What is LIC's new tech-term plan?


Editorial team Published on

LIC’s New Tech-Term (Plan No. 954) is a non-linked, non-participating, pure-protection online term insurance plan designed to provide financial security to your family if an unfortunate event occurs.

✅ Key Features & Structure

  • Pure Protection: No maturity benefits, savings components, or cash/surrender value are returned at the end of the term.
  • Online Exclusive: Available directly through the Official LIC India Portal without intermediaries.
  • Special Rates: Offers lower, more affordable premium pricing structures specifically for non-smokers and female policyholders.
  • Minimum Cover: Starts at a basic sum assured of ₹50,00,000 with no upper ceiling limit.

📊 Eligibility & Core Options

  • Entry Age: 18 to 65 years old.
  • Maximum Maturity Age: Up to 80 years old.
  • Policy Term: 10 to 40 years.
  • Sum Assured Choices:
    • Level Sum Assured: The payout remains constant throughout the policy.
    • Increasing Sum Assured: Increases by 10% annually from year 6 to 15, capping at double the base cover.
  • Payout flexibility: Death benefit can be taken as a lump sum or structured in installments over 5, 10, or 15 years.

💡 Strategic Considerations

  • Add-on Rider: You can opt to include an optional LIC Accident Benefit Rider for enhanced protection.
  • No Investment Returns: Because it is a pure risk plan, money paid is strictly for insurance cover rather than wealth generation.