LIC Policy With Special Premium Rate For Non-Smokers; Check Details

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LIC’s new Tech-Term (Plan No. 954) is a non-linked, non-participating, individual, pure risk premium life insurance plan.

This online plan provides financial protection to the insured’s family in case of his/her unfortunate death during the policy term.

The policy was launched in November 2022.

This plan is available in online only mode directly through the official website of the Life Insurance Corporation of India.

Key features of LIC’s new Tech-Term:

• Flexibility to choose from two benefit options: Level Sum Assured and Increasing Sum Assured.

Flexibility to;

  • Choose from single premium, regular premium and limited premium payment
  • Choose the policy term/premium paying term
  • Opt for payment of benefit in instalments.

-Special rates for women.

-Benefit of attractive high sum assured rebate.

-Option to enhance coverage by opting for Accident Benefit Rider on payment of additional premium for the rider benefit.

The policy has two categories of premium rates namely;

(1) Non-Smoker rates and (2) Smoker rates.

The application of non-smoker rates is based on the findings of the Urinary Cotinine test. In all other cases, the Smoker rates will be applicable.


Benefits payable under an in-force policy shall be as under:

A. Death Benefit:

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 in-force and claim is admissible shall be ‘Sum Assured on Death’.

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.

For single premium policy, ‘Sum Assured on Death’ is defined as the higher of:

-125% of Single Premium.

-Absolute amount assured to be paid on death. Where,

“Annualised Premium” shall be the premium payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any, and

Maturity Benefit:

On survival of the life assured to the end of the policy term, no maturity benefit is payable.

Eligibility Conditions And Other Restrictions:

a) Minimum Age at entry : 18 years (Last Birthday)

b) Maximum Age at entry : 65 years (Last Birthday)

c) Maximum Age at Maturity: 80 years (Last Birthday)

d) Minimum Basic Sum Assured: Rs. 50,00,000/-

e) Maximum Basic Sum Assured: No limit (The maximum Basic Sum Assured allowed to each individual will be subject to underwriting decision as per the Board Approved).

The basic sum assured shall be in multiples of: Rs. 5,00,000.

-If basic sum assured for the policy is Rs. 50,00,000/- to Rs. 75,00,000.

-Rs. 25,00,000/-, if basic sum assured for the policy is above Rs. 75,00,000.

f) Policy Term : 10 to 40 years

How to buy LIC’s new Tech-term?

This plan is available in online only mode directly through www[dot]licindia[dot]in.

Step-by-step process to buy LIC’s new Tech-Term online:

1) Log-on to the LIC website. 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, Policy Term, Premium Payment option and Premium Payment Mode 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.

Customers can know more details on the official website of the LIC and check the plan information before buying it.

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