SACHA ADVICE. ACHA ADVISOR.
back arrow Back

How is the new LIC Tech Term?

reply Share
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

like like
0
Term Life Insurance

2 Answer

Post
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

like like
0
icon-comment 3 Comments
icon-reply Reply
13 Sep, 2020
Anirudh Somani
like like
0
icon-reply Reply
14 Sep, 2020
Founder, Beshak
like like
0
icon-reply Reply
02 Mar, 2022
connect with advisor
like like
0
icon-reply Reply connect with advisor
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.

like like
0
icon-comment 1 Comments
icon-reply Reply
11 May, 2022
Pratheesh
like like
0
icon-reply Reply

Tired of dealing with call centers!

Get a professional advisor for life!

LIFETIME FREE

Rs. 1799

or

Discover the best tips for insurance every week!

Beshak is not regulated by the Insurance Regulatory and Development Authority of India (IRDAI) and does not have any alliance or association with any Insurance business.
© Copyright 2022 Beshak Solutions Pvt. Ltd. All Rights Reserved.

Disclaimer: The content on the website is purely for information purposes for the public at large, and does not constitute personal financial advice for a specific individual reader.
If you are reading this, it means you love reading the fine print. Why not get paid for what you love doing - Join us by writing to info@beshak.org now 🙂