Most people these days try to plan every aspect of their life. Starting from their education and career to their life partner, the house to buy, and even the future profession of their children. Though many of these plans may change, as time passes and other plans take their place, some certainties of life however are always present. One such event that most sensible people prepare early for, is the untimely and sudden death of the person. In that case, taking a term insurance plan can be the best decision that you make towards securing your family. If you are not familiar with the concept and benefits of term insurance plans, you can visit this link https://iiflinsurance.com/term-insurance
One of the best term life insurance plans available in the country these days is the LIC Tech Term plan. Since it comes from a reputable insurer such as LIC, it has a lot of people interested in taking this policy.
LIC Tech Term plan
LIC Tech Term plan is a non-linked pure risk premium plan that provides the plan beneficiary with the sum assured in case of the demise of the insured within the term duration of the plan. Let us check out the top things to know about the LIC Tech Term plan, and see if this plan meets your insurance needs.
- Purchase mode – The LIC Tech Term Plan is only available for purchase online. Since there is no intermediary or agents, the plan is purchased directly from LIC. This means that there are very few chances of the policyholder details being wrong and the policy settlement getting rejected.
- Tenure – The policy tenure can range from a minimum of 10 years to a maximum of 40 years. The policyholder can choose the policy term as per their convenience or priorities. Many people choose to take the policy at a lesser age when the premium is low and go for the maximum policy term.
- Entry and Maturity age – The policyholder has to be a minimum of 18 years of age when taking the policy. The maximum age when taking the policy can be 65 years. The maturity age for the policy can not exceed 80 years of age.
- Sum assured – The sum assured for the policy starts from INR 50 lac while there is no maximum amount for the sum assured. The sum assured can affect the premium amount for the policy. No loan can be taken against this policy.
- Freelook period – The policy provides a free look period of 30 days to the policyholders. Within the first 30 days, the policyholder can cancel the policy with a total refund of premium paid or make a change in any of the policy terms, sum assured, or add on riders.
- Add-on Riders – Add-on riders help you make the most of your term insurance policy by adding additional cover in case the policyholder meets certain conditions specified in the policy. The add-on rider that is offered with the LIC Tech Term Life insurance plan is the accidental benefit rider. After 5 years of the policy starting date, the beneficiary will be paid an additional amount than the sum assured if the demise of the policyholder happens due to an accident.
- Tax Benefit – Under the income tax act, the premium paid for the term life insurance plan can provide tax benefits to the policyholder. Under section 80C the policyholder can claim up to INR 1.5 lac as a tax deduction on the premium paid towards the term insurance plan. Additionally, the insurance pay-out to the beneficiary is exempted from all taxes.
- Maturity benefit – The LIC Tech Term life insurance plan provides no maturity benefit. This means that if the policyholder survives the policy term of the insurance plan, he or she will not be eligible to get any maturity amount.
All of these make this plan one of the hot favorites among people searching for a term insurance plan. Taking a term plan can go a long way in securing the future of your family and loved ones, even long after you have left this world.