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Term Insurance 4818 views September 27, 2019
LIC new term insurance plan has changed the way industry perceived term insurance. Being a pioneer in this industry, LIC has always had a first-mover advantage. With preferential premiums, flexible payout facility, etc. it indeed a good-buy.
Table of Contents
LIC tech plan is a non-linked pure life insurance plan which ensures the financial security of the insured person’s family in case of his sudden demise. This is a without profit life insurance policy with no surrender benefit or maturity benefit. The tech term plan was launched by the Life Insurance Corporation of India (LIC) on 1st Sep’19 and is being considered as one of the best term insurance plans available in the Indian insurance market.
Let us have a look at the major features of the plan.
The LIC tech plan is best suitable for those individuals who are working and are in search of an option for ensuring the financial security of their dependents. The LIC tech plan can be purchased by resident Indians only. The benefits of this policy cannot be availed by overseas citizens of India (OCI) or by Persons of Indian Origin (PIO). However, NRIs can purchase the LIV tech term plan during their stay in India and under the condition that the applicant resides in one of the countries permissible as per the guidelines of the Corporation.
An applicant can purchase the LIC tech plan for himself only and should have sufficient income earned by him. The minimum age for purchase of the LIC tech term plan is 18 years and the maximum age is 60 years.
The LIC tech plan is only available for online purchase. An applicant can visit the LIC web portal and fill in all the necessary details. Then the payment has to be completed and the policy document will be received by the applicant at the corresponding address. Premium payment for the LIC tech plan can be made by internet banking, credit card, debit card, e-wallets, etc.
Buying a policy with LIC is safe as the company is one of the most trustworthy insurance companies in the country even today. However, it is always advisable to study the plan carefully and weight pros and cons before investing in the same.