Know LIC Tech Term Plan Benefits, Key Features and Eligibility Criteria

1. Know LIC Tech Term Plan Benefits, Key Features and Eligibility Criteria The Life Insurance Corporation of India has introduced a new online term plan. The LIC Tech Term Plan, also known as Plan 854, is an online-only plan that cannot be acquired in person. The LIC’s Tech Term is less expensive than other term plans offered by the Life Insurance Corporation since it can only be purchased online. In the event of the policyholder's death, the guaranteed individual's nominees will be eligible for a death benefit under the LIC Tech Term Plan. The death benefit can be claimed as a flat sum or in instalments. The death benefit can be claimed in five-year, ten-year, or fifteen-year instalments. Benefits Of LIC Tech Term Plan 1.High Coverage, Low Premium With all of life's risks, it's vital to choose a sum assured that not only covers your family while you're gone but also allows them to keep up with escalating living costs. When you buy a LIC term plan online, you avoid paying broker commissions, significantly decreasing the insurance cost. 2.Payout Benefits The sum to be paid on the policyholder's death will be constant until the end of the fifth year. From the sixth through the fifteenth policy year, the basic sum assured increases by 10% per year until it reaches double the basic sum assured. After the 16th policy year, the new sum pledged remains constant. Instead of a lump-sum payment, LIC now gives death benefits in five, 10, or fifteen-year instalments. 3.Accidental Benefits The most important of all the LIC tech term plan benefits is the potential to raise your coverage by paying the extra premium for an Accidental benefit rider. As a consequence, if the policyholder dies in an event, the rider sum insured, in addition to the death benefit, will be paid as a lump sum. 4.Tax Benefits Premiums and payouts on the LIC term plans in India are tax-deductible. While premiums paid are deductible under Section 80C of the Internal Revenue Code, the payout of the promised sum is also tax-free under Section 10(10D). Eligibility Criteria For LIC Tech Term Plan

2. The following are the main requirements for buying the LIC Tech Term Plan: ●If the applicant is a nonsmoker with no prior medical history, the plan can be acquired without undergoing a medical examination. ●This plan is available to anyone between the ages of 18 and 35 who have an annual income of more than Rs.3 lakh. Up to Rs.75 lakh in sum promised is possible. ●This plan is available to anyone between the ages of 36 and 45 who have an annual salary of more than Rs.5 lakh. Up to Rs.50 lakh in sum promised is possible. ●Premium rates are divided into three categories: aggregator, non-smoker, and smoker. Conclusion For having the LIC tech term plan benefits, you must ensure to be eligible for it. All you need to do is follow the above eligibility criteria properly. Hence, before you apply for the policy, do read all about its benefits.