Why Do You Need An LIC Policy By Your Side?

The LIC tech term plan is a pure protection term insurance policy that is designed to financially cover the policyholder's family in the event of an unexpected death during the policy term. The LIC's new tech-term plan is a non-linked, non-participating online pure risk premium plan that provides considerable coverage for minimal premiums, as well as financial stability for the insured's family in the case of the policyholder's untimely death during the policy term. This package will only be available through an online application process and can be purchased whenever and wherever you choose.

Benefits of LIC Plan

Following are the benefits of a LIC Plan

• Optional Benefits for Payment

The death benefit of this plan comes in two varieties: level sum assured and augmented amount assured.

• The sum assured remains constant throughout the insurance duration.

The amount of the sum assured to be paid on the policyholder's death under this choice remains the same until the end of the fifth policy year. From the sixth to the fifteenth policy year, the basic sum promised grows by 10% every year until it reaches double the basic sum assured. After the 16th policy year, the new sum guaranteed remains the same. LIC now offers death benefits in five, ten, or fifteen-year instalments rather than a flat payment. 

• Rider with Accidental Benefits

The most crucial element of the LIC tech term plan is the opportunity to improve your coverage by paying an additional premium for an Accidental benefit rider. As a result, if the policyholder dies in an accident, the rider sum assured, in addition to the death benefit, will be paid in a lump sum.

• Rider

For a fee, the Accidental Death Benefit Rider can be added to your policy. If you die in an accident, the Rider benefit will be paid in addition to the plan's Sum Assured.

• Benefits from the Tax System

The LIC tech term plan's premiums and payouts are tax-deferred. While premiums paid are tax deductible under Section 80C of the Internal Revenue Code, the promised money is likewise tax-free under Section 10 of the same code (10D).

The LIC Tech Term Plan has certain unique features.

Some of the plan's main features are as follows:

• Between the ages of 18 and 65, the insured must reside.
• The policy has a 10- to 40-year term.
• There is no higher limit on the coverage you can choose, however the minimum sum assured is Rs 50 lakhs. To get death benefits, you have two options: 

Option 1: Keeping the same amount guaranteed; 

Option 2: Increasing the amount guaranteed.

• The insured can pay a monthly premium, a limited premium, or a single premium on an annual or semi-annual basis. 
• If a policyholder is unhappy with the policy's terms and conditions, LIC gives a 30-day free look period during which they can return the policy and obtain a fast refund of their money.
•  At a low cost, you can get a lot of coverage for a little money.
• With all of life's uncertainties, it's critical to choose a sum assured that not only protects your family while you're gone, but also lets them keep up with rising living expenses. You save money on insurance by avoiding broker commissions when you buy LIC technical terms online. 

Conclusion

A Tech term plan has several advantages and features, making it an effective option to protect your family and dependents' financial commitments while you are away.

You may also like to read - Why buying SBI life insurance can change your life?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.