LIC Best Scheme: LIC Tech Term Plan 854 is considered one of LIC’s most affordable and reliable term insurance plans. This policy, available online, offers a large insurance cover at a low premium, making it one of the company’s most successful term plans. The plan aims to provide financial security to the family with a fixed sum assured so that the family does not face a financial crisis in case of any emergency.
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Who can buy this policy?
This term plan can be purchased by any earning individual between the ages of 18 and 65. The minimum sum assured in this plan is ₹50 lakh, with no lower coverage available. The policy protects up to a maximum age of 80 years, meaning the policyholder remains covered until the age of 80.
Policy Term and Premium Options
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Customers can choose a policy term from 10 years to 40 years, depending on their needs. Three premium payment options are available. The first option is a regular premium, which requires premium payments throughout the policy term. The second option is a limited premium term, which requires premium payments for a period shorter than the policy term by 5 or 10 years. The third option is a single premium, which requires a one-time payment of the entire premium at the time of policy purchase.
Features of this plan
The policy’s most significant feature is its death benefit. After the policyholder’s death, the nominee can choose to receive a lump sum payment or receive the proceeds in installments over 5, 10, or 15 years. Another option is a combination of lump sum and installment payments, where a portion of the amount is paid immediately and the remainder is paid in installments over a fixed period. Non-smokers and women receive premium discounts under this plan, making it even more affordable.
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Premium Estimates
The premium for this policy varies depending on age and term. For example, a 21-year-old individual who takes out a policy for a term of 20 years will pay an annual premium of approximately ₹6,438. If the same individual requires a term of 40 years, the annual premium is approximately ₹8,826. For a 40-year-old, the premium for a 20-year term is approximately ₹16,249, and for a 40-year term, it is approximately ₹28,886.
Death Benefit Details
If the policyholder is enrolled in a regular or limited premium plan, the nominee can receive a death benefit up to 7 times the policyholder’s annual income. Additionally, up to 105 percent of the total premium paid by the policyholder is paid to the nominee. Furthermore, the nominee receives the entire sum assured. In single premium plans, both 125 percent of the premium and the sum assured are available upon death.
Maturity Terms
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This is a pure term insurance policy, so the policyholder does not receive any maturity proceeds at the end of the policy term. This plan only provides risk cover.
