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How is the new LIC Tech Term?
How is the new LIC tech term policy for a 27 year old in comparison to other term insurance plans. Will the convenience be the same since there is no agent in between?
- It's cheaper than the earlier Term Life Insurance from LIC. Pricing is now comparable to brands with similar recall
- It's still 23% expensive than the median average premium.
- Very few customization options. Doesn't have Monthly payment mode. No limited pay options.
This plan is plain vanilla term insurance, with no bells and whistles. It just comes with a few customizations like the Increasing cover, an Accidental Death Rider, and a Claim Payout option. Hence there is nothing more to talk about the product than the premium. Where we have good news as well as bad news. While the premium is 23% higher than the general median premium for a 30-year-old, the pricing is now competitive with big brands like ICICI Pru, HDFC Life, SBI Life.
If you have a very strong preference for LIC, are okay with the plain vanilla benefits, then you can go for this plan.