How to Buy LIC Tech Term Plan 854 Online?

LIC Tech Term Plan 854 is an Online Term Assurance Plan that offers financial protection to the insured’s family. This tech-term policy can be bought online only from anywhere, anytime, at your convenience. LIC’s Tech Term plan provides financial coverage to the insured’s loved ones in the event of his unfortunate demise. This Term Plan 854 is available online only without the involvement of any intermediaries. In this blog, we will learn about the benefits of this plan and the steps to buy the plan online.

What is the LIC Tech Term Plan?

LIC Tech Term Plan is a non-linked, non-participating, pure-risk premium online plan that offers financial backing to the policyholder’s beneficiaries upon his demise during the policy term. The Tech Term plan has two major benefit alternatives – Level Sum Assured and Increasing Sum Assured. This plan has no maturity benefit as it is a term life insurance policy. Other than offering financial protection to your family, the Tech Term plan can also help meet your future needs, such as a child’s marriage, education and so on.

Key Features of the LIC Tech Term Plan

Some of the key features of the LIC Tech Term Plan are:

Two Death Benefits

The plan offers two death benefit options. The first one, “Level Sum Assured”, maintains the sum assured to be constant throughout the policy term. The second one, “Increasing Sum Insured”, increases the sum assured amount of the policy by 10% for the next 10 years after 5 years of continuous coverage. 

Flexible-Premium Payment

The Tech Term Plan offers the insured the flexibility to choose from the available premium payment options such as regular premium, single premium, and limited premium payment. 

Free Look Period

If the policyholder is dissatisfied with the terms and conditions of the Tech Term policy, there is a free look period of 30 days with this plan, during which he can return the policy and claim the premium refund.

Special Discounts

The Tech Term Plan offers attractive discounts for special categories such as women, policies with high sum assured, and non-smokers that can help policy buyers to save significant amounts of money. 

Rebates on Sum Insured

If the policy has a large sum assured amount, the  LIC Tech Term plan gives special rebates. If the sum assured amount is greater than 1 crore, policyholders can save significantly on their premiums. 

Key Exclusions

There are two main exclusions under this plan for Single Premium and Regular/Limited Premium. For Single Premium plans, if the policyholder commits suicide within a year of the policy purchase date, the beneficiary can claim only 90% of the single premium amount paid.

For Regular Premium plans, if the policyholder dies by suicide within a year of the policy purchase, the nominee is eligible to claim only 80% of the premiums paid. 

Eligibility Criteria for LIC Tech Term Plan

Steps to purchase LIC Tech Term Plan 854 Online

You need to follow the steps given below to buy the LIC Tech Term Plan online:

1. Visit the official website of the Life Insurance Corporation of India or LIC E-Services 
2. On the home page, click “Buy a New Policy” on the top menu bar. You will be directed to the LIC online sales page.
3. On this page, you will see the list of all available online plans. Click on “Term Insurance”.
4. On the next page, you will see the list of term insurance plans. You can see the LIC Term Tech plan under it.
5. Click the option “Buy Online”.
6. This will take you to the next page, where a Unique Identification Number (UIN) will be generated and shown. Choose “Click to Buy Online”.
7. On the next page, you will be asked for a list of documents that you will need to upload. Upload them and click on “Proceed”.
8. Now, you will be asked to enter all your personal information, such as Name, Date of Birth, Email, Address, and Mobile number. Enter the details accurately and click on “Proceed”.
9. Then choose your required Sum Assured, Policy term, Premium payment method and other options.
10. An online premium calculator will be displayed that will compute the premium based on the information you entered.
11. Next, you can choose the premium payment mode and pay the premium online.
12. Finally, you will receive a message and an email of acknowledgement from the LIC about the payment, along with the policy number.

Documents Needed to Purchase the LIC Tech Term Plan Online

To buy a LIC Tech Term plan, the insurer must provide certain documents as follows:

Documents for Proof of Identity

• Aadhar card
• Passport
• Voter ID

Documents for Proof of Address

• Aadhar card
• Utility Bills
• Driving license
• Ration card
• Passport
• Voter ID

Proof of Income

• Income Tax Returns
• Pay slips

Benefits of the LIC Tech Term Plan

The benefits provided by the LIC Tech Term plan are:

• More Coverage at an affordable premium – To manage the uncertainties of life and ensure that your loved ones are financially secure in your absence, it is crucial to choose a policy such as the Tech Term plan with a sum assured that can manage your family and the increasing expenses. Moreover, when you buy the Tech Term Plan online, there are no brokers or intermediaries, thereby lowering the premium amount. 
• Accidental Benefit Rider – The Tech Term plan offers the option to extend your coverage by including the Accidental Benefit Rider for an extra premium amount. With the accidental benefit rider, when the policyholder dies due to an accident, the sum assured of the rider will be paid as a lump sum to his nominees along with the death benefit. 
• Death Benefit – If the insurer dies during the policy term, the nominees will receive the death benefit. This benefit offers full-proof protection to your loved ones in the unfortunate event of your demise.
• Tax Benefits – There are tax benefits under LIC Tech Term on the payouts and premiums. While the premiums are eligible for tax deduction under Section 80C, the sum assured is tax-free under Section 10 (10D) of the Income Tax Act.

Conclusion

LIC Tech Term Plan 854 is a comprehensive, safe, and reliable term insurance plan that can act as a financial security net for your family in your absence. This is a very convenient plan as it can be purchased online anytime from anywhere. The plan offers several benefits, such as flexibility in premium payment, the option to enhance coverage and high sum assured amounts.

FAQs

• Can one avail of a loan against the Tech Term policy?

No loan facility can be availed under the LIC Tech Term plan.

• What is the accidental rider benefit of the Tech Term plan?

With the accidental rider benefit, the beneficiaries will get additional money along with the sum assured in the event of the death of the insured due to an accident during the policy term.

• How can I change the nominee of my Tech Term policy?

You must send Form 3750, nominee’s relationship to the policyholder verification, the policy bond and a photocopy of the policy to LIC.

• Is there any medical checkup required to buy the Tech Term policy?

You do not need to take any medical examination to buy the Tech Term policy, but you must fulfil the health eligibility requirements mentioned in the policy documents.

• Is there any difference in premium based on gender for the Tech Term policy?

Yes. The LIC Tech Term policy offers special rebates and discounts for female policyholders.