LIC Tech Term Plan No 854 – Online Term Insurance Plan

Sanyam Jain | Insurance/ Life Insurance | July 12, 2019 | 17 Comments

Sum Level Assured

ction" id="Key_Features">Key Featuresd non-participating term insurance plan. LIC already have few term insurance plans in its portfolio namely LIC e-Term – Pure Online term plan, LIC Amulya Jeevan – II, LIC New Jeevan Mangal, LIC Anmol Jeevan – II and LIC Bhagya Lakshmi. The new term plans comes with new features aim to compete with the private insurance players.

Term Insurance means where the family (nominee) would get the sum assured on the death of the insured person. There are no survival benefits of the policy. Term plans comes with low premium compared to other insurance plans such as ULIPS, Endowment plans etc.

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LIC Tech Term Plan No 854
Key Features
Eligibility
Premium Details
Premium Paying Terms
Death Benefits
Sum Level Assured
Increasing Sum Assured
Review of LIC Tech Term Plan No 854

LIC Tech Term Plan No 854

="text-align: center; padding: 2px 6px 4px 6px; color: #000000; background-color: #e3f0f2; border: #dddddd 2px solid;">Key Features

LIC Tech Term Plan No 854 is a Pure Online Term Insurance Plan.
It’s a non-linked and non-participating plan.
Special Discounts for Women.
Lower Premium for non-smokers.
The maximum life coverage is extended to 80 years.
Optional accidental death benefit rider is also added.
Regular, Limited period or single premium payment option.
A unique feature of increasing Sum Assured amount i.e. for the first 5 years SA will remain same then for 10 years the SA will increase 10% yearly and then from 16^th year the SA will remain same throughout the policy period.
Death Benefits can also be claimed in installments of 5 years, 10 years or 15 years.
Minimum Sum Assured is ₹ 50 lakhs and there is no ceiling limit for the Maximum Sum assured.
The premium payment mode is Online only.

Eligibility

Minimum Entry Age: 18 years

Maximum Entry Age: 65 years

Minimum Sum Assured: ₹ 50 lakhs

Maximum Sum Assured: No limit

Minimum Policy Term: 10 years

Maximum Policy Term: 40 years

Premium Payment Options: Single, Regular, Limited

Minimum Installment of Premium: ₹ 3,000 for Regular and Limited Premium and ₹ 30,000 for Single Premium

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Premium Details

sum assured ₹ 1 crore, Policy Term and Premium Paying Term is 10 years and the premium paying frequency is yearly under the sum level assured option. The premium works out as follows:

Age	Gender	Premium	Frequency
20 years	Male	₹ 5,456	Yearly
20 years	Female	₹ 5,192	Yearly
30 years	Male	₹ 6,248	Yearly
30 years	Female	₹ 5,896	Yearly
40 years	Male	₹ 10,260	Yearly
40 years	Female	₹ 8,460	Yearly

Premium Paying Terms

Limited: 5 years or 10 years

Single: One Time

Mode: Online only

Death Benefits

padding: 2px 6px 4px 6px; color: #000000; background-color: #f4ffcd; border: #dddddd 2px solid;">Sum Level Assured

Under this option, the nominee will receive the sum assured fixed at the time of buying the policy. The sum assured remains same throughout the policy period.

Increasing Sum Assured

assured increase with the time as follows

If death occurs within first 5 years of Policy period, the Sum Assured shall be the amount opted while buying the policy.
If death occurs from 6^th policy year to 15^th policy year, the sum assured shall be increased by 10% each year.
If death occurs after 15^th year, the sum assured shall be the increased amount upto 15^th Policy year.

The sum assured shall be received as a lump sum or installments of 5 years, 10 years or 15 years as chosen by you at the time of buying the policy.

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Since LIC Tech Term Plan No 854 is pure term plan there are no maturity and survival benefits.

