In this Lic Tech Term Plan Review, I will talk about the pricing, available modes of payment, and claims settlement ratio of this plan. I will also talk about the BeshakRating, which was 3.9/5. This will help you decide if this is the right insurance for you.
Price of LIC Tech Term plan
LIC offers a tech term plan with a level sum assured, which means you will not have to worry about increasing the sum insured yearly. This type of insurance also offers income tax benefits. You will get a large lump sum payment if you make a claim. You can purchase this type of insurance at the nearest branch of LIC or by calling customer care.
LIC Tech Term has a simple online application form that allows you to pay your premiums online or by phone. You will be asked for personal details such as your name, address, occupation, and gender. You will then receive an OTP in your email or mobile. You will then need to enter this code to purchase the policy.
The price of the LIC Tech Term plan can be significantly reduced if you buy it online. Because you’re not paying a commission to an intermediary, online plans are about 40% cheaper than offline plans. You can also choose the amount you want to claim in installments over five, 10, or 15 years.
Available modes of payment
There are several modes of payment for LIC Tech Term Plan policies. You can either choose to pay your premium annually or monthly. In either case, you will need to enter your contact details and the premium amount. You will also need to provide details about your age, gender, occupation, and marital status. You will be provided an Access ID and OTP after entering these details.
If you don’t have the means to pay your premiums regularly, you can opt for the Rolling Limited Pay Option. This allows you to pay premiums early and maintain coverage throughout the term. In addition, you can opt for the lump sum payout option, which gives you a large payout in case of a claim.
Another option is the Accident Benefit rider. This add-on rider will double the total death benefit in case of an accident. This rider will cost an additional premium, but you can pay it in installments. However, you should remember that your LIC Tech Term plan will automatically lapse or expire if you don’t pay your premiums regularly. However, you can choose to reinstate it within five years.
Claims settlement ratio
The claims settlement ratio is essential when deciding on a term insurance plan. While the LIC used to boast about its high claim settlement ratio, it was surpassed by Max Life last year. However, most private insurers have similar claim settlement ratios. This indicates that LIC may be having a hard time selling its e-term plan in India. Despite this setback, LIC has reduced the premium of the new online LIC Tech-Term Plan.
The LIC Tech Term Plan offers two kinds of claim options. One is a lump-sum option, while the other is a monthly income model. The former allows you to pay the premium early and still receive the total claim amount at the end of the term. This is useful for people who may have a volatile income and don’t know what to expect for the future. The latter is also beneficial for those who cannot handle large sums of money.
The LIC Tech Term Plan is an excellent choice for those looking for a non-linked pure-risk premium plan to provide financial security for their family. This plan offers a guaranteed death benefit, which means that the death benefit will be significant if the policyholder were to pass away prematurely. The LIC Tech Term Plan also provides fast claim settlement, and you can renew your policy online.