LIC’s Tech-Term (No.854) – Online Term Life Insurance Review

LIC finally launched its online term life insurance LIC’s Tech-Term (No.854). It is going to be one of the best plan designed by LIC as far as I know. Let us see the benefits and how it is beneficial for all of us.

LIC’s Tech-Term (No.854) is a Non-Linked, Non-Participating Term Life Insurance Plan. After a long gap, LIC launching a term life insurance. It is mainly because of the competition in this field of product.

LIC’s Tech-Term (No.854) – Features

# It is a pure ONLINE Term Life Insurance from LIC.

# Minimum Sum Assured is Rs.50 lakh and there is no limit for maximum sum assured.

# You can pay the premium as regular, single or limited.

# You can opt for a level sum assured, where the sum assured you opted will remain the same throughout the policy period.

# You can opt for an increasing sum assured also, where the death benefit will remain the same up to 5 years of the first policy period. After that, it will increases at a rate of 10% for the next 10 years. From the 16th year, it will remain the same.

# Death Benefits can be taken in installments also of 5 years, 10 years or 15 years.

# Coverage up to 80 years of age.

# You can opt for Accidental Rider also.

# Lower rates for Non-Smokers and special rates for women.

LIC’s Tech-Term (No.854) – Eligibility

Let me share with you the eligibility criteria of LIC’s Tech-Term (No.854).

LIC's Tech-Term (No.854) - Eligibility

LIC’s Tech-Term (No.854) – Premium

I have limited information about this policy. However, I have received this below premium example.

Sum Assured-Rs.1 Cr

Term-10 Years.

Premium Paying Term-10 Years.

Mode-Yearly

Sum Assured Option-Level Sum Assured

Age-20 Years-Male-Rs.5,456, Age-20 Years-Female-Rs.5,192 (Yearly)

Age-30 Years-Male-Rs.6248, Age-30 Years-Female-Rs.5,896 (Yearly).

Age-40 Years-Male-Rs.10,260, Age-40 Years-Female-Rs.8,460 (Yearly)

(The above rates are exclusive of GST).

LIC’s Tech-Term (No.854) – Death Benefit Options

Death Benefit Sum Assured

As I have mentioned in the above post, there are two death options under LIC’s Tech-Term (No.854). They are as below.

# Level Sum Assured

Your nominee will receive the Sum Assured you opted while buying the policy. It will remain the same throughout the policy period.

# Increasing Sum Assured

Under this feature, the death benefit will be the same as that of the initial sum assured you have chosen for the first five years.

From 6th policy year to 10th year, it will increase at the rate of 10% per year.

From the 16th year of the policy period, it will remain the same throughout the remaining policy period.

Accordingly, your nominee will receive the death benefit during which period of the policy your death occurs.

Death benefit payment option to the nominee

Your nominee can receive the death benefit as a lump sum or in installments. If you opted for installments, then LIC will pay the death benefit installments in 5 years, 10 years or 15 years.

You can choose the full death claim amount be payable in installments or a certain portion of death claim in installments.

You can choose this installment option either at the time of buying or during the policy period.

LIC’s Tech-Term (No.854) Premium Comparison

Let us now compare the premium of LIC’s Term Term (No.854) with other private players.

LIC's Term Term (No.854) Premium Comparison

You notice that the premium of LIC’s Term Term (No.854) is cheap compared to the existing LIC’s online term plan (LICs’ e-Term). However, if you check the premium with private players, it is still costlier.

LIC’s Tech-Term (No.854) – Review

Considering the market competition in online term life insurance plans, LIC launched this plan with the utmost care and including the many features which are already available in the market.

# It is an online term life insurance. Hence, the premium will be cheap. Also, it looks upfront that LIC’s Term-Term (No.854) premium is much cheaper than it’s earlier online term life insurance (e-Term). Hence, it is a big benefit for those who are desperate to buy the term life insurance from trusted LIC.

# Coverage of the policy is up to 80 years of age. Even though Life Insurance is not required up to 80 years of your age, but LIC added this feature to compete with private players. Hence, this is an attractive move.

# This plan comes with an accidental rider. It’s an earlier version of term life insurance was without any rider. Hence, this time LIC added accidental rider benefit. This is one more positive.

# Special discounts for a female is unique and attractive to all-female who are looking for online term life insurance from LIC.

# Premium paying option is too flexible with options like Single, Limited Period and Regular Period. This gives us flexibility.

# Increasing Sum Assured option is first time added by LIC. Where for the first 5 years it will not increase. However, after 5th year to 15th year it will increase at the rate of 10%. From 16th years onward, it will remain the same throughout the policy period. This is the big relief for those who have to review their life insurance coverage and avoid having multiple life insurance products.

# If you already holding LIC’s e-Term, then don’t discontinue just because of this plan offers you a lesser premium. Instead, while enhancing, you can buy this product.

# For those who trust LIC and looking for a term plan newly, they can opt for this policy. But do remember that buying term life insurance not completely depends on PREMIUM. Hence, take your conscious decision.

