LIC Tech Term Review is written for those planning to buy a new term insurance policy. It provides various features such as an online premium calculator, Death benefit options, a free look period, and a non-linked plan. It is also one of the market’s most affordable term insurance plans.
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The online Lic Tech premium calculator helps customers to estimate the premium amount by entering the required details. You must enter the details honestly and accurately to receive an accurate result. It is essential to provide all the required documents, including valid ID proof (like a PAN card, Aadhar card, or driving license). The policy provides a regular payout equivalent to the sum assured (SA), and this amount remains unchanged throughout the policy’s tenure.
The premium rate of a LIC Tech term plan varies according to the policyholder’s gender. The premium amount for a female policyholder will be significantly less than that of a male. This is because the policy will be in her name.
Death benefit options
Regarding death benefits, LIC Tech Term and Jeevan Amar plans offer several options. For example, you can choose to receive death benefits in monthly installments or yearly payments. You can also choose to receive death benefits at the time of death. This flexibility is ideal for people who may not be able to manage large sums of money.
Death benefit options include the level, and escalating sum assured. With the former, the death benefit will increase at 10% every ten years, while the latter will remain constant after the 16th year. Both options have different terms and conditions, and you may choose the payment method that is best for you.
Free look period
The free look period is a 30-day grace period wherein you can cancel your plan and get a refund of premiums paid. If you do not want to renew your plan, you can also opt for a cash payout. You can also purchase a plan that includes an annual or biannual payment schedule. You can also choose a limited premium option if you want to pay less often.
The LIC Tech Term Review premium rates differ for women, men, and smokers. This plan does not offer maturity benefits. However, it is a great way to protect your family if you die financially. In addition, the policy requires regular premium payments. You can choose to make them monthly or annually. If you decide to cancel the policy, you can return it to LIC within the first thirty days of purchase.
Non-linked plan
The LIC Tech Term is a new term insurance plan that has promising features. It has a low premium rate and can be purchased online. Unlike the traditional linked insurance plans, it allows customers to choose the death benefit option that will be most beneficial to their family. This plan is also flexible, so policyholders can customize the plan to fit their lifestyle.
This plan also features a limited pay option, or rolling limited pay option, that allows for premium payments to be made early. This is useful for those with uncertain incomes in the future. A lump-sum option, on the other hand, lets you pay a hefty amount upfront if you die prematurely.
Policyholders of Indian origin not eligible
LIC Tech term insurance is a term plan that lets you pay premiums online. It offers a death benefit, surrender benefits, tax benefits, and accidental benefit riders. The plan can be purchased as a lump sum or in installments over five, ten, or fifteen years. Premiums are paid yearly. It also offers tax savings under Section 80C of the 1961 Income Tax Act.
LIC Tech policyholders can pay the death benefit in installments. The death benefit can be paid over 5, ten, or fifteen years. The premiums can be paid yearly, half-yearly, quarterly, or monthly. The premium payment method depends on the type of policy you have.