This Article was fact checked and last updated for accuracy on May 22, 2024 by Mani Karthik
LIC Tech Term is like the reliable family car of life insurance – it gets the job done without any fancy bells and whistles.
Here’s the lowdown:
What It Offers:
- Pure Protection: No frills, just a payout to your family if you pass away during the policy term.
- Affordable Premiums: The lack of additional features means lower costs.
- Online Convenience: Easily apply and manage your policy online.
- High Claim Settlement Ratio: LIC has a strong track record of paying claims.
- No Medical Tests (Up to a Certain Age & Coverage Amount): Streamlined application process.
Who It’s For:
- Budget-Conscious Individuals: If you want maximum coverage for the lowest possible premium.
- Young and Healthy: If you don’t need additional riders and are eligible for the no-medical-exam option.
Potential Drawbacks:
- No Riders: You can’t add extra benefits like critical illness or accidental death coverage.
- Limited Flexibility: Premium payment options and policy terms are less flexible compared to other plans.
The Verdict:
LIC Tech Term is a solid choice for straightforward, affordable protection. If you’re young, healthy, and primarily concerned about providing financial security for your loved ones, this plan is worth considering.
Navigating the world of LIC plans can feel like exploring a maze, especially when choosing between two seemingly similar options.
The LIC Tech Term (now replaced by New Tech Term) and LIC Jeevan Labh are both popular choices, but they cater to different needs.
Let’s break down their key differences to help you find your perfect fit:
LIC Tech Term (New Tech Term) vs. LIC Jeevan Labh: A Comparison
| Feature | LIC Tech Term (Replaced by New Tech Term) | LIC Jeevan Labh |
|---|---|---|
| Type of Plan | Pure Term Insurance | Endowment Plan |
| Primary Benefit | Death Benefit | Death & Maturity Benefit |
| Premium Payment Term | Flexible (5-40 years) | Limited (10, 15, or 16 years) |
| Policy Term | Flexible (10-40 years) | 16, 21, or 25 years |
| Returns/Investment | None | Guaranteed and Non-Guaranteed Returns |
| Cost | Lower premiums | Higher premiums |
| Riders Available | No | Yes |
| Focus | Pure Protection | Protection & Savings |
| Ideal For | Young individuals seeking affordable, high coverage | Individuals seeking insurance with savings and long-term returnspen_spark |
Important Note:
LIC Tech Term is no longer available for new purchases. However, LIC has introduced LIC New Tech Term with similar features and benefits.