Last Updated on December 29, 2021 at 4:59 pm
LIC’s Tech Term is now available for purchase from its online portal. However, LIC’s Tech Term Premium is still a few thousands more than term policies from private insurers. Waiting for a term plan to launch is the dumbest thing a person can do and now the wait is not worth it IMO. Here are some premium illustrations. The numbers are from LICs purchase portal and policy Bazaar.
LIC’s Tech Term Features (what to choose and what not to)
LIC’s Tech Term plan is a non-linked, without profit, pure protection ‘Online Term Insurance Policy. Refer this for a guide to buying LICs Tech Term Online
Min sum assured: 50 Lakh. Max: Unlimited.
You can pay a premium each year, once or for a limited period. Always choose regular (each year)
Join 32,000+ readers and get free money management solutions delivered to your inbox! Subscribe to get posts via email! (Link takes you to our email sign-up form)
🔥Want to create a complete financial plan? Learn goal-based investing? Exclusive access to our DIY tools? Increase your income with your skills? Enjoy massive discounts on our robo-advisory tool & courses! 🔥
There is an increasing sum assured option where from 5th to 15th year the sum assured will increase each year by 10%. Do not opt for this. Choose level cover or same cover each year. Invest right and grow your net worth instead! I do not see the logic behind increasing cover after five years!!
There is an accident rider (opt if you want), and special rates for women. The cover can be availed up to age 80 but only choose until age 60! Cost depends on the duration of the cover.
LIC’s e-Term (old online plan) vs LIC’s Tech Term (new online plan)
The only “benefit” is that LIC’s Tech Term is significantly less expensive than LIC e-term. The “benefit” is only for those who do not have a policy yet. Those who already own LIC e-term please do not discontinue it. That would be most irresponsible. An old term policy makes it harder for the insurer to deny claims and is a lot more valuable than a new cheaper policy! Do not take chances with the well-being of your nominees!
LIC’s Tech Term Premium Example 1 (one crore policy)
Age 29; Male; Non-smoker; Policy Term up to age 60. No Riders. Premium = 10696 (incl GST). Price comparison (approx, all incl GST) of other players shown below. I have only shown some established players. There are others who offer it for a lesser premium.
| Tata AIA LIFE Sampoorna Raksha | 9204 |
| LIC e-term | 15198 |
| Aegon | 7250 |
| Aviva | 8935 |
| icici iprotect | 9406 |
| Max life | 8024 |
| HDFC Life 3D Plus Life Option | 9398 |
Other illustrations for LIC’s Tech Term
Age 29; Male; smoker; Policy Term up to age 60. No Riders. Premium = 16926 (incl GST)
Age 29; Female non-smoker; Policy Term up to age 60. No Riders. Premium = 9138 (incl GST)
Age 29; Female smoker; Policy Term up to age 60. No Riders. Premium = 14122 (incl GST) This is a screenshot.
LIC’s Tech Term Premium Example 2 (one crore policy)
Age 24; Male; Non-smoker; Policy Term up to age 60. No Riders. Premium = 9346 (incl GST).Price comparison (approx, all incl GST) of other players shown below.
| Tata AIA LIFE Sampoorna Raksha | 8260 |
| LIC e-term | 13244 |
| Aegon | 7264 |
| Aviva | 6663 |
| icici iprotect | 8121 |
| Max life | 6962 |
| HDFC Life 3D Plus Life Option | 8136 |
Other illustrations for LIC’s Tech Term
Age 24; Male; smoker; Policy Term up to age 60. No Riders. Premium = 14434 (incl GST)
Age 24; Female; Non-smoker; Policy Term up to age 60. No Riders. Premium = 8203 (incl GST)
Age 24; Female; smoker; Policy Term up to age 60. No Riders. Premium = 12357 (incl GST)
LIC’s Tech Term: Should I buy?
If you prefer LIC to private insurers then go ahead and buy Tech Term. If you already hold LIC e-Term then for the sake of your nominees do not stop that and buy this! Go do something else instead of comparing premiums! If you do not mind buying from private players then go ahead and buy it from them.
🔥Enjoy massive discounts on our courses, robo-advisory tool and exclusive investor circle! 🔥& join our community of 7000+ users!
