What Is LIC Tech Term Plan Premium Calculator?

While purchasing term insurance policies, people used to prefer those policies that come with low premiums yet offer the highest coverage. If you also belong to this category, then the smart LIC Tech Term plan could be your best option. LIC Tech Term policy offers you high life cover against a lower premium. You can conveniently go for the LIC tech term buy online option and enjoy additional benefits like a death benefit, optional rider benefits, and so on.

The speciality of the LIC Tech term plan online is that its premium rates vary from customer to customer. The premium rates are lower for non-smokers and women as compared to others. Though this LIC tech term online plan is beneficial for customers, still, varying premium rates create a lot of challenges for them.

Here comes the LIC tech term plan calculator that is designed specifically to resolve this issue.

LIC Tech Term Plan and its Alluring Features

The prime difference between the LIC Tech term plan is that it is available online. You can easily choose the option of LIC tech term buy online and save your time and efforts. Though this plan comes with some unique features, still, the core objective of the plan is to offer the utmost protection to the insured policyholder and his/her family members. Let’s take a look at some of the intriguing features of this plan.

1. Death Benefit: If the policyholder dies during the policy tenure period, then he/she will be eligible for the death benefit. The policyholder is free to choose the death benefit payment amount as a single payment or in instalments. The sum assured that is fixed when the policyholder buys the LIC tech term plan gets paid on the demise of the insured policyholder.

2. Option to enhance the Sum Assured: This tech term plan gives you an option to increase your sum assured. After completion of the first 5 years of the policy, 10% of the sum assured keeps getting added every year. This means within the next 10 years of buying a LIC Tech Term plan online, your sum assured amount will be doubled.

3. Female Policy Buyers are encouraged: This tech term policy always motivates female customers to purchase it by giving them a discount of 10-20%. If a female customer purchases the LIC Tech Term online, then her premium amount will be lower as compared to a male purchaser for the same coverage.

4. Easy Renewals: Policy renewal is a tedious task for most policyholders. But, you can conveniently renew this tech term policy online. Thus, the renewal process for the LIC Tech term policy is faster and simpler.

5. Health Reward: This tech term plan always encourages a healthy lifestyle for its customers. If a customer is a non-drinker, non-smoker, and non-consumer of hallucinogenic substances, then his/her premium will be lesser. This is a great initiative that the company has already taken to motivate its customers to lead a wholesome lifestyle.

6. The Flexibility of Premium Payment: This tech term plan embraces customers with flexible premium payment options. You can pay your premiums as a lump sum at the beginning of your policy. Or you can pay it as a regular limited premium.

What is the LIC Tech Term Plan Premium Calculator?

To purchase the Tech term plan from LIC, you need some guidance that will help you to finalize your policy. You need to be cautious about all the above-mentioned parameters as they will influence your premium rate directly. The LIC Tech Term Premium Calculator Online is a modernized tool that will calculate your premium amount and other benefits by entering your basic details. This quick tool shows the results in a few seconds. With the help of the LIC Tech Term Calculator tool, a customer can finalize this tech term policy.

How do you use the LIC Tech Term Premium Calculator?

Before purchasing a policy, every policy buyer should have a clear idea regarding how much financial assistance he/she needs from an insurer. Based on the desired sum assured, this LIC Tech Term Premium Calculator Online estimates the premium amount.

To use this premium calculator, you need to visit the online site where the calculator is available easily. You need to enter some required information according to your policy. After receiving your information, the LIC Tech Term Plan Premium Calculator takes a few seconds to display the premium amount. If the customer wants to reduce the premium amount, then he can do it by decreasing the sum assured amount. After doing some permutations and combinations, the customer can select the best sum assured and the premium calculator will help him accordingly.

Some Benefits of using the LIC Tech Term Plan Calculator

1. Since the buying process of the Tech term plan is completely online, hence, customers may need some professional assistance at the time of buying. The premium calculator simplifies the purchase process and tells customers what premium amount they need to pay against their plans.
2.  This calculator is quite reliable and shows the accurate result
3.  You can easily get this calculator at verified websites
4.  A customer can use this calculator several times to get the desired result
5.  The calculator is very user-friendly, anyone can use it conveniently
6.  The calculator demands only basic information from users
7.  The calculator displays results within a few seconds even for intricate calculations

Information required for using the LIC Tech Term Plan Calculator

• The customer age should be between 18-65 years
• The policy term should be between 10-40 years
• The customer is free to select the premium payment method: Regular, Limited, or Single
• Whether the customer is a smoker or a non-smoker
• The gender of the customer
• Whether a customer wants to incorporate additional riders or not
• The type of sum assured (fixed or enhancing) a customer is looking for
• The minimum sum assured should be Rs. 50 lakh, but there is no restriction for the upper limit

Conclusion

The role of the LIC Tech Term Premium Calculator is unfathomable in the process of purchasing the Tech Term Plan. This calculator will help you in selecting the right policy by telling you the exact premium amount against your policy. To enjoy the LIC Tech Term Plan benefits, please input all information properly in the premium calculator.