be allowed to major students.
Minimum Qualification for this Plan is 12th Standard Pass or equivalent.
Risk coverage on life will start only after acceptance and completion of Proposal by LIC through allotment of Policy Number.
How to buy lic tech term plan online?
LIC’s New Tech-Term (UIN: 512N351V01)
(A Non-Par, Non-Linked, Life, Individual, Pure Risk Plan)
1. Lic Tech Term Plan benefits are payable under an in-force policy:
A) Death Benefit:
Death benefit payable on death of the Life Assured, during the policy term after the date of commencement of risk, but before the
stipulated Date of Maturity provided the policy is in-force shall be “Sum Assured on Death”.
For Regular premium and Limited premium payment policy, “Sum Assured on Death” is defined as the highest of:
7 times of Annualised Premium; or
105% of “Total Premiums Paid” upto the date of death; or
Absolute amount assured to be paid on death.
For Single premium policy, “Sum Assured on Death” is defined as the higher of:
125% of Single Premium.
Absolute amount assured to be paid on death.
Absolute amount assured to be paid on death shall depend on Death Benefit Option chosen at the time of taking this policy and is as
under:
Option I: Level Sum Assured
Absolute amount assured to be paid on death shall be an amount equal to Basic Sum Assured, which shall remain the same
throughout the policy term.
Option II: Increasing Sum Assured
Absolute amount assured to be paid on death shall remain equal to Basic Sum Assured till completion of fifth policy year. Thereafter,
it increases by 10% of Basic Sum Assured each year from the sixth policy year till fifteenth policy year till it becomes twice the Basic
Sum Assured. This increase will continue under an in-force policy till the end of policy term; or till the Date of Death; or till the
fifteenth policy year, whichever is earlier. From sixteenth policy year and onwards, the Absolute amount assured to be paid on death
remains constant i.e. twice the Basic Sum Assured till the policy term ends.
For example, Absolute amount assured to be paid on death under a policy with Basic Sum Assured of Rs. X will be Rs. X till the end
of fifth policy year, Rs. 1.1X during the sixth policy year, 1.2X during seventh policy year, increasing so on by 10% of Basic Sum
Assured each year till it becomes 2X in fifteenth policy year. From sixteenth policy year and onwards, the Absolute amount assured to
be paid on death will be 2X.
Policy Document LIC’s New Tech-Term (UIN: 512N351V01) date 01.10.2024 Page 7 of 15
The Death Benefit Option once chosen cannot be changed later and is as mentioned in the Schedule.
The Death Benefit shall be paid in lump sum as specified above and/or in instalments, as specified in Condition 8 of Part D of this
Policy Document, as per the option exercised by the Life Assured.
B) Maturity Benefit:
No Maturity Benefit shall be payable on the Life Assured surviving the stipulated Date of Maturity.
2. Rider Benefits:
The following optional rider (or amended versions of this) shall be available on payment of additional premium:
LIC’s Accident Benefit Rider is available as an Optional Rider under Regular Premium and Limited Premium payment policies only.
Under an in-force policy, this rider can be opted for at any time during the Premium Paying Term of the Base Policy, provided the
outstanding Premium Paying Term of the Base Policy is atleast five years. The cover under this Rider shall be available during the
Premium Paying Term only or upto the policy anniversary on which the age nearer birthday of the life assured is 70 years, whichever is
earlier.
Conditions of the Rider, if opted, is enclosed as endorsement to this policy.
3. Payment of Premiums (Applicable in case of Limited and Regular Premium payment policies only):
(a) The policyholder has to pay the Premium on the due dates as specified in the Schedule of this Policy Document along with applicable
taxes, if any, from time to time.
(b) In case of death of Life Assured under an in-force policy wherein all the premiums due till the date of death have been paid and
where the mode of payment of premium is other than yearly, balance premium(s), if any, falling due from the date of death and before
the next policy anniversary shall be deducted from the claim amount.
The Corporation does not have any obligation to issue a notice that premium is due or for the amount that is due.
4. Grace Period (Applicable in case of Limited and Regular Premium payment policies only):
A grace period of 30 days shall be allowed for payment of yearly or half yearly premiums from the date of First unpaid premium. If the
premium is not paid before the expiry of the days of grace, the Policy lapses.
If the death of the Life Assured occurs within the grace period but before the payment of the premium then due, the policy will still be
valid and the benefits shall be paid after deductions of the said unpaid premium as also the balance premium(s), if any, falling due from
the date of death and before the next policy anniversary.
The above grace period will also apply to Rider premiums which are payable along with premium for Base Policy.
How to buy lic tech term plan online? | How to purchase lic tech term plan?
You can buy the LIC Tech Term Plan online directly from LIC’s official website. Here’s a step-by-step guide:
Step to buy lic tech term plan online? | Step to purchase lic tech term plan?
1. Visit the Official LIC Website
Go to the LIC website: https://licindia.in.
Navigate to the "Buy Policies Online" section.
2. Select LIC Tech Term Plan
Look for LIC Tech Term Plan (Plan No. 954).
Click on the plan to get detailed information.
3. Review Plan Details
Read the product brochure and terms and conditions.
LIC Tech Term is a pure protection plan, which provides a high life cover at a relatively low premium.
4. Use the Premium Calculator (Optional)
LIC’s website provides a premium calculator to estimate your premium based on your age, coverage amount, and policy term.
You can adjust the sum assured, premium paying term, and policy term to suit your needs.
5. Click on ‘Buy Online’
After reviewing details, click on “Buy Online” to proceed with the application.
6. Fill in Personal & Medical Details
Complete the online application form with personal information, including contact and medical details.
You may need to upload relevant documents, such as age proof, identity proof, and address proof.
7. Select Riders (Optional)
LIC Tech Term Plan offers optional riders, such as Accidental Death Benefit, which you can choose to add.
8. Pay the Premium Online
Choose a payment method (net banking, credit/debit card, UPI).
Complete the transaction.
9. Receive Policy Documents
Once payment is successful, LIC will process your application.
After approval, you’ll receive the policy documents by email.
Additional Tips:-
Medical Test: LIC may require a medical test based on age, sum assured, and health disclosures.
Nomination: Ensure you add a nominee to the policy.
Follow Up: If needed, you can contact LIC customer support for updates.
This online process allows you to purchase the LIC Tech Term Plan easily without visiting a branch.
Additional Tips
You can also get guidance from LIC’s online support or reach out to their customer care if you need assistance during the process.
LIC agents also offer the option to help purchase the policy online if you prefer extra assistance.
Which document required for Tech Term Insurance Plan?
Join the conversation