Use our Robo-advisory Tool for a start-to-finish financial plan! ⇐ More than 2,500 investors and advisors use this!
Track your mutual funds and stock investments with this Google Sheet!
We also publish monthly equity mutual funds, debt and hybrid mutual funds, index funds and ETF screeners and momentum, low-volatility stock screeners.
- Do you have a comment about the above article? Reach out to us on Twitter: @freefincal or @pattufreefincal
- Have a question? Subscribe to our newsletter using the form below.
- Hit 'reply' to any email from us! We do not offer personalized investment advice. We can write a detailed article without mentioning your name if you have a generic question.
Join 32,000+ readers and get free money management solutions delivered to your inbox! Subscribe to get posts via email! (Link takes you to our email sign-up form)
About The Author
Dr M. Pattabiraman(PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over ten years of experience publishing news analysis, research and financial product development. Connect with him via Twitter(X), Linkedin, or YouTube. Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (CNBC TV18) for DIY investors. (2) Gamechanger for young earners. (3) Chinchu Gets a Superpower! for kids. He has also written seven other free e-books on various money management topics. He is a patron and co-founder of “Fee-only India,” an organisation promoting unbiased, commission-free investment advice.Our flagship course! Learn to manage your portfolio like a pro to achieve your goals regardless of market conditions! ⇐ More than 3,000 investors and advisors are part of our exclusive community! Get clarity on how to plan for your goals and achieve the necessary corpus no matter the market condition is!! Watch the first lecture for free! One-time payment! No recurring fees! Life-long access to videos! Reduce fear, uncertainty and doubt while investing! Learn how to plan for your goals before and after retirement with confidence.
Our new course! Increase your income by getting people to pay for your skills! ⇐ More than 700 salaried employees, entrepreneurs and financial advisors are part of our exclusive community! Learn how to get people to pay for your skills! Whether you are a professional or small business owner who wants more clients via online visibility or a salaried person wanting a side income or passive income, we will show you how to achieve this by showcasing your skills and building a community that trusts and pays you! (watch 1st lecture for free). One-time payment! No recurring fees! Life-long access to videos!
Our new book for kids: “Chinchu Gets a Superpower!” is now available!
Must-read book even for adults! This is something that every parent should teach their kids right from their young age. The importance of money management and decision making based on their wants and needs. Very nicely written in simple terms. - Arun.Buy the book: Chinchu gets a superpower for your child!
How to profit from content writing: Our new ebook is for those interested in getting side income via content writing. It is available at a 50% discount for Rs. 500 only!
Do you want to check if the market is overvalued or undervalued? Use our market valuation tool (it will work with any index!), or get the Tactical Buy/Sell timing tool!
We publish monthly mutual fund screeners and momentum, low-volatility stock screeners.
About freefincal & its content policy. Freefincal is a News Media Organization dedicated to providing original analysis, reports, reviews and insights on mutual funds, stocks, investing, retirement and personal finance developments. We do so without conflict of interest and bias. Follow us on Google News. Freefincal serves more than three million readers a year (5 million page views) with articles based only on factual information and detailed analysis by its authors. All statements made will be verified with credible and knowledgeable sources before publication. Freefincal does not publish paid articles, promotions, PR, satire or opinions without data. All opinions will be inferences backed by verifiable, reproducible evidence/data. Contact information: To get in touch, use this contact form. (Sponsored posts or paid collaborations will not be entertained.)
Connect with us on social media
- Twitter @freefincal
- Subscribe to our YouTube Videos
- Posts feed via Feedburner.
Our publications
You Can Be Rich Too with Goal-Based Investing
Published by CNBC TV18, this book is meant to help you ask the right questions and seek the correct answers, and since it comes with nine online calculators, you can also create custom solutions for your lifestyle! Get it now.Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You Want
This book is meant for young earners to get their basics right from day one! It will also help you travel to exotic places at a low cost! Get it or gift it to a young earner.Your Ultimate Guide to Travel
This is an in-depth dive into vacation planning, finding cheap flights, budget accommodation, what to do when travelling, and how travelling slowly is better financially and psychologically, with links to the web pages and hand-holding at every step. Get the pdf for Rs 300 (instant download)