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Death Benefit Coverage
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What is LIC New Tech Term Plan 954?
LIC New Tech Term Plan 954 is a non-linked, non-participating, individual pure risk premium online term insurance plan designed to provide financial security to the policyholderโs family in case of unfortunate demise during the policy term.
Unlike endowment or money-back plans, this policy does not offer maturity benefits or bonuses because it is purely a protection-oriented term insurance plan.
Key Highlights
- Pure term insurance for financial protection.
- Online purchase and servicing.
- Flexible policy terms ranging from 10 to 40 years.
- No upper limit on sum assured.
- Special premium rates for women and non-smokers.
- Two death benefit options available.
- Single, regular, and limited premium payment options.
Benefits of LIC New Tech Term Plan 954
Level Sum Assured
The sum assured remains fixed throughout the policy term.
Increasing Sum Assured
The sum assured increases by 10% every year after the first five years for the next ten years.
Flexible Premium Options
Choose between Single Premium, Regular Premium, or Limited Premium payment options.
Tax Benefits
Premiums qualify for deductions under Section 80C and death benefits are tax-free under Section 10(10D) as per prevailing tax laws.
How to Use the Calculator?
- Enter your current age.
- Select smoking status and gender.
- Enter the desired sum assured.
- Select death benefit option.
- Choose policy term.
- Select premium payment option.
- Click calculate to view estimated premiums.
Sample Premium Illustration
For a non-smoker male aged 30 years with โน1 crore sum assured for 20 years:
- Level Sum Assured Premium: Approx. โน9,135 yearly
- Increasing Sum Assured Premium: Approx. โน13,083 yearly
Important Considerations
- No maturity benefit payable.
- Smoker premiums are higher.
- Maximum maturity age allowed is 80 years.
- Choose adequate sum assured for family protection.
Life insurance is among the most important financial solutions for protecting your familyโs future, particularly if you are the main earning member of the household. Life Insurance Corporation of India, widely recognized as Indiaโs most trusted insurance company, provides a range of term insurance plans designed to suit different financial requirements and life goals.
What is LIC New Tech Term Plan 954?
Life Insurance Corporation of India New Tech Term Plan 954 is an individual, non-linked, non-participating online term insurance policy created to offer financial protection to the insured personโs family in the event of an unfortunate death during the policy duration. This plan is available exclusively through LICโs official online platform, allowing customers to purchase and manage the policy conveniently from anywhere.
Unlike traditional savings-oriented policies such as endowment or money-back plans, this policy focuses purely on life coverage and does not provide maturity benefits or bonus returns. Its primary purpose is to ensure your family remains financially secure even in your absence.
Major Features:
- Pure term insurance plan focused on financial safety.
- Available completely through online purchase and servicing.
- Flexible policy tenure options from 10 years to 40 years.
- Minimum sum assured starts from โน50 lakh with no maximum limit.
- Lower premium benefits available for women and non-smokers.
- Choice of two different death benefit options.
- Flexible premium payment modes including single premium, limited premium, and regular premium options.
Eligibility and Policy Terms
To purchase the Life Insurance Corporation of India New Tech Term Plan 954, applicants must fulfill the following eligibility conditions:
Eligibility Details of LIC New Tech Term Plan 954
| Parameter | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 years | 65 years |
| Maturity Age | โ | 80 years |
| Policy Term | 10 years | 40 years |
| Minimum Sum Assured | โน50,00,000 | No maximum limit |
Policyholders can select a coverage duration ranging from 10 to 40 years. However, the policy must mature before the insured reaches 80 years of age.
Benefits of LIC New Tech Term Plan 954
1. Choice of Two Death Benefit Options
This plan allows policyholders to choose between two different payout structures based on their financial goals:
- Level Sum Assured:
The chosen sum assured remains unchanged during the entire policy period. In case of the policyholderโs death, the nominee receives the fixed insured amount. - Increasing Sum Assured:
Under this option, the basic sum assured increases by 10% every year after completion of the first five policy years, continuing for the next ten years. This feature helps tackle inflation and rising family expenses over time.
2. Flexible Premium Payment Modes
The plan offers multiple premium payment choices to suit different financial preferences:
- Single Premium:
Pay the entire premium amount once and enjoy coverage for the full policy duration. - Regular Premium:
Premiums are paid continuously throughout the policy term in selected intervals. - Limited Premium:
Premiums are paid only for a limited period, such as policy term minus 5 years or policy term minus 10 years.
This flexibility makes it easier to align insurance payments with long-term financial planning.
3. Rebates on Higher Sum Assured
The plan provides premium discounts for higher coverage amounts, particularly for policies with a sum assured above โน1 crore. Special premium advantages are also available for women and non-smokers.
4. 30-Day Free Look Period
Policyholders receive a 30-day free look period from the date they receive the policy document. During this period, if they are not satisfied with the policy terms and conditions, they can return the policy and receive a refund after applicable deductions.
