A 100% online pure term life insurance plan created for India’s modern digital world. Simple, affordable protection for your loved ones without the maturity benefit.
Peace of mind is the best gift you can give in an uncertain world. If something were to happen to you during the policy term, your family would receive a lump sum payment from LIC’s New Tech-Term, a non-linked, non-participating, individual pure risk premium plan.
This plan is designed for digital access, flexibility, and affordability, regardless of whether you’re a young professional in Delhi, a parent in Bengaluru, or someone making plans in Pune.
LIC New Tech-Term Plan 954
Plan No. 954 (UIN: 512N351V02) – Online Term Insurance
Why Choose LIC’s New Tech-Term?
Here are the key highlights and advantages:
| Feature | What it Means for You |
|---|---|
| Online-only purchase | Without any paperwork or branch visits, you can finish the application, underwriting, and payment processes entirely online. |
| Two benefit options | Select Increasing Sum Assured (increasing coverage after year 5) or Level Sum Assured (fixed payout). |
| Flexible premium modes | Choose the option that best suits your cash flow: single premium, regular premium, or limited premium. |
| Installment payment of death benefit | Choose the option that best suits your cash flow: single premium, regular premium, or limited premium. |
| Special rates & rebates | Women are paid more than men. Large cover with a high sum assured rebate. Additionally, non-smoker rates are applicable (following a urine cotinine test). |
| Riders & enhancements | An Accident Benefit Rider can be added for additional protection in the event of an unintentional death. |
| Robust death benefit formula | The maximum sum assured upon death for regular/limited premium modes is either the basic sum assured, 7× annual premium, or 105% of premiums paid until death. |
| No maturity benefit | This is true term coverage, which keeps costs down. If you survive to the end of the term, there won’t be any payout. |
Sample Premiums: What Coverage Might Cost You
These are indicative premium figures, exclusive of taxes, for a non-smoking male with a basic sum assured of ₹1 crore.
| Age | Term | Regular Mode (annual) | Limited Mode (policy-minus-5 yrs) | Single Premium |
|---|---|---|---|---|
| 20 | 20 yrs | ₹ 7,047 | ₹ 8,091 | ₹ 75,603 |
| 30 | 20 yrs | ₹ 9,135 | ₹ 10,527 | ₹ 1,00,833 |
| 40 | 20 yrs | ₹ 17,889 | ₹ 20,737 | ₹ 2,03,187 |
The premiums are slightly higher under the Increasing Sum Assured option, but your death benefit will increase over time. For instance, ₹ 13,083 (regular), ₹ 15,219 (limited), and ₹ 1,47,562 (single) at age 30 for a 20-year term
These figures demonstrate how term insurance can provide substantial coverage at a comparatively low cost; in many situations, a 30-year-old’s ₹1 crore sum assured could cost less than ₹10,000 per year.
Real-World Context & Market Data
- India still has a low life insurance penetration rate (~3–4% of GDP), which means that many households are still underinsured.
- According to surveys, “peace of mind for family” is the primary justification given by over 60% of Indian households for purchasing life insurance.
- Industry data indicates that the growth of term insurance in India has been increasing annually, particularly among millennials and professionals with upward mobility.
- According to experts, pure term plans with no maturity benefit minimise expenses and optimise the death benefit for each rupee of premium.
“A pure term plan remains the most efficient way to ensure that family obligations — debts, children’s education, spouse needs — are met even in your absence.”
— Anil Jain, Insurance Analyst
By going digital, LIC’s New Tech-Term meets consumer demands for convenience and transparency while capitalising on India’s expanding smartphone and internet usage.
How It Works: From Application to Claim
- Go online — Visit LIC’s website, select Buy Policies Online → New Tech-Term.
- Choose your sum assured, term, premium mode (regular, limited, single), benefit option (level / increasing), and other details.
- The premium calculator displays your cost immediately.
- Fill your personal & health info, upload required documents, submit.
- Pay online. If underwriting (medical tests) is required, support is arranged.
- Your policy issues electronically.
According to a specified formula, LIC pays the “Sum Assured on Death” in the event of a claim. There is a choice to receive it in installments, subject to minimum installment amounts.
FAQs
Entry age: 18 to 65 years (last birthday)
Maturity age: Up to 80 years
Minimum Sum Assured: ₹50,00,000
Maximum Sum Assured: No fixed limit — subject to LIC’s underwriting policy
No, the benefit option is set for the duration of the policy once you select Level or Increasing Sum Assured at the time of purchase.
There is no advantage to maturity. The coverage of this pure term plan expires at the end of the term.
Regular premium: No surrender benefit.
Single premium: Refund of some amount possible (as specified) during term.
Limited premium mode: Refund possible only after minimum premium years (2 or 3 years)
No, you cannot avail any policy loan under this plan.
For annual or semi-annual premiums, a grace period of thirty days is permitted. Coverage continues during this time. The policy expires if it is not paid after grace.
Yes, provided that arrears, interest, and underwriting requirements are paid within five years of the first unpaid premium.
According to current Indian tax laws, premiums and death benefits may have tax ramifications. Please speak with your tax advisor.
In the single premium mode, 90% of the single premium is payable as benefit if suicide occurs within 12 months of the policy’s start (or revival).
If a suicide occurs within a year in regular or limited premium mode, 80% of the premiums paid up to that point will be reimbursed.