Digital-savvy people may get inexpensive, comprehensive term insurance from LIC’s New Tech-Term plan. This non-linked, non-participating term insurance plan covers risk without market investments or profit-sharing. This makes it appropriate for families seeking financial security without investing goals.
The New Tech-Term Plan of LIC
Pure term insurance from LIC New Tech-Term plan pays policyholders’ families well in event of death. Dependents of the insured may continue their lifestyle, pay off debts, and save for school and housing under the plan. Online sales simplify the approach for contemporary clients that need digital financial management.
Key Features and Flexibility
LIC New Tech Term plan has some striking features such as guaranteed payments ranging from ₹50 lakh to unbounded amounts, depending on underwriting. From minor earning members to mid-aged breadwinners who want to take care of their families for unexpected hazards, the plan can be fine-tuned with their financial needs. Plan covers 18–65–80 year olds. This flexibility helps policyholders associate coverage with their long-term financial objectives and goals for career stability. The insurance term of 10-40 years suits short- as well as long-term coverage.
Financial Security, Death Benefit
The nominee receives a large death benefit if the insured dies during New Tech. The policy’s starting amount, 7 times the yearly premium, or 105% of all premiums paid until death are covered.
This formula guarantees the policyholder’s family has adequate money for immediate and long-term requirements. Living expenses, mortgage payments, and children’s education are covered.
Protect with optional riders
More riders are covered under LIC’s New Tech-Term plan. Among riders:
- The rider ensures extra payout for accident-related fatalities. This helps high-risk professionals and frequent travelers.
- Critical sickness throughout the policy period is covered by the Critical sickness Rider.
- This extra coverage may assist with costly medical bills following a major illness.
- By adding riders, policyholders may ensure their coverage goes beyond life protection to help financially during critical circumstances.
Easy Digital App
In LIC’s New Tech-Term, “Tech” means the plan’s digital accessibility, not only marketing. Online applications reduce paperwork and in-person interactions for policyholders. Digital applications are easy to complete, from selecting the amount and payment method to submitting papers.
Youth who manage money online adore this convenience. It lets clients compare costs, understand insurance terminology, and pick without pressure. Digital processing speeds up applications, allowing policyholders coverage.
Who Should Care About LIC’s Tech-Term Plan?
New Tech-Term provides affordable, high-value coverage. Young professionals with long-term financial obligations should utilize it. Locking on a reduced premium early may safeguard their family financially.
The strategy may help middle-aged people increase life insurance without investing. This plan’s big amount reassures borrowers with substantial liabilities like house or university debts that their family won’t be in debt without them.