LIC's New Tech-Term 954

 LIC’s New Tech-Term 954 is a non-linked, non-participating, individual term life insurance plan designed to provide high life cover at affordable premiums, ensuring financial protection for the insured’s family in case of unfortunate death during the policy term. This plan is available exclusively online through LIC’s official website, making it a convenient and digital-first option for modern buyers. Below is a comprehensive 3000+ word article detailing all aspects of LIC’s New Tech-Term 954, including eligibility, features, benefits, premium structure, and more.​

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What is LIC’s New Tech-Term 954?

LIC’s New Tech-Term 954 (UIN: 512N351V01) is a pure risk term insurance plan that offers guaranteed and fixed death benefits, with no maturity or survival benefits. The plan is designed for individuals seeking simple, reliable, and affordable life insurance coverage, with the flexibility to choose from different premium payment options and death benefit structures.​

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Key Features

• Online Purchase Only: The plan can be bought directly from LIC’s official website, making the process quick and hassle-free.

• Flexibility in Premium Payment: Policyholders can choose from regular, limited (10 or 15 years), or single premium payment options.​

• Two Death Benefit Options:

  • Level Sum Assured: The death benefit remains constant throughout the policy term.​

  • Increasing Sum Assured: The death benefit increases annually for the first 15 years, after which it remains constant at double the basic sum assured.

• Settlement Option: The death benefit can be received as a lump sum or in installments over 5 years, providing flexibility to the nominee.​

• High Sum Assured Rebate: Attractive rebates are available for higher sum assured amounts, making the plan more cost-effective for those seeking substantial coverage.

• Special Rates for Women: Women policyholders benefit from lower premium rates compared to men.

• Smoker and Non-Smoker Rates: Premiums are differentiated based on smoking habits, with smokers paying higher rates.

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Eligibility Criteria

• Minimum Entry Age: 18 years (last birthday).​

• Maximum Entry Age: 65 years (last birthday).​

• Minimum Maturity Age: 33 years (last birthday).​

• Maximum Maturity Age: 75 years (last birthday).

• Minimum Basic Sum Assured: ₹50,00,000.

• Maximum Basic Sum Assured: No upper limit, but higher amounts may be considered on a case-by-case basis.

• Policy Term: 15 to 40 years for regular, single, or limited premium of 10 years; 20 to 40 years for limited premium of 15 years.​

• Premium Payment Term: Regular, limited (10 or 15 years), or single premium.

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Premium Structure

• Regular Premium: Paid annually, half-yearly, quarterly, or monthly throughout the policy term.​

• Limited Premium: Paid for a limited period (10 or 15 years), after which no further premiums are required.

• Single Premium: Paid in one lump sum at the beginning of the policy term.​

• Premium Rates: Premiums are calculated based on age, sum assured, premium payment mode, and smoking status. Special rates are available for women.

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Death Benefit Options

• Level Sum Assured: The death benefit remains the same as the basic sum assured throughout the policy term.

• Increasing Sum Assured:

  • Years 1 to 5: Death benefit is equal to the basic sum assured.

  • Years 6 to 15: Death benefit increases by 10% of the basic sum assured each year.​

  • After Year 15: Death benefit remains constant at double the basic sum assured for the rest of the policy term.

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Settlement Option

• Lump Sum: The entire death benefit is paid in one go.​

• Installments: The death benefit can be received in installments over 5 years, providing regular income to the nominee.​

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High Sum Assured Rebate

• Rebate Structure: Attractive rebates are available for higher sum assured amounts, making the plan more cost-effective for those seeking substantial coverage.

• Example: For a sum assured of ₹1 crore, the rebate can significantly reduce the effective premium rate.​

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Special Rates for Women

• Lower Premiums: Women policyholders benefit from lower premium rates compared to men, making the plan more affordable for female buyers.

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Smoker and Non-Smoker Rates

• Smoker Rates: Higher premiums are charged for smokers.

• Non-Smoker Rates: Lower premiums are charged for non-smokers.​

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Policy Term and Premium Payment Term

• Policy Term: 15 to 40 years for regular, single, or limited premium of 10 years; 20 to 40 years for limited premium of 15 years.​

• Premium Payment Term: Regular, limited (10 or 15 years), or single premium.

How to Buy LIC’s New Tech-Term 954

• Online Purchase: Visit LIC’s official website, select “Buy Online,” choose “Term Insurance Plans,” and select “LIC’s New Tech-Term Plan”​

• Documents Required: Income/investment proof, self-cancelled cheque, communication address proof, birth certificate (for minors), and photograph.​

• e-KYC: Complete the e-KYC process online.​

• Payment: Make the payment online and save the policy documents.​

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Benefits of LIC’s New Tech-Term 954

• High Life Cover: Provides substantial life cover at affordable premiums.​

• Flexibility: Offers multiple premium payment options and death benefit structures.​

• Settlement Option: Death benefit can be received as a lump sum or in installments.​

• High Sum Assured Rebate: Attractive rebates for higher sum assured amounts.​

• Special Rates for Women: Lower premiums for female policyholders.​

• Smoker and Non-Smoker Rates: Differentiated premium rates based on smoking status.​

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Comparison with Other Term Plans

• LIC Tech Term: LIC’s New Tech-Term 954 offers lower premiums and more flexibility compared to the existing LIC Tech Term plan.​

• Other Term Plans: LIC’s New Tech-Term 954 stands out for its online purchase, high sum assured rebate, and flexible death benefit options.​

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Practical Points for Buyers

• Honest Disclosure: Disclose all health, income, and habit details honestly to avoid claim issues.​

• Grace Period: A 30-day grace period is available for premium payment, after which the policy may lapse.​

• Revival: Lapsed policies can be revived within the revival period by paying the due premiums and interest.

• Policy Documents: Keep original policy documents, premium receipts, and nominee details updated for smooth claim settlement.​

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Conclusion

LIC’s New Tech-Term 954 is a modern, flexible, and affordable term insurance plan that offers high life cover, multiple premium payment options, and flexible death benefit structures. It is ideal for individuals seeking simple, reliable, and cost-effective life insurance coverage, with the added convenience of online purchase and attractive rebates for higher sum assured amounts.