LIC tech term plan

Iiflinsurance28 Oct, 2021Business

LIC tech term plan is a pure protection term insurance policy that aims to provide financial protection for the family of the policyholder in case of his/her unfortunate death during the policy term. The age of the insured must be minimum of 18 years and a maximum of 65 years. The policy term ranges from 10 to 40 years. There is no maximum limit on the coverage that you can choose, but the minimum sum assured is Rs 50 lakhs. You can receive the death benefits under two options: Option 1: Level sum assured & Option 2: Increasing sum assured. There are no maturity benefits under this plan. The insured can select between regular premium, limited premium, or single premium option with an annual or half-yearly mode of payment. LIC provides a free look period of 30 days, within which a policyholder can return the policy and easily get a refund of the premium paid, in case they are not satisfied with the terms and conditions applicable to the policy.