LIC Tech Term Plan No. 954

Complete Guide to LIC's New Tech-Term Plan No. 954

If you are looking for a trusted LIC advisor in Bhadra to help you build a massive, unbreakable financial safety net, you have found the right guidance. Welcome to Ashuram Insurance Expert. As your trusted local advisor, serving since 1990, we specialize in providing clear, honest, and highly effective life insurance solutions for families across the Hanumangarh district.

Today, we are going to explore a powerful, pure protection policy: the LIC New Tech Term Plan No. 954. While this specific plan is designed to be purchased online, understanding its complex technicalities requires professional advice. Read on to discover exactly how this pure risk plan works, the difference between its unique coverage options, and how you can consult a trusted LIC advisor in Bhadra for personalized guidance before you make your purchase. You can also explore our broader range of offline and online advisory solutions regarding LIC services in Bhadra.

What is LIC Tech Term Plan 954?

LIC's New Tech-Term (UIN: 512N351V02) is a Non-linked, Non-participating, Individual, Pure Risk Premium Life Insurance Plan. In simple terms, it is a pure life insurance policy designed solely to provide a massive financial payout to your dependents in the event of your absence.

This Online plan provides financial protection to the insured's family in case of his/her unfortunate death during the policy term. Because it is a pure risk plan, it is highly affordable, allowing you to secure multi-lakh or multi-crore coverage without paying exorbitant premiums.

Key Features of the Tech Term Plan

This modern online term plan is packed with flexible features designed to accommodate the varied financial capabilities of families in Bhadra and Nohar:

• Dual Death Benefit Options: You have the flexibility to choose from two benefit options: Level Sum Assured and Increasing Sum Assured.
• Premium Payment Flexibility: You have the flexibility to choose from Single Premium, Regular Premium and Limited Premium Payment.
• Term Customization: You have the freedom to choose the Policy Term/Premium Paying Term that matches your working years and financial goals.
• Instalment Payouts: You can opt for payment of benefit in instalments.
• Women's Benefit: The plan offers special rates for women, making it highly accessible for female earners.
• High Sum Assured Rebates: There is a benefit of attractive High Sum Assured Rebate, which means purchasing higher coverage amounts is heavily incentivized.
• Health-Based Premium Rates: There are two categories of premium rates namely (1) Non-Smoker rates and (2) Smoker rates. The application of Non-Smoker rates shall be based on the findings of the Urinary Cotinine test. In all other cases, the Smoker rates will be applicable.
• Enhanced Coverage: You have the option to enhance coverage by opting for Accident Benefit Rider on payment of additional premium for the rider benefit.

Deep Dive: Understanding the Death Benefit

The core function of this policy is the Death Benefit payout. Death benefit payable on death of the life assured during the policy term after the date of commencement of risk but before the date of maturity provided the policy is inforce and claim is admissible shall be "Sum Assured on Death".

The calculation of this amount depends strictly on how you choose to pay your premiums:

• For Regular premium and Limited premium payment policy: "Sum Assured on Death" is defined as the highest of 7 times of Annualised Premium; or 105% of "Total Premiums Paid" upto the date of death; or Absolute amount assured to be paid on death. (Note: "Annualized Premium" shall be the premium payable in a year, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums).
• For Single premium policy: "Sum Assured on Death" is defined as the higher of 125% of Single Premium; or Absolute amount assured to be paid on death.

Option I vs. Option II: Which Should You Choose?

When configuring your policy online, you must choose how the "Absolute amount assured" behaves. Please be aware that the Death Benefit Option once chosen cannot be changed later.

Option I: Level Sum Assured
Under this option, the Absolute amount assured to be paid on death shall be an amount equal to Basic Sum Assured, which shall remain the same throughout the policy term. If you secure a ₹1 Crore cover to protect your family in Ambedkar Chowk, the cover remains exactly ₹1 Crore until the policy expires.

Option II: Increasing Sum Assured
This option is engineered to combat the rising cost of living and inflation. Absolute amount assured to be paid on death shall remain equal to Basic Sum Assured till completion of fifth policy year. Thereafter, it increases by 10% of Basic Sum Assured each year from the sixth policy year till fifteenth policy year till it becomes twice the Basic Sum Assured. This increase will continue under an inforce policy till the end of policy term; or till the Date of Death; or till the fifteenth policy year, whichever is earlier. From sixteenth policy year and onwards, the Absolute amount assured to be paid on death remains constant i.e. twice the Basic Sum Assured till the policy term ends.

For example, Absolute amount assured to be paid on death under a policy with Basic Sum Assured of Rs. X will be Rs. X till the end of fifth policy year, Rs. 1.1X during the sixth policy year, 1.2X during seventh policy year, increasing so on by 10% of Basic Sum Assured each year till it becomes 2X in fifteenth policy year. From the sixteenth policy year and onwards, the Absolute amount assured to be paid on death will be 2X.

