LIC 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 your loved ones meet their monetary needs, while not compromising on their current lifestyle - as well as pay off any pending loans or liabilities you might leave back. However, like any pure term plan, this plan doesn’t offer any maturity benefit - meaning, you don’t get anything back in case you survive the term of the policy.
This product allows you to customize your plan with features such as increasing covers and a rolling Limited Pay option with which you can choose how quickly you pay off your premiums. However, this plan doesn’t allow you to choose some important customizations such as critical illness riders. Further, slightly expensive compared to other products in the market and doesn’t allow you to pay the premiums in monthly installments. Coming to the customer's experience, this insurer was found to offer a good experience during the policy purchase phase. On the flip side, however, the insurer has a poor track record with respect to both purchase and claims service experience.
LIC also known as Life Insurance Corporation of India is an Indian Life Insurance Company. It offers Term Life Insurance Plans, Traditional Savings Plans and Unit Linked Insurance Plans. Founded in the Year 1956, it is owned by the Government of India. The company is headquartered in Mumbai and functions with 2048 fully computerized branch offices, 113 divisional offices, 8 zonal offices, 1381 satallite offices and the Corporate office. The chairman of the company is Mr. M R Kumar..
LIC Tech Term is a term insurance policy proposed by Life Insurance Company (LIC).
Finding the perfect term insurance based on your family’s needs is very important. The LIC Tech Term allows you to customize your policy with options such as claim payout, increasing cover and rolling limited pay. However, this product is slightly expensive compared to other plans in the market and does not give you an option to buy the critical illness rider along with it. Further, the insurer does not have a good track record with the purchase and claims service experience.
Life Insurance Company holds a tremendous track record in both purchase and claims settlement. This indicates your family is less likely to face issues related to the claim settlement process. On the flipside however, the LIC Tech Term plan does not allow you to pay premiums based on monthly installments. It is comparatively more expensive than other products in the market. And, under this plan, you cannot choose some of the important customizations such as increasing cover and critical illness rider.
Below we have listed some of the key benefits and features which come with the LIC Tech Term.
The LIC Tech Term plan only provides you with the Accidental Death Benefit Rider. If you purchase the accidental death benefit rider along with your term insurance plan, your family will receive an additional sum of money in case your death happens due to an accident. There’s usually an income-related limit on the amount of term insurance cover you can buy. So if you’re not eligible to buy the desirable term insurance cover as per your family’s needs, you can consider buying this rider.
However, like other products, the LIC Tech Term does not provide you with the benefits of critical illness rider and waiver of premium rider.
Here are some reasons why LIC might be a good choice for you.
Ensure to discuss all these important details with your nominee or family while finalizing the term insurance purchase.
LIC also known as Life Insurance Corporation of India is an Indian Life Insurance Company. It offers Term Life Insurance Plans, Traditional Savings Plans, and Unit Linked Insurance Plans. Founded in 1956, it is owned by the Government of India. The company is headquartered in Mumbai and functions with 2048 fully computerized branch offices, 113 divisional offices, 8 zonal offices, 1381 satellite offices, and the Corporate office. The chairman of the company is Mr. M R Kumar.
Considering all the product benefits, customer service, and claims experience and based on the 100+ parameters analyzed by our in-house research team, LIC Tech Term gets a Beshak⭐Rating of 3.9/5.