Have you heard about LIC’s New Tech Term Plan? It’s a simple life insurance plan that can give you and your loved ones financial protection. You don’t need to worry about investing your money – this plan takes care of that for you.
If something happens to you during the plan’s term, your family will get money to help them. This way, they can still have the things they need and live the way they’re used to. Plan No. 954 makes sure they’ll be okay.
What Makes LIC’s New Tech Term Special?
When you choose Plan No. 954, you can decide how your loved ones will get money if something happens to you. You can choose to give them the same amount of money throughout the plan, or have the money increase over time.
You also get to choose how you pay for the plan. You can pay all at once, make regular payments, or pay for a limited time. Pick the way that works best for you and your budget.
If you change your mind after buying the plan, don’t worry! You have 30 days to look it over. If you’re not happy, you can return it easily within this time.
- Ladies get special prices, and if you buy more coverage, you pay less for each part
- Smokers and non-smokers get different prices to be fair
- When you buy a lot of coverage (Rs. 1 crore or more), you get a big discount
Who Can Buy This Plan?
To get LIC’s New Tech Term Plan, check the list below to see if you fit:
| Rule | What It Means |
|---|---|
| Youngest Age | You must be at least 18 |
| Oldest Age to Start | You can’t be older than 65 |
| Oldest Age When Plan Ends | The plan must end by age 80 |
| How Long Plan Lasts | 10 to 40 years |
| Smallest Coverage Amount | Rs. 50,00,000 is the minimum |
| Largest Coverage Amount | No maximum – get as much as you need |
How Much Does It Cost?
The price you pay for LIC’s New Tech Term depends on a few things: your age, if you’re male or female, if you smoke, how long you want the plan, how you’ll pay, and how much coverage you choose.
To give you an idea, here are some sample prices for Rs. 1 crore of coverage, paid each year:
| Age | Male/Female | Smoker? | Plan Length | Yearly Cost |
|---|---|---|---|---|
| 30 | Male | No | 20 years | Rs. 9,720 |
| 35 | Female | No | 30 years | Rs. 12,338 |
| 40 | Male | Yes | 25 years | Rs. 32,985 |
How Does the Death Benefit Work?
LIC’s New Tech Term Plan is designed to take care of your loved ones if something happens to you while you have the plan. If you pass away during this time, the plan will pay money to the people you choose to help them in the future.
Option 1: Level Sum Assured
If you choose the Level Sum Assured, the people you pick will get the same amount of money you decided on when you bought the plan. This amount won’t change, so you can be sure they’ll have the money you wanted them to have.
Option 2: Increasing Sum Assured
The Increasing Sum Assured option goes an extra step to take care of your family. From the 6th year of your plan to the 15th year, the money they’ll get will go up by 10% each year. This keeps happening until the amount is twice what you originally chose. It’s a way to give them even more help as time goes on.
Extra Ways to Protect Your Family
You can make your LIC New Tech Term coverage even better by adding the Accidental Death Benefit Rider. If you pay a bit more, your family will get extra money if you pass away because of an accident. This gives them more support during a very hard time.
You can also choose to have the money paid to your family spread out over 5 years instead of all at once. This can make it easier for them to manage. The smallest amounts for each payment depend on how often you want the payments made. For monthly, it’s Rs. 5,000. For every 3 months, it’s Rs. 15,000. For every 6 months, it’s Rs. 25,000. And for yearly, it’s Rs. 50,000.
Important Things to Know
There are some times when the plan won’t pay, especially if the person who has the plan takes their own life. The rules are a bit different based on how you chose to pay for your plan:
- If you paid for the whole plan at once and the person passes away by suicide within the first year, 90% of what you paid will be given back to the people you chose.
- If you’re paying for the plan over time and the person passes away by suicide within the first year of starting the plan or restarting payments, 80% of what you’ve paid so far will be given back.
Questions You Might Have
Can I borrow money from this plan?
LIC’s New Tech Term Plan is all about making sure your loved ones have money if something happens to you. It’s not meant for borrowing money. The whole idea is to give your family a safety net, not to be a way for you to get loans.
What if I’m late on a payment?
We know that sometimes it can be hard to pay on time. That’s why Plan No. 954 gives you an extra 30 days to make your payment if you pay every year or every 6 months. This grace period lets you keep your plan going without any gaps in your protection.
Do I need a doctor’s check-up to get this plan?
Whether you need a medical exam to get LIC’s New Tech Term depends on a few things. Our team will look at your age, health, any past illnesses, and how much coverage you want. Based on that, they’ll decide if you need to see a doctor before we can give you the plan.
What’s the best way to buy LIC New Tech Term?
Getting this plan is quick and easy. You can buy it online by going to the LIC website at https://licindia.in. Just look for the “Online Plans” section and follow the steps. Or, if you prefer, you can visit your nearest LIC office and talk to our helpful staff. They’ll walk you through everything and help you get started.