Eligibility Conditions for the Policy

To qualify for the LIC New Tech-Term plan, applicants must carefully meet the following strict criteria:

• Minimum Age at entry: 18 years (Last Birthday).
• Maximum Age at entry: 65 years (Last Birthday).
• Maximum age at Maturity: 80 years (Last Birthday).
• Minimum Basic Sum Assured: Rs. 50,00,000/- (Fifty Lakhs).
• Maximum Basic Sum Assured: No Limit As per underwriting decision. The maximum Basic Sum Assured allowed to each individual will be subject to underwriting decision as per the Board Approved Underwriting Policy.

The Basic Sum Assured must be selected in specific multiples: Rs. 5,00,000/-, if Basic Sum Assured for the policy is Rs. 50,00,000/- to Rs. 75,00,000/-. It must be in multiples of Rs. 25,00,000/-, if Basic Sum Assured for the policy is above Rs. 75,00,000/-. The Minimum Policy Term is 10 years, while the Maximum Policy Term is 40 years, subject to the maximum Age at Maturity and the Sum Assured option chosen.

Optional Accident Benefit Rider

You can significantly strengthen your policy by adding a rider. The policyholder has an option of availing LIC's Accident Benefit Rider (UIN:512B203V03) under Regular Premium and Limited Premium payment mode by payment of additional premium during the Premium Paying Term, provided the outstanding Premium Paying Term is atleast five years. If this rider is opted for, in case of accidental death, the Accident Benefit Rider Sum Assured will be payable as lumpsum along with the death benefit under the base plan. The Accidental Benefit Sum Assured shall not exceed three times of the Basic Sum Assured under the Base policy.

Instalment Benefit Option for Claimants

Managing a massive lump sum payout can be a heavy burden for a grieving family. LIC provides a solution. This is an option to receive Death Benefits in instalments over the chosen period of 5 or 10 or 15 years instead of lump sum amount under an inforce policy. This option can be exercised by Life Assured during his/her lifetime; for full or part of Death benefits payable under the policy.

The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for. The minimum installment amounts are strictly defined: Monthly is Rs. 5000/-; Quarterly is Rs. 15000/-; Half-Yearly is Rs. 25000/-; and Yearly is Rs. 50000/-. The death claim amount shall then be paid to the nominee as per the option exercised by the Life Assured and no alteration whatsoever shall be allowed to be made by the nominee.

Online Buying Process: Step-by-Step

Because this is a direct online product, you must complete the purchase digitally. Here is the step-by-step process to buy LIC's New Tech-Term Online:

1. Log-on to our website (www.licindia.in) for buying this online product. Click on 'Buy Policies Online'. Select plan LIC's New Tech-Term.
2. Click on 'Buy Online'. Choose your desired Sum Assured, Sum Assured option (Level/Increasing), Policy Term, Premium Payment option (Regular/Limited/Single) and Premium Payment Mode (Yearly/Half-yearly) for Regular and Limited Premium Payment option, Date of Birth, Gender and Smoking status.
3. After filling in the details, a premium calculator will calculate the premium for the chosen parameters.
4. Enter other details such as Name, Address, Occupation, Qualification etc. displayed on the screen and complete the proposal form online.
5. Pay premium online and fulfil the underwriting requirements, if any.

Before you begin this process, we highly recommend consulting Ashuram Modi to accurately calculate your required Sum Assured.

Important Policy Rules: Grace Period, Revival, and Loans

Understanding the operational rules of your policy ensures your family's coverage remains secure without interruption.

• Grace Period: A grace period of 30 days shall be allowed for payment of yearly or half-yearly premiums from the date of First Unpaid Premium. During this period, the policy shall be considered inforce with the risk cover without any interruption as per the terms of the policy. If the premium is not paid before the expiry of the days of grace, the Policy lapses.
• Revival: A lapsed policy can be revived, within a period of 5 consecutive complete years from the date of First Unpaid Premium. The revival shall be effected on payment of all the arrears of premium(s) together with interest.
• Surrender and Loans: No surrender value will be available under this Plan. However, an Unexpired Risk Premium Value may be payable under Single and Limited Premium options if specific conditions are met. Furthermore, no loan will be available under this plan.

Services Available in Biran, Chhanibari, Jhansal, and Malkhera

While our primary operations are based in Bhadra, Ashuram Insurance Expert proudly extends its advisory services to families across the region. If you are reviewing your LIC policy in areas such as Ramgadhia or Sherpura, or searching for a trusted LIC advisor serving Biran, Garhichhani, Jhansal, or Malkhera, we provide comprehensive guidance. Understanding a pure risk term plan requires careful analysis of your financial liabilities. We assist families in these villages and the greater Hanumangarh district in evaluating their protection needs. Even though Plan 954 is an online-only purchase, having a local expert clarify the coverage options can prevent costly misunderstandings.

Who Should Buy This Plan?

The LIC Tech Term Plan 954 is the ultimate risk management tool for:

1. Young professionals in Bhadra, Nohar, and surrounding areas looking to lock in extremely low premium rates for decades.
2. Families needing massive financial safety nets (₹50 Lakhs to multiple Crores) to cover vast liabilities, future education costs, and living expenses.
3. Individuals looking to protect their families against the rising cost of living by utilizing the Increasing Sum Assured option.

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