LIC Tech Term Plan 854 Calculator
UIN: 512N333V01
Launch Date: September 2019
Withdrawal Date: 22nd November 2022
Plan Type: Non-Linked, Non-Participating, Pure Risk Premium Term Insurance Plan
Note: This plan has been withdrawn and replaced with LIC New Tech Term on 23rd November 2022
Premium Calculation Results
- Premium calculations are based on official LIC rates from the brochure
- Actual premium may vary based on underwriting and medical examination
- This plan was withdrawn on 22nd November 2022
- For Single Premium: Minimum premium is ₹30,000
- For Regular/Limited Premium: Minimum premium is ₹3,000
- Special rates are available for women (approximately 5-15% lower)
When it comes to securing your family’s financial future, a term insurance plan plays an important role. LIC Tech Term Plan 854 is one such pure term insurance plan offered by Life Insurance Corporation of India (LIC), specially designed to provide high life cover at affordable premium rates.
What is LIC Tech Term Plan 854?
LIC Tech Term Plan 854 is an online pure term insurance policy launched by LIC. It is a non-linked, non-participating plan, which means it provides only life risk cover without any investment component. As this plan is available only through online channels, LIC is able to offer it at lower premiums than its traditional term plans.
This plan ensures a financial safety net for your family in case of your unfortunate demise during the policy term. The nominee receives the sum assured as a death benefit, helping them maintain their lifestyle and meet financial goals.
Launch and Withdraw Dates
- Launch Date: LIC Tech Term Plan 854 was launched on 1st September 2019.
- Withdraw Date: LIC has withdrawn this plan from new sales starting November 2022 as it was replaced by the revised LIC New Tech Term Plan to keep premiums competitive and aligned with reinsurance costs.
Existing policyholders will continue to enjoy the benefits under the old plan terms even after withdrawal.
Key Features of LIC Tech Term Plan 854
- Available only for Indian nationals (NRIs can apply during their stay in India; OCI/PIOs not eligible).
- Minimum entry age: 18 years, maximum entry age: 65 years.
- Maximum maturity age: 80 years.
- Policy term ranges between 10 to 40 years, offering wide flexibility.
- Minimum sum assured starts at ₹50 lakhs, with no upper limit on the sum assured.
- Premium payment modes: Regular, Limited, and Single premium.
- Premium differentiated for smokers and non-smokers, with lower premiums for non-smokers.
- Special premium rates for female policyholders.
- Option to add Accidental Death Benefit Rider.
- Death benefit paid either as a lump sum or in installments over 5, 10, or 15 years.
- Pure term plan with no maturity benefit.
Eligibility Criteria
| Parameter | Details |
|---|---|
| Minimum age at entry | 18 years |
| Maximum age at entry | 65 years |
| Maximum maturity age | 80 years |
| Minimum policy term | 10 years |
| Maximum policy term | 40 years |
| Minimum sum assured | ₹50,00,000 (50 lakhs) |
| Maximum sum assured | No limit |
| Premium Payment Terms | Regular, Limited (PT-5, PT-10), Single Premium |
PT-5 means premium payment for 5 years less than policy term, PT-10 means 10 years less than the policy term if policy term is above 15 years.
Understanding Premium Payment Options
You can choose among various premium payment terms, making this plan convenient for different financial capabilities:
- Regular Premium: Pay premiums throughout the entire policy term.
- Limited Premium: Pay premiums for fewer years than the policy term (either policy term minus 5 years, or minus 10 years if policy term is 15 years or more).
- Single Premium: Pay a lump sum premium at the start, and the policy remains active for the policy term without any further payments.
The minimum premium requirement is:
- ₹3000 for regular and limited premium options.
- ₹30,000 for the single premium option.
How to Use LIC Tech Term Plan 854 Calculator?
The LIC Tech Term Plan calculator is an online tool designed to help you estimate the premium you need to pay according to your selected policy parameters. Here’s how you can use the LIC Tech Term Plan calculator:
- Visit the official LIC website or credible insurance portals that provide the LIC Tech Term Plan 854 premium calculator.
- Enter your details such as age, gender, sum assured amount, policy term, and preferred premium payment term.
- Choose your smoker or non-smoker status as it affects your premium.
- Select preferred mode of premium payment (yearly, half-yearly, quarterly).
- The calculator will display your estimated premium amount based on your inputs.
- You can adjust the sum assured or payment term to see how your premium changes.
This simple process helps you to plan your insurance budget effectively and make an informed decision without consulting an agent.