Review of LIC Tech Term Plan No 854

tives with LIC Tech Term Plan No 854 i.e. the life coverage up to 80 years and the increment in the sum assured amount. Both these features act as an icing on the cake. Further, in previous term-plans of LIC there was no accidental death rider benefit but this policy includes this benefit also. Given the trust and the brand value of the LIC, the policy seems pretty goods in comparison to other life insurance policies due to competitive premium rates for males and discounted premium rates for females. LIC also has the second highest Claim Settlement Ratio of 98% as per IRDA. The only negative I see in this plan is no Income Option available as offered by many private insurance companies. But, it is always advisable to make a comparison of the Premium rates for Basic Term Life cover offered by other Life Insurers. But, do remember that the cheapest Term plan does not necessarily means the best.

Sanyam Jain

PlanYourFinances.In is started by Sanyam, a commerce student who loves to share his knowledge and believes in “Sharing is Caring”.

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Comments

Sanjeev Kumar Gupta says
July 13, 2019 at 11:46 am
Dear Sir/Madam
I want LIC Tech Term Plan No 854 of Rs. 2 Crore so what to do for this.
please explain me details of this policy.
My age is 29 currently please advise me or contact me my contact no is 9681259321
Reply
T K Bose says
July 13, 2019 at 3:28 pm
My age is 54 yrs if I opted for 50 lac Term insurance. How much will be my yearly premium.
Reply
Arun Kumar says
July 16, 2019 at 8:53 am
I am 49 year old. i want to opt 1 crore term plan . Premium up to 60 year and risk coverage up to 70 year what will be premium . in this month only i want to purchase the policy Please reply soon.Plese send me the name and number of contact person.
Reply
Wilfred says
July 24, 2019 at 7:00 pm
I want to buy lic’s Tech term policy. My age is 53 years. What will be the premium for one crore up to my 80years of age
Reply
Subash chandra gupta says
August 13, 2019 at 8:21 am
Sir, good morning, iam39 years old. I want to50 lacs term plan perimum up to 70 years, how much will pay premium
Reply
Vijayanand says
September 2, 2019 at 8:39 am
IAM 48 years I want to go for 2cr
What is the premium per year till my 80th year
Reply
prakash Ahire says
September 2, 2019 at 9:23 am
Hello Sir
In this policy critical illness Rider is not added. So this plan should is not ok from customers point of view .34 critical illness is covered by other company..
Reply
Mehtab Singh says
September 2, 2019 at 9:37 am
I am 59 years old. For 1 crore term plan ,what will be the premium?
Reply
Indumathy says
September 2, 2019 at 10:46 am
Sir
I am 43 year female ,want to take one or two crore policy, what will be my premium yearly for 10 year term
Reply
A. M. BHIKAPPA PATIL says
September 2, 2019 at 12:50 pm
I m 45years age.i will to take 1cr policy>plzsend premium
Reply
VIJAY SHANKAR KUSHWAHA says
September 2, 2019 at 1:10 pm
Dear sir, Is plan ko lene ke liya income tax return kitne year ka hona chaya
Reply
इन्दल सिंह कुशवाह says
September 2, 2019 at 10:32 pm
मैरी उम्र 36 है 1एक करोड़ का बीमा लेना चाहतेह
Reply
Poonam modi says
September 3, 2019 at 10:27 pm
I am 56.what shall be the annual premium for plan854 For 5000000 upto age 75 on regular payment for 19 years?(femail)payment to nominee lumpsum.
Reply
Shailesh Kumar jha says
September 4, 2019 at 7:00 am
I am 42 year old and want to buy 50 lakes term plan for 38 year what is premium how to buy online
Reply
Poonam Singh says
September 4, 2019 at 9:41 am
I am Govt teacher, In Gaya Bihar. I am interested for Tech term policy of maturity Rs 50 Lakh. I am 41 yrs old.
Reply
sathiya narayanan says
September 5, 2019 at 7:09 pm
dear sir,
my date of birth is 15 sep 1955.
i like to invest scheme-no-854 (teck -term) in LIC
my email id – udhayasankar.s@gmail.com
mobile– 94439 63434
so, pls reply me the premium details as soon as possible.
Reply
Naim Mansuri says
October 18, 2019 at 4:58 pm
I am interested in LIC term plan No.854. My father was suffering from Diabitish. I am non-smoker. I am taking a pill for Blood Pressure ( Mild BP) . I want to know is there any provision of Medical in the said plan.
Reply