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LIC New Tech Term
ILM Ratings
ILM Ratings
Claims Experience:
Customer Service:
Product Benefits:
Introduction to LIC New Tech Term
LIC New Tech Term is a term insurance policy offered by Life Insurance Corporation of India (LIC), the country’s oldest life insurance company founded in 1956. With this plan, your family will be paid a sum of money as a death benefit, in case your death happens during the term of the policy. While it offers customisations like increasing cover and an accidental death benefit rider, it does not provide the option for a critical illness rider, multiple limited-pay choices or flexibility to decide how your family will receive the claim payout.
Claims Experience:
Customer Service:
Product Benefits:
Quick Overview:
What's Good?
- Option to automatically increase claim amount, with time
- Additional payout option for accidental death
What's Not Good?
- Few Limited Pay options to speed up payments
- No option to customize claim payout
- No option to exit the plan while active and get premium refund
- Critical illness rider is not available
- No premium waiver option available if listed illness is diagnosed
- No premium waiver option available in case of accidental disability
Insurer Track Record
About Life Insurance Corporation of India
JV Partners
Turnover (GWP)
Number of Policies
Number of Claims
Detailed Product Overview
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Did you know
LIC New Tech Term is a term insurance from the Life Insurance Corporation of India (LIC). A cost-effective way to secure your family's financial stability is by investing in a term insurance plan. If the insured individual passes away during the coverage period, the insurer provides a death benefit to the family. This payout can help cover outstanding debts, manage daily expenses and ensure they maintain their current lifestyle without financial strain.
This product is priced reasonably compared to other available options in the market. It offers an increasing cover option but it does not provide a critical illness rider, early exit option, waiver of premium rider or the choice to customize how your family would receive the claim amount. However, our research points out that the insurer received fewer complaints about the policy purchase and claim settlement compared to other insurers.
Here’s an overview of the LIC New Tech Term Plan-
Key Product Features of LIC New Tech Term Plan
Let’s look at the various features of LIC New Tech Term Plan-
- Life Cover Option: In case of death, during the policy term, the LIC New Tech Term Plan guarantees a sum that is payable to your family. The amount paid out is referred to as the death benefit.
- Early Exit Option: The early exit option, allows you the flexibility to cancel your coverage within a specified timeframe, while the plan is still active. LIC New Tech Term Plan, however, does not allow you to have this option of early exit.
- Increasing Cover: In this plan, your cover amount keeps on increasing gradually at specific intervals till it reaches the maximum limit. In the LIC New Tech Term Plan, there is an option to start increasing the cover from the 6th year of the policy. With this option, the base cover can be increased up to 2X the base cover by a 10% increase each year.
- Cover Period: While most plans provide coverage only until the age of 60-65, this policy offers protection up to 70 years. This extended coverage ensures financial security even during your post-retirement years.
- Limited Pay Option: This is an option where one is allowed to pay for their premiums in bigger amounts but over a shorter time span before the policy term ends. You can offset the premiums for your LIC New Tech Term Plan within the policy term, minus 5 or 10 years. You are allowed to either pay your premiums yearly or half-yearly. It is excellent for individuals who wish to have payments completed while their regular income lasts.
- Claim Payout Options: LIC New Tech Term Plan comes with a one-time lump sum payout. The entire claim will be payable to your nominee in a single lump sum sum.
What are the Riders available with the LIC New Tech Term Plan?
LIC New Tech Term Plan provides an Accidental Death Benefit Rider to help you customize your term insurance policy for specific circumstances. This rider provides added financial security for your family in case of death resulting from an accident within the policy term. This rider offers coverage up to the age of 70, with a maximum cover of Rs. 1 crore.
Before opting for a rider at an extra cost, make sure you clearly understand its terms, conditions and whether you really need it.
Why should you choose the Life Insurance Corporation of India?
Here is a rundown of the claims experience you’ll receive with this insurance company-
- Speed of Claim Settlement: Life Insurance Corporation of India has settled 97.08% of claims were settled within less than 30 days.
- Claim Settlement Ratio: LIC has a claim settlement ratio of 97.59%. The Claim Settlement Ratio (CSR) measures the percentage of claims settled out of the total claims received in a financial year.
- Claim Complaints: LIC received an overall claim complaints of 0.05%. Our research showed us that Life Insurance Corporation of India has fewer complaints of claims than other insurance companies.
- Length of the Claim Form: Compared to other insurers, the death claim form of this company is short, with few questions to answer. This indicates that your family won't face too many troubles while filling out the form. Also, there is a separate death claim form for the above 3 years claim.
What are the Drawbacks of buying from Life Insurance Corporation of India?
Here are a few limitations that you may face while buying a term insurance policy from Life Insurance Corporation of India-
- Personal Relationship Manager: Life Insurance Corporation of India does not offer a personal relationship manager to guide your nominee through the claim settlement process, which may result in less individualized support.
- Home Document Pickup: Unlike some insurers, Life Insurance Corporation of India does not provide a home pickup service for claim-related documents. Your nominee will need to visit the branch personally to submit the required paperwork.
- Online tracking of claims: Furthermore, Life Insurance Corporation of India does not provide the facility of tracking claims online. This means you cannot monitor the status of your claims.
How is the Customer Service quality of Life Insurance Corporation of India?
We’ve analyzed the customer service of Life Insurance Corporation of India using the two metrics-
- Toll-free: Our research revealed that their response time via their toll-free number was slow compared to the rest of the insurers.
- X (Twitter) response: Life Insurance Corporation of India has an average response time over its X (Twitter) handle.
- Percentage of Complaints Received for After-Sales Service: According to research, only 0.27% of customers report dissatisfaction with the after-sales service.
About the Insurer - Life Insurance Corporation of India
Life Insurance Corporation of India (LIC), established in 1956, is a government-owned and the nation’s oldest life insurance company. Headquartered in Mumbai, the company is currently led by its Chairman, Mr. Siddhartha Mohanty.
Final Review on LIC New Tech Term Plan
After assessing over 100 parameters such as product benefits, customer service and claims experience, our in-house research team has given the LIC New Tech Term Plan an overall MyInsureBuddy⭐Rating of 3.3/5.
- Introduction
- Quick Overview
- Detailed Overview
Industry Experts with up to 20 years of experience help you from purchase to claims.