The LIC Tech-Term plan is an excellent choice if you wish to secure the future of your family. It is a pure-risk premium plan that provides financial protection to the insured and his/her dependents. The benefits of this plan include a lump sum benefit that is seven times the annualized premium, which is 105% of the total premium paid. The plan also offers accident benefits through Accident Benefit Rider.
LIC’s tech-term plan has a number of important features that set it apart from its competitors. It is slightly higher in premium than other term plans, but it offers a special lower rate for non-smokers and women. It also provides the advantage of a ‘rolling’ limit on the payout. This feature is particularly important if your income is likely to fluctuate in the future.
The Tech Term Plan is available only online. This plan provides coverage for a term of up to 40 years. It also offers a 30 day money back guarantee. Premiums can be paid yearly or biannually. If you’d like, you can also opt for limited premium payments. This is a convenient way to pay the premiums without compromising the coverage amount.
The LIC Tech Term plan comes with tax benefits as standard. You can choose between 10 and 40 years for the maximum tenure of the policy. It is available in the online mode only and can be purchased by resident Indians. Non-resident Indians can also apply for it, provided they have a citizenship of India. However, this plan is not available to FNIOs or Green Card holders.