Stories
LIC New Tech Term Plan Offers Rs 1 Crore Insurance Cover
- •The LIC New Tech Term Plan is a purely online term insurance policy designed to provide high coverage at low premiums.
- •The minimum sum assured under this scheme is Rs 50 lakhs, with no specific limit for the maximum sum assured.
- •Individuals aged between 18 and 65 years are eligible to apply for this policy, with maturity age ranging from 28 to 80 years.
- •It offers two death benefit options which are Level Sum Assured and Increased Sum Assured.
- •Policyholders can opt for an accidental benefit rider by paying an extra premium to secure triple the sum assured in case of accidental death.
Key Questions Answered
Individuals wishing to purchase LIC's New Tech Term Plan must be between 18 and 65 years of age, with the minimum age at maturity being 28 years and the maximum age 80 years. The minimum sum assured offered under this scheme is Rs. 50 lakhs, while there is no specific limit for the maximum sum assured.
Under the 'Level Sum Assured' option, the insurance coverage remains unchanged throughout the policy term. In contrast, under the 'Increased Sum Assured' option, the coverage remains constant for the first five years and then increases by 10 percent of the initial amount every year, reaching a 100 percent increase by the 15th year.
By paying an extra premium to choose the additional 'accidental benefit rider' facility, the policyholder's family will receive three times the sum assured if the insured person dies due to an accident, subject to applicable terms and conditions.
