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 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.
This product is slightly cheap compared to other products in the market. A key feature of this plan is that it offers Rolling Limited Pay, which allows you to select the exact number of years for which you wish to pay premiums (as specified by the insurer). It also provides features such as increasing cover and allows you to customize how your family will receive the claim amount. However, it doesn’t allow you to choose some important benefits such as critical illness riders, early exit option and it doesn’t allow you to pay the premiums in monthly installments. Further, as per our research, the insurer received fewer policy purchase and claim settlement complaints but has a poor track record of settling claims faster.
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 offered by Life Insurance Company (LIC).
Finding the perfect term insurance based on your family’s needs is very important. The LIC Tech Term plan is one such plan that allows you to customize your policy with options such as claim payout, increasing cover, and rolling limited pay. This product is also slightly cheap compared to other products in the market. However, it does not give you the option to pay the premiums in monthly installments or buy the critical illness rider along with it. Further, as per our research, the insurer received fewer policy purchase and claim settlement complaints but has a poor track record of settling claims faster.
Here’s the LIC Tech Term plan review.
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 a critical illness rider and a waiver of premium rider.
Here are some reasons why LIC might be a good choice for you -
Make sure you discuss all these important details with your nominee or family while finalizing the term insurance purchase. Hope this review of the LIC tech term plan was helpful for you to make your decision.
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 corporate offices. 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 3.6/5.