Overall, this product seems to the BEST product I may have reviewed with no such big negatives in this product to look for. Go ahead and buy it!!

136 Comments

  1. sir, i m 40 yrs old having wife and 2 yrs kid.I m govt employ having annual gross salary Rs.1200000.I already have a term plan of 75 lakh upto 70 yrs with premium rs.9000(aegon life).Now i want one additional term plan about which i have following queries-
    1-For how much additional amount i should go for?
    2-from which company aegon life or LIC Tech term?
    3-upto which age, as i will be pensioner after retirement.
    4-or should i dissolve mine old term plan and continue taking another new one

    Reply
  2. I applied for a tech term policy. I haven’t received any policy till date.
    They demand policy number for further enquiry.
    How to proceed further.
    Thanking you

    Reply
  3. Hi sir,

    I have few doubts in 854 policy .

    1.Agent support is possible above policy
    2.Any death is consider this policy(like suicide/Normal Death).
    3.Money back is available.

    Reply
    • Dear Satyanarana,
      1) No. But the branch will support.
      2) It depends on policy feature.
      3) It is a term life insurance.

      Reply
  4. Dear Basavaraj,

    I am 37 male, smoker. I have two questions
    1. One of my friend advised to go with non-smoker option as something in the terms and condition which says no issues in change of smoker to non-smoker or vice versa after one year, is that true? of course if something happens before 1 year completion then its considered as violation and no claim will be settled

    2. Now a days I am seeing all insurance companies introduced plans like return of premium. could you shed some light on it. difference between pure term (premium will not be returned) and new term plans (premium will be returned after maturity)

    Reply
    • Dear Prakash,
      1) Never make such mistake. Disclose the facts properly.
      2) No need to opt for return of premium.

      Reply
  5. Dear Sir,
    Why lic/sbi charging more premium than other private players?? Is there any difference in there plans/benefits/catch points???
    Will u advise this over Argon??
    Thanks in advance,sir.

    Reply
      • Thanks sir for your reply.
        But ,once you told opt for “plain vanilla” plan…..so by thta way if i choose simple term insurance for 1Cr fir 60years.without any riders…even then there is difference in premiums (higher for LiC,sbi). What’s the reason behind that.
        And what’s your take for simple plan without any riders??
        Thanks in advance,sir.

        Reply
        • Dear Aaditya,
          Premium will be fixed by respective insurance companies based on their businss and profitability. Hence, we can’t question that. Yes, if you buy separately the accidental and critical illness insurance, then the products will be exhaustive features than the riders.

          Reply
          • Thank you sir

            Reply
  6. Is it advisable ( wise & prudent decision ) to stop making premium LIC Amulya Jeevan ( table 190) , where i ma insured upto age 70 years and opting for LIC tech term plan ( table No.854)which gives insurance upto age 80 years advise me [email protected]

    Reply
    • Dear Dahale,
      Yes, because Amulya Jeevan is an offline plan. It cost you more. However, cancel the same only when you receive the new policy be issued.

      Reply
  7. Hi..sir…thank u so much for detailed info…
    Sir..my question is….if the policy holder drink and drive and met with accident leads to death…is this also covers under tech lic term insurance??

    Reply
    • Dear Neeta,
      In many cases NO. The reason is that he broke the rule of the land.

      Reply
  8. I am 36 Years old. I am planning to buy 854 (LIC’s Tech Term). Which is good one – To Pay Premium One time and on yearly basis

    Reply
  9. I am paying 505 PM for 25 L Sum assured for me(31) and 491 PM for 50 L for my wife(25yrs) from Aegon insurance.. I feel SA is less so planning to upgrade but i dont have option to inc SA. So now i am thinking to either buy a new plan from Aegon with high SA like 75 L and I crore and stop the existing plan ( or ) Should take from LIC Tech term and stop the existing plan ? Only thing is in LIC Tech term there is no critical illness cover.. so what could be the best option

    Reply
    • Dear Sudhakar,
      There is no such an option in Life Insurance product to enhance the coverage within the same policy (whether it is LIC or Aegon). First, decide yourself about your actual need. If you are comfortable with Aegon, then go ahead. If not, then opt for LIC.

      Reply
  10. I am 56 years young, non smoker, self employed. Please inform about annual premium of LIC’s ‘Tech Term’ plan of SA rs. 50 lakhs, as Regular (yearly) premium, for 24 years policy tenure (till the age of 80 years). Thanks.

    Bhagwat Seth, Pilibhit (U.P)-262001
    Call/WhatsApp : 9412495983

    Reply
  11. Dear Basavaraji,
    I am having LIC’s e-Term plan since last two years.
    Found less premium of Tech Term plan (Rs.10,500) when I compared with e-Term (Rs.16,000).
    May I know, is there any difference between these two plans?
    Will you recommend me to close the e-Term plan and buy this new Tech Term plan?

