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Are you looking for affordable, reliable life insurance coverage? As the best LIC agent in Kolkata, I’m excited to introduce you to LIC’s New Tech Term plan – a game-changing online term insurance option that provides robust financial protection for your loved ones. In this guide, I’ll break down everything you need to know about this innovative policy.
Table of Contents
Key Takeaways
- LIC New Tech Term is an online-only term insurance plan
- Choose between level or increasing sum assured options
- Flexible premium payment terms available
- High sum assured rebates for larger coverage amounts
- Special rates for women and non-smokers
- Purchase process is quick and entirely digital
What is LIC New Tech Term?
LIC New Tech Term is a non-linked, non-participating, individual pure risk premium life insurance plan. In simpler terms, it’s a straightforward term insurance policy that offers a death benefit to your nominees if something happens to you during the policy term.
The key differentiator? It’s exclusively available online through LIC’s website, making it incredibly convenient to purchase.
Key Features of LIC New Tech Term
Let’s dive into some of the standout features that make this plan worth considering:
- Flexible benefit options: Choose between Level Sum Assured or Increasing Sum Assured
- Multiple premium payment modes: Opt for single, regular, or limited premium payments
- Customizable policy terms: Select a policy term between 10 to 40 years
- Special rates for women: Enjoy more affordable premiums as a female policyholder
- High Sum Assured Rebates: Get discounts for higher coverage amounts
- Non-smoker benefits: Lower rates if you don’t use tobacco products
- Optional riders: Add accidental death coverage for extra protection
How Does the Sum Assured Work?
LIC New Tech Term offers two options for your sum assured:
- Level Sum Assured (Option I): The death benefit remains constant throughout the policy term.
- Increasing Sum Assured (Option II): The sum assured increases by 10% each year from the 6th to 15th policy year, potentially doubling your initial coverage.
Here’s a quick example of how Option II works:
| Policy Year | Sum Assured (% of Basic Sum Assured) |
|---|---|
| Years 1-5 | 100% |
| Year 6 | 110% |
| Year 7 | 120% |
| …… | ……. |
| Year 15+ | 200% (maximum) |
Eligibility and Policy Terms
- Age at entry: 18 to 65 years
- Maximum age at maturity: 80 years
- Minimum Sum Assured: ₹50 lakhs
- Maximum Sum Assured: No upper limit (subject to underwriting)
- Policy Term: 10 to 40 years
Premium Payment Options
LIC New Tech Term offers flexibility in how you pay your premiums:
- Regular Premium: Pay annually or semi-annually for the entire policy term
- Limited Premium: Pay for a shorter duration (policy term minus 5 or 10 years)
- Single Premium: One-time lump sum payment
Pro tip: Opting for yearly payments can save you the 2% modal loading applied to half-yearly premiums.
How to Purchase LIC New Tech Term Online
Buying this policy is a breeze! Here’s a step-by-step guide:
- Visit www.licindia.in and click “Buy Policies Online”
- Select “LIC’s New Tech Term”
- Choose your desired sum assured, option, policy term, and payment mode
- Fill in your personal details
- Pay the premium online
- Complete any additional underwriting requirements
Why Choose LIC New Tech Term?
- Affordable protection: Get high coverage at competitive rates
- Convenience: Purchase entirely online from the comfort of your home
- Flexibility: Customize the plan to fit your needs and budget
- Trusted brand: Backed by LIC, India’s largest life insurer
In Conclusion
LIC New Tech Term offers a modern, flexible approach to term insurance. Its online-only nature makes it perfect for tech-savvy individuals looking for hassle-free coverage. As your trusted LIC agent in Kolkata, I’m here to help you navigate this exciting new option.
Ready to secure your family’s financial future? Don’t hesitate to reach out! Call me, Somenath Naskar, at 7980031260 for personalized guidance on LIC New Tech Term or any other LIC policies.
Remember, the right insurance coverage brings peace of mind. Let’s work together to find the perfect plan for you and your loved ones.
Frequently Asked Questions
Can I add riders to my LIC New Tech Term policy?
Yes, you can opt for the LIC’s Accident Benefit Rider for additional protection against accidental death.
Is there a medical exam required?
Depending on your age, sum assured, and health declaration, you may need to undergo medical tests. The exact requirements will be communicated during the application process.
Can I surrender my LIC New Tech Term policy?
This plan doesn’t offer surrender value for regular premium policies. However, limited and single premium policies may be eligible for a refund under certain conditions.
Is there a grace period for premium payments?
Yes, you get a 30-day grace period for yearly and half-yearly premium payments.
Can I revive a lapsed policy?
You can revive a lapsed policy within 5 years from the date of first unpaid premium, subject to certain conditions and payment of dues.
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