In today’s fast-paced world, securing the financial future of your loved ones is paramount. One way to ensure their well-being is by investing in a reliable life insurance policy. LIC, a trusted name in the insurance industry, has introduced a cutting-edge product – the LIC Tech Term Plan. In this comprehensive guide, we will delve into the various aspects of this plan, from its features and benefits to the application process and eligibility criteria.
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What is the LIC Tech Term Plan?
The LIC Tech Term Plan is a pure term insurance policy that provides a substantial life cover at an affordable premium. It is designed to safeguard your family’s financial interests in case of an unfortunate eventuality. This plan offers a wide range of features and benefits that make it an attractive option for individuals seeking comprehensive life coverage.
Key Features of LIC Tech Term Plan
High Sum Assured: This plan offers a high sum assured, ensuring that your family receives a substantial payout in case of your untimely demise.
Affordable Premiums: Despite its extensive coverage, the LIC Tech Term Plan comes with affordable premium options, making it accessible to a wide range of individuals.
Flexible Policy Term: You have the flexibility to choose the policy term based on your specific requirements and financial goals.
Option for Accidental Death Benefit: You can enhance the coverage by opting for an additional accidental death benefit rider, providing an extra layer of security.
Tax Benefits: Premiums paid towards the LIC Tech Term Plan are eligible for tax deductions under Section 80C of the Income Tax Act.
Benefits of LIC Tech Term Plan
Death Benefit: In the unfortunate event of the policyholder’s demise during the term of the policy, the sum assured is paid out to the nominee.
Maturity Benefit: Since this is a term insurance plan, there is no maturity benefit payable on survival till the end of the policy term.
Income Tax Benefits: The premiums paid and benefits received are eligible for tax benefits under prevailing tax laws.
Additional Riders: You have the option to enhance your coverage with additional riders such as accidental death benefit, critical illness rider, etc.
Eligibility Criteria for LIC Tech Term Plan
To be eligible for the LIC Tech Term Plan, applicants must meet the following criteria:
- Age: The minimum entry age is 18 years, and the maximum entry age varies based on the chosen policy term.
- Policy Term: You can choose a policy term ranging from 10 to 40 years, depending on your preferences.
- Sum Assured: The minimum sum assured for this plan is set at a reasonable amount.
How to Apply for LIC Tech Term Plan
Applying for the LIC Tech Term Plan is a straightforward process. Follow these steps to get started:
Research and Choose: Conduct thorough research on the plan, considering your financial needs and goals. Choose a sum assured and policy term that aligns with your requirements.
Visit LIC’s Official Website: Navigate to LIC’s official website and locate the Tech Term Plan section.
Fill Application Form: Fill out the application form with accurate information. Make sure to double-check all the details before submission.
Attach Necessary Documents: Provide the required documents, such as proof of identity, address, and income.
Medical Examination (if necessary): Depending on your age and sum assured, you may be required to undergo a medical examination.
Payment of Premium: Pay the premium online through the provided payment gateway.
Policy Issuance: Once all the formalities are completed, the policy will be issued.
The LIC Tech Term Plan is a powerful financial tool that offers comprehensive life coverage at an affordable premium. With its array of features and benefits, it provides peace of mind, knowing that your family’s financial future is secure. By understanding the eligibility criteria and application process, you can take the necessary steps to acquire this invaluable insurance policy. Invest in the LIC Tech Term Plan today and provide your loved ones with the protection they deserve.