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LIC New Tech Term

beshak-icon star
3.4/ 5
Claims Experience:
4.2
4.2/5
Customer Service:
4.5
4.49/5
Product Benefits:
2.2
2.2/5

Introduction to LIC New Tech Term

LIC New Tech Term is a term insurance policy offered by Life Insurance Corporation of India (LIC), the country’s oldest life insurance company founded in ​​1956. Term insurance is one of the most cost-effective ways to ensure your family will have a secure financial future. With this plan, your family will be paid a sum of money as a death benefit, in case your death happens during the term of the policy. This money can help them meet their monetary needs, while not compromising on their current lifestyle - as well as pay off any pending loans or liabilities you might leave behind. 

beshak ratings
INDIA’S FIRST UNBIASED, CONFLICT-FREE INSURANCE RATING
Verdict: LIC New Tech Term

This product offers several choices for tailoring how your family receives the claim amount and includes customizations like increasing cover. However, it is more expensive than other plans and doesn't allow you to choose a critical illness rider or many limited pay options. According to our research, the insurer has received fewer complaints related to claim settlement and policy purchase, indicating a good track record in both the purchase process and claims service experience. 

Pros & Cons: LIC New Tech Term

  • arrow Offers the option to automatically increase your claim amount, with time
  • arrow Several options to customize claim payout
  • arrow Received fewer complaints on claim settlement compared to other insurers
  • arrow Received fewer complaints during policy purchase compared to other insurers
  • arrow Expensive than other products in the market
  • arrow Not many Limited Pay options available, to speed up payments
  • arrow No option to exit the plan while it is still active and receive a refund of premiums
  • arrow Critical illness rider is not available

About Life Insurance Corporation of India

Life Insurance Corporation of India logo

LIC also known as Life Insurance Corporation of India is an Indian Life Insurance Company. Founded in 1956, it is owned by the Government of India. The company is headquartered in Mumbai its chairman is Mr. Siddhartha Mohanty.

Founded in
1956
JV Partners
-
Turnover (GWP)
1,16,128.09 Crores
Number of Policies
32,22,557
Number of Claims
1,33,45,041

Detailed Product Specs & Rating: LIC New Tech Term

Claims Experience 4.2/5 star green
Customer Service 4.49/5 star green
Product Benefits 2.2/5 star green
% of claims settled in less than 30 days
Reflects on the speed of settling valid claims
97.95%
% of Complaints received on overall claims
% customers unhappy with claims experience
0.05%
How complex is the Claim Form?
The longer, the more hassles during claims
Short
Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?
98.52%
Claim Settlement Ratio (Value of claims)
What % of the claim amount received was paid?
96.02%
Solvency Ratio
Reflects an insurance company’s ability to pay claims. Insurers are required to maintain a minimum 150% Solvency Ratio as per IRDAI regulation
189%
Personal relationship manager for claims
Not Available
Can you track claims online?
No
Dedicated toll-free for claims service
Not Available
Separate Claim Form for above 3 Years Claim
Available
Home pickup of Claims
Not Available

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