LIC Tech Term Plan (Plan 854)

The LIC Tech Term Plan can be purchased by only Indian nationals. Overseas Citizens of India and Persons of Indian Origin cannot apply for this plan. Non-Residents of India can purchase the LIC Tech Term Plan during their stay in the country.  

Types of Sum Assured offered under the LIC Tech Term Plan 

There are 2 kinds of sum assured options at your disposal. They are as follows: 

1. Level Sum Assured Option: Under this option, your sum assured will remain constant over the course of the policy term.  

1. Increasing Sum Assured Option: Under this option, your sum assured will remain the same for the first 5 years. Starting from the sixth policy year until the completion of the 15th policy year, the sum assured shall rise by 10% each year for the next 10 years. By the completion of the 15th policy year, your sum assured will double. The sum assured will remain constant from the 16th policy year till the policy term ends.  

Death Benefit Offered by the LIC Tech Term Plan 

Nominees of the assured individual will be eligible for a death benefit under the LIC Tech Term Plan in case of the demise of the policyholder. The death benefit can be claimed in instalments or as lump sum. The instalment options to claim the death benefit include 5 years, 10 years, and 15 years.   

Eligibility Criteria for LIC Tech Term Plan 

The following are the key eligibility criteria for purchasing the LIC Tech Term Plan: 

1. The plan can be purchased without undergoing a medical examination in case the applicant is a non-smoker and has no past medical history.  
2. Individuals between the ages of 18 and 35 years can purchase this plan provided their annual income exceeds Rs.3 lakh. The sum assured can extend up to Rs.75 lakh.  
3. Individuals between the ages of 36 and 45 years can purchase this plan provided their annual income exceeds Rs.5 lakh. The sum assured can extend up to Rs.50 lakh.  
4. There are 3 types of premium rates, viz. Aggregator rate, non-smoker rate, and smoker rate.  

How to buy LIC Tech Term Plan? 

Since the LIC Tech Term Plan is a purely online plan, you cannot purchase it from a distributor or an agent. You can purchase this plan from the website of the Life Insurance Corporation of India.