LIC's New Tech-Term 954

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LIC’s New Tech-Term Plan 954: Complete Guide, Benefits, Premium, Eligibility & Comparison (2026)

Introduction

Life Insurance Corporation of India (LIC) is one of the most trusted and oldest insurance providers in India. Over the years, LIC has continuously updated its product portfolio to meet the evolving needs of modern policyholders. One such innovative offering is LIC’s New Tech-Term Plan 954, a pure term insurance plan designed to provide high life cover at affordable premiums through a completely digital process.

In today’s uncertain world, financial protection for your family is not a luxury—it is a necessity. Term insurance plans like LIC Tech-Term 954 ensure that your loved ones remain financially secure in your absence. This article provides a detailed, unbiased, and comprehensive analysis of LIC’s New Tech-Term Plan 954, covering features, benefits, eligibility, premium structure, claim settlement process, and comparisons with other term plans.

This guide is written purely for educational and informational purposes, making it suitable for Google AdSense approval and long-term SEO performance.

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What is LIC’s New Tech-Term Plan 954?

LIC’s New Tech-Term Plan 954 is a non-linked, non-participating, pure term assurance plan. It provides financial protection to the policyholder’s family in the event of the insured’s death during the policy term.

Unlike traditional LIC plans, this policy is available only through online mode, making it cost-effective due to lower administrative expenses. The plan does not offer maturity benefits; it focuses entirely on providing high death cover at low premiums.

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Key Highlights of LIC Tech-Term 954

• Pure term insurance plan
• High sum assured at affordable premium
• Online purchase only
• Flexible premium payment options
• Choice of death benefit payout
• Optional riders for enhanced protection
• Tax benefits under Income Tax Act

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Why Choose LIC Tech-Term Plan 954?

1. Trust and Reliability of LIC

LIC enjoys unmatched trust in India with a strong claim settlement record over decades. For conservative investors and families, LIC’s backing adds peace of mind.

2. Affordable Premiums

Since the policy is issued online, operational costs are reduced, resulting in lower premiums compared to offline LIC term plans.

3. High Sum Assured

Policyholders can opt for a large life cover to meet long-term family needs such as education, home loans, and daily expenses.

4. Flexible Payout Options

The nominee can receive the death benefit either as a lump sum or in installments, ensuring better financial management.

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Eligibility Criteria for LIC New Tech-Term Plan 954

Minimum and Maximum Age

• Minimum entry age: 18 years
• Maximum entry age: 65 years

Policy Term

• Minimum: 10 years
• Maximum: Up to age 80 of the policyholder

Sum Assured

• Minimum sum assured varies depending on age and premium mode
• No upper limit (subject to underwriting approval)

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Premium Payment Options

LIC Tech-Term 954 offers flexibility in premium payments:

• Regular Pay – Pay premiums throughout the policy term
• Limited Pay – Pay premiums for a limited number of years
• Single Premium – One-time payment

Premium payment frequency options include:

• Yearly
• Half-Yearly

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Death Benefit Options Explained

LIC provides multiple payout structures to suit different family needs:

Option 1: Lump Sum

The nominee receives the entire sum assured in one payment.

Option 2: Installments

The death benefit is paid in equal monthly, quarterly, or annual installments over a fixed period.

This flexibility helps families manage expenses more effectively and reduces the risk of misusing large lump sums.

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Riders Available with LIC Tech-Term 954

Riders are optional benefits that enhance policy coverage:

Accidental Death Benefit Rider

Provides additional payout if death occurs due to an accident.

Accident Benefit Rider

Covers both accidental death and disability.

Note: Riders involve extra premiums and are subject to terms and conditions.

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Tax Benefits of LIC Tech-Term Plan 954

Section 80C

Premiums paid are eligible for tax deduction up to the applicable limit under Section 80C of the Income Tax Act, 1961.

Section 10(10D)

Death benefits received by the nominee are tax-free, subject to prevailing tax laws.

(Tax benefits are subject to change as per government regulations.)

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Claim Settlement Process

LIC is known for its strong claim settlement performance. The claim process under Tech-Term 954 involves:

1. Intimation of death to LIC
2. Submission of required documents
3. Verification by LIC
4. Claim approval and payout

LIC’s wide branch network and digital support make the process more accessible for nominees.

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Documents Required for Claim

• Death certificate
• Policy document
• Identity proof of nominee
• Bank account details
• Medical records (if applicable)

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Advantages of LIC New Tech-Term Plan 954

• Online convenience
• Transparent policy structure
• High coverage at low cost
• Trusted insurer backing
• Flexible payout options
• Optional riders
• Tax efficiency

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Limitations to Consider

• No maturity or survival benefit
• Online purchase only
• Premiums may be higher than some private insurers for older age groups
• Limited customization compared to ULIP-based plans

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LIC Tech-Term 954 vs Other Term Insurance Plans

Feature	LIC Tech-Term 954	Private Insurer Term Plan
Trust	Very High	Moderate to High
Premium	Moderate	Often Lower
Claim Process	Strong Offline + Online	Mostly Online
Brand Value	Extremely High	Varies
Simplicity	High	Medium

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Who Should Buy LIC Tech-Term Plan 954?

This plan is suitable for:

• Salaried professionals
• Self-employed individuals
• Young earners starting financial planning
• Parents seeking family protection
• Individuals preferring government-backed insurers

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Common Myths About LIC Term Insurance

Myth 1: LIC premiums are always expensive

Reality: Online plans like Tech-Term 954 are competitively priced.

Myth 2: Term insurance is a waste of money

Reality: Term insurance provides essential financial protection at low cost.

Myth 3: Claim settlement is complicated

Reality: LIC has a streamlined and transparent claim process.

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How to Buy LIC Tech-Term Plan 954 Online

1. Visit LIC’s official website
2. Select New Tech-Term Plan 954
3. Enter personal and policy details
4. Upload documents
5. Pay premium online
6. Receive policy document digitally

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Important Points Before Buying

• Choose sum assured based on income and liabilities
• Disclose correct medical information
• Select appropriate policy term
• Understand rider benefits clearly
• Review premium affordability long-term

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FAQs – LIC New Tech-Term Plan 954

Is LIC Tech-Term 954 better than offline LIC term plans?
Yes, it offers lower premiums due to online issuance.

Can NRIs buy this plan?
Eligibility depends on LIC underwriting guidelines.

Is medical examination required?
Yes, depending on age and sum assured.

Can policy be surrendered?
No surrender value is available as it is a pure term plan.

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Final Verdict

LIC’s New Tech-Term Plan 954 is a solid, transparent, and trustworthy term insurance solution for individuals seeking pure life protection without investment components. It combines LIC’s credibility with the convenience of digital purchase and flexible benefit options.

For anyone prioritizing family financial security, long-term peace of mind, and tax efficiency, this plan stands as a dependable choice.

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Disclaimer

This article is for educational and informational purposes only. Policy features, benefits, and tax laws are subject to change. Always verify details from official LIC sources or consult a certified financial advisor before purchasing any insurance product.

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