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LIC Plan: Death benefit 7 times of annualised premium; know policy details, step-by-step guide to buy online

The LIC New Tech Term is an online plan which offers financial protection to the family of an insured in case of unfortunate death during the policy term.

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DNA Web Team

Updated: Mar 25, 2023, 08:36 PM IST

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The New Tech Term plan is one of the newest schemes from country’s leading insurer Life Insurance Corporation (LIC). It introduced the New Tech Term plan in November 2022 as a ‘Non-Linked, Non-participating, Individual, Pure Risk Premium Life Insurance Plan’.

The New Tech Term is an online plan which offers financial protection to the family of an insured in case of unfortunate death during the policy term. The key features of the plan are two benefit options (Level Sum Assured and Increasing Sum Assured), flexibility to choose between single premium, regular premium and limited premium payment.

The Tech Term Plan offers special rates for women, attractive high sum assured rebate and option of receiving benefit in instalments. The policy offers death benefit, “Sum Assured on Death”, as the highest of 7 times of Annualised Premium; or 105% of “Total Premiums Paid”; • absolute amount assured to be paid on death for regular premium. For single premium policy, “Sum Assured on Death” is higher of, 125% of Single Premium, or Absolute amount assured to be paid on death. Prospective customers should note that New Tech Term does not offer maturity benefit to the insurer on survival to the end of the policy term.

LIC New Tech Term policy details

- 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 Basic Sum Assured: No Limit 
- Policy Term : 10 to 40 years 

How to purchase LIC New Tech-Term policy online, check step-by-step guide

- Go to the official LIC website www.licindia.in. 
- Click on ‘Buy Policies Online’ 
- Select New Tech Term plan
- Click on ‘Buy Online’ 
- Choose desired Sum Assured, Sum Assured option, Policy Term, Premium Payment option - and Premium Payment Mode, Date of Birth, Gender and Smoking status
- Premium calculator will calculate the premium for the chosen parameters entered by customer
- Fill other details like name, address, occupation, qualification etc. to complete proposal form 
- Pay premium online, fulfil underwriting requirements, if any

Prospective customers should refer to the official LIC New Tech Term policy sales document for all policy details.

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