Benefits of LIC Tech Term Plan 854
- Affordable Premiums: The online-only model reduces operating costs, allowing LIC to offer lower premiums compared to offline plans.
- High Sum Assured: Large life cover options are available, starting from ₹50 lakhs with no upper limit.
- Flexibility in Premium Payment: Multiple payment options allow policyholders to choose according to their convenience and financial capacity.
- Accidental Death Benefit Rider: Enhances the coverage in case of accidental death.
- Installment Option for Payout: Instead of lump-sum death benefit, nominees can receive payouts over a period (5, 10, or 15 years) providing steady income.
- Special Rates for Females and Non-Smokers: Rewards healthier lifestyle choices.
- Online Purchase: It can be bought directly on LIC website, making the process quicker and paper-free.
- No Maturity Benefit: Being a pure term insurance plan, no maturity amount is paid if the policyholder survives the term. This helps reduce premiums.
Sample Premium Illustration (Approximate)
| Age (Years) | Sum Assured | Policy Term (Years) | Premium Payment Term | Approximate Annual Premium (Male) | Approximate Annual Premium (Female) |
|---|---|---|---|---|---|
| 20 | ₹1 Crore | 10 | 10 (Regular) | ₹5,500 | ₹5,200 |
| 30 | ₹1 Crore | 10 | 10 (Regular) | ₹6,300 | ₹5,900 |
| 40 | ₹1 Crore | 10 | 10 (Regular) | ₹10,300 | ₹8,500 |
Note: These are approximations. GST is extra, and non-smokers enjoy a discount. Premium varies with premium payment mode and sum assured.
Important Considerations While Choosing LIC Tech Term Plan 854
- Coverage Need: Assess your life insurance need based on family requirements, liabilities, and future goals before deciding sum assured.
- Premium Affordability: Choose a premium payment term that suits your cash flow. Single premium might be high but no further payments.
- Health and Lifestyle: Non-smoker and female policyholders will benefit from lower premiums.
- Risk Appetite: You can opt for additional accidental death rider for enhanced coverage.
- Policy Term: Longer terms cover you till older age but will involve higher total premiums.
- Nominee Details: Make sure to keep nominee information updated for hassle-free claim settlement.
- Claim Process: LIC is a trusted insurer known for smooth claim settlements.
Why LIC Tech Term Plan 854?
With many term plans available today, LIC’s Tech Term Plan stands out because:
- It is a pure risk plan with no hidden charges or complex investment-linked components.
- Online purchase reduces costs and paperwork.
- Flexibility in premiums and policy term is wide.
- LIC’s strong brand trust and claim settlement ratio assures peace of mind for policyholders.
- Suitable for individuals who want a simple, straightforward life cover.
Alternatives and New Version
Since the withdrawal of LIC Tech Term Plan 854, LIC has launched a New Tech Term Plan with updated premiums and benefits to reflect current market conditions and insurance costs.
For those interested, the new plan can be explored on LIC’s official page for term plans or credible insurance portals for comparison.
Frequently Asked Questions
What is LIC Tech Term Plan 854?
LIC Tech Term Plan 854 is a pure term insurance policy available online from LIC, offering high life cover at affordable premiums without any maturity benefit. It provides financial security to your family in case of your untimely death during the policy term.
When was LIC Tech Term Plan 854 launched and withdrawn?
The plan was launched on 1st September 2019 and withdrawn from new sales in November 2022. Existing policyholders continue to enjoy benefits under the old terms.
Who is eligible to buy LIC Tech Term Plan 854?
Indian residents aged between 18 and 65 years are eligible to apply. The policy term can be chosen between 10 to 40 years. NRIs can also apply during their stay in India.
What is the minimum sum assured under this plan?
The minimum sum assured starts at ₹50 lakhs (₹50,00,000), and there is no upper limit on the sum assured.
Is there any benefit if the policyholder survives the policy term?
No, LIC Tech Term Plan 854 is a pure term plan with no maturity benefit. If you survive the policy term, no amount is paid.
Can I add any riders to this plan?
Yes, you can add the Accidental Death Benefit Rider to increase the payout in case of accidental death.
Conclusion
LIC Tech Term Plan 854 is a simple, affordable, and flexible term insurance plan that provides high life cover, especially suitable for those looking for online-only insurance solutions. Although it was withdrawn in late 2022, it remains popular for its features and premium options.
The LIC Tech Term Plan calculator is a handy online tool that helps potential buyers estimate their premiums easily.