5. Tax Advantages
Premiums paid under this plan are eligible for tax deductions under Section 80C of the Income Tax Act. Additionally, the death benefit received by the nominee is tax-free under Section 10(10D), as per prevailing tax regulations.
Using LIC New Tech Term Plan 954 Calculator
To choose the right insurance coverage, calculating the estimated premium based on your age, policy term, sum assured, and benefit option is essential. Life Insurance Corporation of India provides an online premium calculator for the New Tech Term Plan 954, making it easy to estimate your premium amount before purchasing the policy.
Hereโs a step-by-step guide to using the calculator:
Step 1: Enter Your Age
Your current age plays a major role in premium calculation. Generally, lower premiums are offered to younger individuals.
Step 2: Select the Sum Assured
Choose the coverage amount according to your financial responsibilities and future family needs. The minimum sum assured available under this plan is โน50 lakh.
Step 3: Choose the Policy Term
Select how long you want the insurance protection to continue. The available policy duration ranges from 10 years to 40 years.
Step 4: Pick the Benefit Option
You can choose either:
- Level Sum Assured for fixed coverage throughout the term, or
- Increasing Sum Assured for gradually increasing coverage to combat inflation.
Step 5: Select the Premium Payment Option
Choose the payment mode that best suits your financial planning:
- Regular Premium
- Limited Premium
- Single Premium
The selected payment mode directly affects the premium amount.
Step 6: Check the Estimated Premium
Once all details are entered, the calculator displays the approximate premium payable in yearly, half-yearly, quarterly, or monthly modes.
Sample Premiums for LIC New Tech Term Plan 954
To help you understand the approximate premium structure, below are sample annual premiums for a โน1 crore sum assured for a non-smoker male under different age groups and benefit options.
Estimated Premiums for LIC New Tech Term Plan 954
| Age | Policy Term | Level Sum Assured (Annual Premium) | Increasing Sum Assured (Annual Premium) |
|---|---|---|---|
| 20 Years | 20 Years | โน7,047 | โน9,345 |
| 30 Years | 20 Years | โน9,135 | โน13,083 |
| 40 Years | 20 Years | โน17,889 | โน27,846 |
Premium amounts may differ depending on factors such as age, medical condition, smoking habits, selected premium payment option, and policy term.
Why Choose LIC New Tech Term Plan 954?
Life Insurance Corporation of India New Tech Term Plan 954 is a modern online term insurance solution designed for individuals looking for high financial protection at affordable premium rates. Since it is a pure protection plan, it offers larger coverage without combining investment or savings features.
This plan is particularly beneficial for:
- Salaried individuals looking for high-value life coverage.
- People seeking inflation-adjusted increasing sum assured benefits.
- Customers who prefer an easy online policy buying experience.
- Individuals interested in tax-saving insurance solutions.
- Buyers wanting flexible premium payment choices.
Important Points to Remember
- This policy does not provide any maturity amount at the end of the term.
- Premiums for smokers are generally higher compared to non-smokers.
- The policy cannot continue beyond the maturity age of 80 years.
- Claim settlement requires submission of necessary documents and proofs.
- It is important to select an adequate sum assured based on your familyโs future financial requirements.
How to Buy LIC New Tech Term Plan 954 Online
The policy can be purchased completely online through LICโs official portal or mobile application by following these steps:
- Visit the official LIC India website.
- Navigate to the term insurance plans section and select New Tech Term Plan 954.
- Use the online premium calculator to estimate your premium.
- Fill in personal details, upload required documents, and make the payment online.
- Receive the digital policy document through email or download it directly.
Online purchase offers greater convenience, quicker processing, and transparent policy management.
Frequently Asked Questions (FAQs)
What is LIC New Tech Term Plan 954?
It is an online pure term insurance plan that provides financial protection to the nominee in case of the policyholderโs death during the policy term.
Who can purchase this plan?
Individuals between 18 and 65 years of age are eligible to buy this policy, subject to LICโs terms and conditions.
What is the available policy term?
The plan offers flexible policy durations ranging from 10 years to 40 years.
What is the minimum sum assured?
The minimum coverage amount under this plan is โน50 lakh, while there is no maximum limit on the sum assured.
What death benefit choices are available?
Policyholders can choose between:
- Level Sum Assured
- Increasing Sum Assured
Does this policy provide maturity benefits?
No, this is a pure term insurance plan and offers only death benefits.
Are limited premium payment options available?
Yes, the plan allows limited premium payment options where premiums are paid for a shorter duration while coverage continues for the full policy term.
Conclusion
The Life Insurance Corporation of India New Tech Term Plan 954 is a reliable online term insurance policy created to provide strong financial protection for your family at competitive premium rates. Features like flexible premium payment modes, increasing sum assured options, and high coverage availability make it suitable for a wide range of policyholders.
Using the LIC New Tech Term Plan 954 calculator allows you to compare premium options easily and choose coverage that matches your financial goals. Backed by LICโs trusted reputation and efficient claim settlement process, this plan serves as a practical and dependable solution for securing your familyโs future.
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