Term Insurance Plans
LIC's New Tech-Term (954)
Online term cover from ₹50 lakh for ages 18 to 65, with cover up to age 80
- Entry age
- 18 years to 65 years (age last birthday)
- Policy term
- 10 to 40 years (subject to maximum maturity age of 80; under Increasing Sum Assured, maximum term depends on age and sum assured band)
- Premium paying term
- Regular: same as policy term; Limited: policy term minus 5 years (terms 10 to 40) or policy term minus 10 years (terms 15 to 40); Single premium
- Min. sum assured
- ₹50,00,000
Plan overview
LIC's New Tech-Term is an online-only pure term insurance plan that pays a fixed death benefit to your family if you die during the policy term. You can choose level cover or cover that rises to twice the Basic Sum Assured, pay by regular, limited or single premium, and add an Accident Benefit Rider. There is no maturity benefit, making it a low-cost way to protect your family's future.
New to term insurance plans? Read our simple guide: What Is Term Insurance? Pure Protection Explained →Key benefits
- Pure protection plan bought online at www.licindia.in; no maturity benefit
- Level Sum Assured or Increasing Sum Assured (rises to 2 times Basic Sum Assured)
- Entry age 18 to 65 years, cover up to age 80, terms from 10 to 40 years
- Regular, Limited (term minus 5 or term minus 10 years) or Single Premium
- Minimum Basic Sum Assured ₹50 lakh; no upper limit, subject to underwriting
- Special rates for women, non-smoker rates and High Sum Assured Rebate
- Optional LIC's Accident Benefit Rider for extra cover on accidental death
Eligibility at a glance
- Plan number
- 954
- UIN
- 512N351V02
- Plan type
- Non-Par, Non-Linked, Life, Individual, Pure Risk Plan
- Entry age
- 18 years to 65 years (age last birthday)
- Maximum maturity age
- 80 years
- Policy term
- 10 to 40 years (subject to maximum maturity age of 80; under Increasing Sum Assured, maximum term depends on age and sum assured band)
- Premium paying term
- Regular: same as policy term; Limited: policy term minus 5 years (terms 10 to 40) or policy term minus 10 years (terms 15 to 40); Single premium
- Minimum sum assured
- ₹50,00,000
- Maximum sum assured
- No limit (subject to underwriting decision)
- Premium payment modes
- Yearly, Half-yearly (Regular/Limited Premium); Single Premium
How the plan works
New Tech-Term is a pure risk (term) plan available only online through www.licindia.in. You pick the Basic Sum Assured, policy term, premium payment type, payment mode and one of two death benefit options. If the life assured dies during the term, the nominee gets the death benefit. Nothing is paid if the life assured survives the term. Being non-par, the plan does not pay bonuses.
| Eligibility | Details |
|---|---|
| Entry age | 18 to 65 years (last birthday) |
| Maximum maturity age | 80 years (last birthday) |
| Policy term | 10 to 40 years (subject to maturity age 80) |
| Premium paying term | Regular: same as term; Limited: term minus 5 years (term 10 to 40) or term minus 10 years (term 15 to 40); Single |
| Minimum Basic Sum Assured | ₹50,00,000 |
| Maximum Basic Sum Assured | No limit, subject to underwriting |
| Minimum premium | ₹3,000 (Regular/Limited); ₹30,000 (Single) |
Basic Sum Assured must be in multiples of ₹5,00,000 for ₹50 lakh to ₹75 lakh, and ₹25,00,000 above ₹75 lakh.
Under the Increasing Sum Assured option, the maximum term for cover of ₹50 lakh to below ₹1 crore is limited by age (for Regular/Limited premium: 40 years for ages 18 to 27, 35 years for 28 to 36, 33 years for 37 to 42). For ₹1 crore and above (Regular/Limited), it is 40 years subject to the maximum maturity age.
Premiums depend on age, gender, smoking status (non-smoker rates are based on a urinary cotinine test), policy term, premium paying term and option chosen.
