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How is the new LIC Tech Term?

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09 Sep, 2020 by  Anirudh Somani

Dear All,


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?


Cheers

Anirudh

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Term Life Insurance

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09 Sep, 2020
Founder, Beshak

Hello Anirudh,


  • 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.


Cheers!

Mahavir

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13 Sep, 2020
Anirudh Somani
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14 Sep, 2020
Founder, Beshak
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23 Sep, 2021
Sachin Wagh

Hello,


I have purchase TECH TERM plan of LIC. I paid the first premium amount in July and its been now end of September 2021, I still have not received my TECH TERM policy.


Want to buy TECH TERM, try once to contact LIC TECH TERM support contacts (Note: for tech term they have different support numbers). I am reaching those 5-6 numbers since last 1 and half month and those are busy all the time.


God only know now when will they contact me and give me policy or at least respond to me.


I tried to mail them and I do it twice a day too. No response at all.


Note: My medical is done and the third party (Alankit) has collected samples and all. No response from Alakit too on my policy.


So, I would suggest DO NOT GO AHEAD WITH TECH TERM.

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11 May, 2022
Pratheesh
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21 Sep, 2023
Nitin Shukla
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21 Sep, 2023
Nitin Shukla
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06 Feb, 2024
Bharat indiafornri

As of my last update in January 2022, "LIC Tech Term" was a term insurance plan launched by Life Insurance Corporation of India (LIC). However, I don't have specific details on any updates or changes that may have occurred to this plan after that date.

"LIC Tech Term" was designed to provide financial protection to the policyholder's family in the event of the policyholder's untimely demise. It typically offered a lump sum payout to the nominee in case of the policyholder's death during the policy term.

For the most accurate and up-to-date information on the features, benefits, and terms of the LIC Tech Term plan, I recommend visiting the official website of LIC or contacting LIC directly. They will be able to provide you with comprehensive details about the plan and any recent updates or modifications that might have been made.

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