Life insurance is one of the most essential financial tools to secure the future of your loved ones, especially when you are the primary breadwinner. The Life Insurance Corporation of India (LIC), being the most trusted insurance provider in India, offers a variety of term insurance plans tailored to meet different needs.

One of its latest offerings is the LIC New Tech Term Plan 954, which combines affordability, flexibility, and comprehensive coverage.

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 policyholder’s family in case of the unfortunate demise of the insured during the policy term. This plan is available exclusively online through LIC’s official website, making it convenient to buy and manage.

Unlike endowment or money-back plans, this plan does not offer any maturity benefits or bonuses because it is strictly a protection plan aimed at ensuring your family’s financial well-being in your absence.

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 the sum assured (minimum ₹50 lakh).
• Special premium rates for women and non-smokers.
• Two death benefit options to choose from.
• Multiple premium payment options, including single, limited, and regular premiums.

Eligibility and Policy Terms

To be eligible for LIC New Tech Term Plan 954, applicants need to satisfy the following criteria:

Parameter	Minimum	Maximum
Age at Entry	18 years	65 years
Maximum Maturity Age	–	80 years
Policy Term	10 years	40 years
Minimum Sum Assured	₹50,00,000	No upper limit

You may choose a policy term between 10 and 40 years, but the maturity age of the policy cannot exceed 80 years.

Benefits of LIC New Tech Term Plan 954

1. Two Death Benefit Options

The plan offers flexibility in choosing the death benefit payout mode:

• Level Sum Assured: The sum assured remains fixed throughout the policy tenure. If the policyholder passes away, the nominee receives the chosen fixed sum assured.
• Increasing Sum Assured: The initial sum assured increases by 10% every year after the first five years of coverage, for the next ten years. This option protects your family against inflation and growing financial needs.

2. Flexible Premium Payment Options

You can choose how you want to pay your premiums:

• Single Premium: Pay the premium once and get coverage for the entire policy term.
• Regular Premium: Pay premiums throughout the policy term in installments.
• Limited Premium: Pay premiums for a limited number of years (policy term minus 5 or policy term minus 10 years).

This flexibility lets you match your premium payments with your financial planning.

3. High Sum Assured Rebates

LIC offers attractive discounts (rebates) on premiums for policies with high sums assured, especially for amounts above ₹1 crore. Women and non-smokers also enjoy special premium rates.

4. Free Look Period

You have a 30-day free look period from the date of receipt of the policy document to review all terms and conditions. If unsatisfied, you can return the policy for a full refund of premiums paid, subject to a few deductions.

5. Tax Benefits

Premiums paid under this plan qualify for tax deductions under Section 80C of the Income Tax Act, and the death benefit is exempt from tax under Section 10(10D), subject to prevailing tax laws.

Using LIC New Tech Term Plan 954 Calculator

To make an informed decision, it is important to calculate the premium payable based on your age, sum assured, policy term, and chosen benefit option. LIC offers an online premium calculator specifically for this plan. Here is a simple guide on how to use it:

Step 1: Enter Your Age

Your age at the time of buying the policy impacts the premium rates. Younger applicants pay lower premiums.

Step 2: Choose Sum Assured

The minimum sum assured is ₹50 lakh, but you may choose a higher amount depending on your financial needs.

Step 3: Select Policy Term

Decide the number of years you want the policy to remain active. This can range from 10 to 40 years.

Step 4: Choose Benefit Option

Select between Level Sum Assured or Increasing Sum Assured based on your preference for coverage and inflation protection.

Step 5: Select Premium Payment Mode

Choose regular, limited, or single premium payment option. This impacts the premium amount significantly.

Step 6: View Premium Amount

The calculator will show the approximate premium payable annually, half-yearly, quarterly, or monthly.

Sample Premiums for LIC New Tech Term Plan 954

To give you a rough idea, here are sample premiums for a sum assured of ₹1 crore for different ages and options (non-smoker male):

Age	Policy Term	Level Sum Assured (Annual Premium)	Increasing Sum Assured (Annual Premium)
20	20 years	₹7,047	₹9,345
30	20 years	₹9,135	₹13,083
40	20 years	₹17,889	₹27,846

Premiums vary based on age, health, smoking habits, and chosen premium payment terms.

Why Choose LIC New Tech Term Plan 954?

The New Tech Term Plan 954 from LIC stands out due to its online accessibility and flexible options tailored to diverse needs. Unlike bundled plans, this pure term plan focuses exclusively on protection, offering a higher sum assured at affordable rates. It is especially suitable for:

• Salaried individuals seeking simple, high-coverage term insurance.
• Those wanting inflation-protected increasing sum assured.
• People who prefer online, hassle-free policy purchase and management.
• Individuals looking for tax-saving life insurance.
• Customers who want flexible premium payment options.

Important Considerations

• This plan has no maturity benefit; it pays only on death during the policy term.
• Premium rates for smokers are higher.
• Policy renewals beyond the maturity age of 80 are not allowed.
• Claims must be supported with required paperwork for smooth processing.
• Choose the sum assured carefully based on the family’s financial needs.

How to Buy LIC New Tech Term Plan 954 Online

The entire buying process is online at the official LIC website or their mobile app:

1. Visit the LIC India official website.
2. Select the New Tech Term Plan 954 from the term plans section.
3. Use the online calculator to estimate your premium.
4. Fill in the application details, upload documents, and complete the payment.
5. Receive the policy document digitally via email or download.

Online plans offer convenience, transparency, and faster issuance compared to offline purchases.

Frequently Asked Questions

Conclusion

The LIC New Tech Term Plan 954 is a modern, online pure term insurance plan designed to provide your family with maximum financial security at affordable premiums. Its features, like flexible premium options, increasing sum assured, and high sum assured rebates, make it attractive for a wide range of customers.

Using the LIC New Tech Term Plan 954 calculator helps you understand premium implications and choose the best options tailored to your needs. With LIC’s trusted legacy and secure claim processes, this plan is a simple yet powerful way to guard your family’s future.