LIC’s New Tech-Term Plan 854 10

Online Term Assurance Plan – Tech-Term (Table No 854)

USPs / Features of the Tech-Term Plan

• A Non-linked, Non-participating, Life Term Assurance Plan
• Lower rates for Non-Smoker lives
• Special rates for women
• Attractive High Sum Assured Rebate
• Coverage until age of 80 Years
• Accident Benefit Rider available during PPT under Regular and Limited Premium Policies
• Option to pay premium as Regular, Single or for Limited Period
• Option to take Death Benefit in lump sum and/or installments

ELIGIBILITY CONDITIONS

Entry Age – 18 to 65 years (LBD)
Max Maturity Age – 80 years (LBD)
Min BSA :Rs.50 Lakhs
Max BSA : No Limit
Policy Term – 10 to 40 years
Premium Payment – Single, Regular/ Limited (Yearly / Half-Yearly)

BSA multiples:

• Rs. 5,00,000/- BSA up to Rs. 75,00,000/-
• Rs. 25,00,000/- thereafter

Minimum installment premium:

• Rs. 3,000/- for Regular/ Limited premium policies
• Rs. 30,000/- for Single premium policies

Death Benefit Option

• Level Sum Assured: Death Benefit remains level throughout the Policy Term.
• Increasing Sum Assured: Death Benefit remains level during First 5 Policy Years, increases by 10% of BSA every year for the next 10 years and then remains at that level for the remaining Policy Term.

Premium Payment Options

• Regular Premium (PPT= Policy Term)
• Limited Premium (PPT= Policy Term – 5)
• Limited Premium (PPT= Policy Term – 10)
• Single Premium (PPT= 1)

Premium Rate Differentiation

• Non-Smoker (Male / Female)
• Smoker (Male / Female)

Option to take DB in Installments

• Death Benefit may be taken in installments over chosen period of 5/10/15 yrs instead of lump sum amount
• Flexibility to exercise the option in respect of full or part of claim proceeds
• Installments will be paid in advance subject to minimum installment amount
• Flexibility to exercise this option at proposal stage or during currency of the policy

High Sum Assured Rebate: LIC’s Tech-Term

Option I: Level Sum Assured

	As a % of Tabular Annual/Single Premium
Age Band (LBD)	Less than Rs. 1 Crore	Rs. 1 Crore  to less than Rs. 2 Crore	Rs. 2 Crore and above
<= 30 years	Nil	12%	20%
31 – 50 years	Nil	10%	15%
>= 51 years	Nil	5%	7%

Option II: Increasing Sum Assured

Age Band (LBD)	Less than Rs. 1 Crore	Rs. 1 Crore  to less than Rs. 2 Crore	Rs. 2 Crore and above
<= 30 years	Nil	10%	18%
31 – 50 years	Nil	8%	13%
>= 51 years	Nil	4%	6%

LIC’s Tech-Term: Sample Premium

Policy Term= 10 Years

PPT=10 Years (Regular Premium Policy)

Sum Assured= Rs. 1,00,00,000/-

Mode= Yearly

Category = Non-Smoker

Option 1: Level Sum Assured.

Age (LBD)	Male	Female	Remark (Per Month Equivalent Premium)
20	Rs. 5,456	Rs. 5,192	Male=455, Female=433
30	Rs. 6,248	Rs. 5,896	Male=521, Female=491
40	Rs. 10,260	Rs. 8,460	Male=855, Female=705