LIC New Tech Term Plan: Invest Rs 4,000 annually to get up to Rs 50 lakh coverage on maturity

The Life Insurance Corporation of India (LIC) keeps rolling out plans that offer attractive insurance coverage at reasonable premiums. According to Statista, LIC issued nearly 21 million new individual policies, while private insurers issued about 7 million policies in the financial year 2021. Recently, LIC has launched a new scheme known as the “New Tech Term Plan”. This insurance product offers financial protection to people and their families in case of the policyholder’s demise. The LIC New Tech Term plan is a “Non-Linked, Non-participating, Individual, Pure Risk Premium Life Insurance Plan”, according to the policy brochure. The plan offers two premium rates- smoker and non-smoker rates. For instance, if you are 30 years old and select coverage of Rs 50 lakh for a policy term of 30 years, your premium may amount to nearly Rs 4,000 a year. So, you can receive a significant amount of coverage at a very reasonable price. This plan allows you to select the amount of coverage you wish, on the basis of your income and financial obligations. LIC’s New Tech Term Plan offers benefits like death benefit, and flexibility to choose between Level Sum Assured and Increasing Sum Assured. Level Sum Assured means that the absolute amount assured to be paid on death would be equal to the Basic Sum Assured, which shall remain the same throughout the policy term. In the case of Increasing the Sum Assured, the absolute amount assured to be paid on death will remain equal to Basic Sum Assured till the fifth policy year is completed. After that, the amount will increase by 10 per cent of the Basic Sum Assured each year from the sixth till the fifteenth policy year when it becomes twice the Basic Sum Assured. Steps to apply for LIC’s New Tech Term plan Step 1: Visit the LIC website licindia.com Step 2: You will be required to give some financial and personal information, and go through a medical examination to determine your eligibility for the plan. Step 3: You can start making premium payments after your application has been accepted, and your coverage will start immediately. Eligibility criteria The applicant must be a resident of India aged between 18 and 65 years old. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.