Some time ago I have LIC Jeevan Amar (LIC Jeevan Amar Plan 855) discussed aboutLIC Jeevan Amar is a term plan that you can buy with the help of your agent. Along with this, LIC has also started an online term plan LIC Tech Term (LIC Tech Term Plan, Plan 854).
Today in this post let's discuss about LIC Tech Term (LIC Tech Term).
LIC Tech Term (Plan 854): Complete details (LIC Tech Term plan in Hindi)
LIC Tech Term is a term insurance plan. If the holder dies during the policy term, the nominee gets the sum assured. If the policyholder is alive at the end of the policy term, then nothing is paid.
You can only buy this plan online. This is the biggest difference between LIC Jeevan Amar and LIC Tech Term . You cannot buy LIC Jeevan Amar online and you can buy LIC Tech Term
Entry Age : 18 to 65 years
Maximum Age at Maturity : 80 years
Minimum Sum Assured : Rs 50 lakh
Maximum Sum Assured : There is no limit
Policy Term _ _ to 40 years
Premium Payment Options : Single Premium, Limited Premium plan, Regular premium . In a single premium plan, you have to pay the premium only once. In limited premium option, you have to pay the premium for a certain number of years. In the regular premium option, you have to pay during the entire policy term.
You have two options for life insurance.
Level Sum Assured : Your life insurance amount remains the same throughout the policy term. Suppose you buy an insurance of Rs 50 lakhs. The policy term is 20 years. Your life cover will remain the same for Rs 50 lakh during the entire term.
Increasing Sum Assured : Life insurance remains the same for the first 5 years. Sum Assured increases by 10% every year from 6th year to 15th policy year. Suppose you buy an insurance of Rs 50 lakhs. The policy term is 20 years. Life insurance for 5 years will remain Rs 50 lakh only. 10% increase every year from 6th year onwards. The maximum can be double of the Basic Sum Assured, i.e. 1 crore. Insurance will be 55 lakhs in 6th year, 60 lakhs in 7th year, 65 lakhs in 8th year, 70 lakhs in 9th year, 75 lakhs in 10th year. By doing this, in the 15th year the insurance will be Rs 1 crore. After this there will be no increase in the sum insured. From 16th to 20th year, the sum assured will remain Rs 1 crore only.
Because insurance is getting more in Increasing Sum Assured, your premium will also be higher.
Death Benefit Options : In case of death during the policy term, you can take the sum assured as a lump sum. You also have the option of taking the sum assured in instalments. You can opt for installments of 5, 10 or 15 years.
Maturity Benefit : Since this is a term plan, nothing will be available at the end of the policy term .
If you are a smoker, then your premium will be higher. If you state that you are a non-smoker, then you will be given a Urine Cotinine test for confirmation.
The premium will be slightly lower for women.
Since Jeevan Amar is a term plan, you cannot take a loan against this policy.
Surrender Value: There will be no surrender value for regular premium plans. If limited or single premium option is chosen, some premium will be returned on surrender of the policy.
You can add Accidental Death Rider with LIC Jeevan Amar.
LIC Tech Term: Death Benefit (Death Benefit in LIC Tech Term)
If the policyholder dies during the policy term, the sum assured will be given to the nominee. The sum assured can be taken in lump sum or in installments for 5, 10 or 15 years.
LIC Tech Term Plan 854: Maturity Benefit in LIC Tech Term
LIC Jeevan Amar is a term insurance plan. If you are alive at the end of the policy term, you will get nothing.
LIC Tech Term: Tax Benefit (Tax Benefit in LIC Tech Term Plan)
Only premium payment, you will get tax benefit of up to Rs 1.5 lakh under section 80C.
In case of death of the holder during the policy term, no tax will have to be paid on the amount received.
What is the premium for LIC Tech term plan? (Premium for LIC Tech Term Plan)
The premium will depend on your entry age, sum assured, policy term and premium payment mode. Also, the premium will also depend on whether you are a smoker or not.
0 Comments