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 |