Sample annual premiums for ₹1 crore cover, non-smoker male, 20-year term (excluding taxes):
| Age | Option | Regular | Limited (term − 5) | Limited (term − 10) | Single |
|---|---|---|---|---|---|
| 20 | Level | ₹7,047 | ₹8,091 | ₹10,266 | ₹75,603 |
| 30 | Level | ₹9,135 | ₹10,527 | ₹13,572 | ₹1,00,833 |
| 40 | Level | ₹17,889 | ₹20,737 | ₹26,878 | ₹2,03,187 |
| 20 | Increasing | ₹9,345 | ₹10,769 | ₹13,795 | ₹1,02,617 |
| 30 | Increasing | ₹13,083 | ₹15,219 | ₹19,669 | ₹1,47,562 |
| 40 | Increasing | ₹27,846 | ₹32,396 | ₹42,224 | ₹3,20,684 |
Death benefit
On death during the policy term under an in-force policy, the Sum Assured on Death is paid:
- Regular/Limited premium: highest of 7 times the annualised premium, 105% of total premiums paid up to death, or the absolute amount assured on death.
- Single premium: higher of 125% of the single premium or the absolute amount assured on death.
| Option | Absolute amount assured on death |
|---|---|
| Option I – Level Sum Assured | Basic Sum Assured throughout the term |
| Option II – Increasing Sum Assured | Basic Sum Assured for 5 policy years, then increases by 10% of Basic Sum Assured each year from year 6 to year 15 until it becomes 2 times Basic Sum Assured; remains 2 times from year 16 |
The option cannot be changed after the policy is taken.
Maturity benefit
No maturity benefit is payable on survival to the end of the policy term.
Optional riders
- LIC's Accident Benefit Rider (UIN: 512B203V03) – available with Regular and Limited premium if at least 5 years of premium term remain. Cover runs during the premium paying term or until the policy anniversary at age 70 (nearest birthday), whichever is earlier. Rider sum assured is paid in addition to the base death benefit on accidental death and cannot exceed 3 times the Basic Sum Assured.
Loan, surrender & revival
- Loan: Not available.
- Paid-up value: Not available.
- Surrender: No surrender value. An Unexpired Risk Premium Value, if any, may be paid: nothing for Regular premium; any time during the term for Single premium; for Limited premium only after full premiums for at least 2 consecutive years (premium term below 10 years) or 3 consecutive years (premium term of 10 years or more).
- Revival: A lapsed policy can be revived within 5 consecutive complete years from the first unpaid premium by paying arrears with interest, subject to continued insurability.
Other key terms
- Grace period: 30 days for yearly or half-yearly premiums.
- Free-look period: 30 days from receipt of the policy document.
- Death benefit in instalments: Can be paid over 5, 10 or 15 years at the life assured's choice (minimum instalment ₹5,000 monthly, ₹15,000 quarterly, ₹25,000 half-yearly, ₹50,000 yearly).
- Modal loading: Nil for yearly; 2% of tabular annual premium for half-yearly.
- High Sum Assured Rebate (Level Sum Assured): Nil below ₹1 crore; for ₹1 crore to below ₹2 crore – 13% (up to age 30), 11% (31 to 50), 6% (51 and above); for ₹2 crore and above – 22%, 17% and 9% respectively.
- High Sum Assured Rebate (Increasing Sum Assured): Nil below ₹1 crore; for ₹1 crore to below ₹2 crore – 11%, 9%, 5%; for ₹2 crore and above – 20%, 15%, 8% (same age bands).
- Suicide exclusion: Within 12 months of risk commencement (or revival for Regular/Limited), 80% of premiums paid is payable.
Who should buy LIC's New Tech-Term?
- Earning adults aged 18 to 65 who want high life cover at a low premium
- People with home or other loans who want their family protected from repayment burden
- Those comfortable buying insurance online
- Buyers who want extra protection against accidental death through a rider
Frequently asked questions
Who can buy LIC New Tech-Term (954)?
Anyone aged 18 to 65 years (last birthday) can apply online at www.licindia.in. Cover can continue up to a maximum age of 80 years.
What is the minimum and maximum cover?
Minimum Basic Sum Assured is ₹50 lakh. There is no maximum limit, but the cover allowed depends on LIC's underwriting decision.
What premium payment choices are available?
Regular premium (for the full term), Limited premium (term minus 5 or term minus 10 years) or Single premium. Regular and Limited premiums can be paid yearly or half-yearly.
How does the Increasing Sum Assured option work?
Cover stays at the Basic Sum Assured for the first 5 years, then rises by 10% of it every year from year 6 to year 15 until it doubles, and stays at double thereafter.
Can I add accident cover?
Yes, LIC's Accident Benefit Rider can be added under Regular or Limited premium. The rider sum assured, up to 3 times the Basic Sum Assured, is paid in addition on accidental death.
Is there any maturity or surrender value?
No maturity benefit is payable and there is no surrender value. For Single and some Limited premium policies, an Unexpired Risk Premium Value may be paid on surrender.