LIC Tech Term is a non-participating pure life insurance policy
The LIC Tech Term plan is a non-linked and pure risk premium plan that provides financial coverage to the insured and his/her family. This policy has been introduced by LIC to make it easier for people to buy term insurance plans online. It comes with optional riders that enhance the coverage.
The LIC Tech Term plan comes with the Accident Benefit Rider. This rider waives off future premiums in the event of the insurer’s death. It also pays the claim within 30 days if the insurer dies naturally or before the maturity period. The rider is not guaranteed and should be verified with the policy information document to ensure that it is accurate.
The LIC Tech Term plan has several benefits and is cheaper than the Jeevan Amar plan and e-Term plan. This non-participating pure life insurance plan does not offer a maturity benefit but has tax benefits under Section 10 (10D). The policy also offers a surrender value for the limited pay option.
It offers whole life cover
Term plan is a low-cost insurance option that offers whole life cover, return of premium option, and spouse coverage. This type of policy also offers a low entry age of 18 years and a variety of different life cover options. In addition, a term plan allows the insured to choose multiple death benefits.
Whole life insurance can help consumers who have special financial needs. For instance, a parent with a disabled child may want to consider whole life insurance. It also offers a permanent life cover that guarantees the death benefit for dependents. Whole life policies are also useful for succession planning. In a partnership, each partner may take out a whole life policy. The remaining partners can then buy out the deceased partner’s share in the company.
It has a freelook period of 30 days
The LIC e-Term Plan has a freelook period of thirty days. This period begins when you receive the policy and ends when you cancel it. During this time you are not required to pay the premium for the policy. Non-payment of the premium will result in cancellation of the policy.
It charges extra premium
LIC E Term Plan Review reveals whether this plan charges extra premium or not. It is possible to get extra benefits without paying extra premium if you opt for a rider. This is the main advantage of insurance policies that have riders. A rider provides additional benefits that you cannot get with a pure term insurance plan.
Another advantage of LIC E Term Plan is its flexibility. You can pay premiums and the benefit in installments. You can select the rate according to your medical condition. The non-smoker category has different premium rates based on your health. If you are a smoker, you will be charged higher rates than a non-smoker. You can also add an accident benefit rider to enhance the coverage of your policy.
It has a lower claims settlement ratio than other online term plans
The claims settlement ratio is a measure of how often the insurance company settles claims. Generally, the higher the claim settlement ratio, the more likely you are to be paid. Insurers have different ways of calculating their claim settlement ratios. One way is to look at how many claims are settled per million insured lives.
However, the claims settlement ratio of an online term plan should be considered in context and should not be considered in isolation. The low premiums of LIC E, for example, can raise suspicions.