    Reply
    • Dear Manoj,
      There are certain small features they have added. However, you check it the premium by inputting the current age. If the premium is drastically more, then definitely better you buy the new one. But I personally suggest continuing.

      Reply
  12. Dear sir
    As an NRI,since I have no Term Insurance so far having 3 dependents with an annual income of 10 lakhs, shall I eligible to take the new Tech Term 854 plan . My current age is 52. I prefer limited premium payment option . If then what is the minimum period ?Shall i get coverage up to 80 years .Waiting for your valuable advise by email.
    Best regards
    Thomas

    Reply
  13. Sir,
    My total annual income is 275000/- , am I eligible for LIC tech term plan? Please reply.

    Reply
    • Dear Biswajit,
      Yes. But it again depends on the underwriter’s decision.

      Reply
  14. Dear Sir,

    I have currently LIC E Term, shall i stop this buy LIC Tech Term plan, whats your advise.

    Reply
  15. Sir my current age is 37 and annual income is 3.50 to 4 .00 L ,is medical required for me or non medical policy to be done,

    Is this termbolan (854)coverage all kind of death and claims without obstacles to nominee.
    Thanks

    Reply
    • Dear Deepak,
      The medical requirement is based on LIC’s underwriter decision. Hence, better you be in touch with LIC. WITHOUT OBSTANCELS to nominee depends on the type of death. Hence, you are unaware of that and I too can’t predict like SAINT.

      Reply
  16. sir which one is good to buy.. lic e term or lic tech term

    Reply
      • Sir,
        May I ask you why Tech Term?
        What are the pros over e-Term?

        Reply
          • Ok Sir…
            Thanks for the guidance……

            Reply
  17. DearSir whether the Claim settlement process in tech term plan is online or offline
    Any difference in claim settlement in Jeevan Amar or tech term. In Which plan claim settlement is easy

    Reply
  18. Dear sir. For age. 31yrs For next 40yrs for sA 1 cr non smoker. Plz tell the premium of tech term

    Reply
    • Dear Ajay,
      It is hard for me to calculate for each individual. Please use the LIC’s calculator which is available online.

      Reply
      • Ok sir

        Reply
  19. Is policy mein benefit kya hai
    Aur online link please send me

    Reply
    • Dear Adesh,
      It is a Pure ONLINE TERM LIFE INSURANCE. Hence, only death benefit no maturity benefit.

      Reply
  20. Sir, I am in service and age is 47 now. I am not having major amount of insurance coverage as of now. I want to buy this tech term policy for a term of 33 years i.e. maximum allowed age with 33 years paying term. Is it advisable or shall I restrict it to any lower term like retirement age of 60. Two members are dependents on me as of now.

    Reply
  21. I WANT TO TAKE LIC TECH TERM OF RS 50 lakh , WHO IS STUDYING IN COLLEGE.IS IT POSSIBLE?

    Reply
    • Dear Abhaya,
      If you are not earning and no one financially dependent on you, then you no need to buy Life Insurance.

      Reply
  22. Hi Sir, Please guide how to go about for taking this plan (854)?

    Reply
    • Dear Rajat,
      You can buy it online and LIC has a dedicated portal for this.

      Reply
  23. Dear sir, can i buy this product in the name of my wife?

    Reply
    • Dear Jeevappa,
      Yes, if someone financially dependent on her.

      Reply
  24. Sir, I m waiting for
    Lic tech term plan …ples send me the date of lunching

    Reply
  25. Dear sir. There is any difference in claim settlement in online or offline term plan like as jeevan Amar and tech term plan

    Reply
    • Dear Ajay,
      Who said so? Where is the data by IRDA? These are all the techniques created by agents to garner offline plans. Stay away from such agents.

      Reply
  26. Dear Sir whether this policy is going to be launched nearabout days
    Any date prescribed for launching as lic was planning to launch jeevan Amar n tech term plan together

    Reply
    • Dear Ajay,
      As of now, not sure. However, definitely, they will launch.

      Reply
  27. Respected sir, i am 32 year old teacher .my school is about 50 km from my home.so i go 35 km bus and 15 by byke .my annual income is 6 lakh annual.i have read all your blogs .all are very useful and guidable.i just want to know which plans chosen by me for 50-50lakh.i am confused in your top 5’s icici hdfc max aegon tata bharti kotak absl.plz plz plz tell me only 2.

    Reply
    • Dear Tarun,
      Either wait for few days and choose the above-shared plan or go with any company of your choice in my earlier post.

      Reply
  28. Thanks for the review. I tried searching this policy in LIC website but I don’t see this yet. Anybody has a link to the product purchase page? Thank you.

    Reply
    • Dear Sen,
      As of now it is not launched. Hence, better to wait.

      Reply
  29. Sir… Unable to see this product on their website.

    Any idea from where can I buy this product

    Reply
    • Dear Dhaval,
      As of now, they have not launched it. Let us wait.

      Reply
  30. Sir,
    What about
    1) Jeevan Chaaya (Plan 103)
    2) The Money back Policy – 20 yrs (Plan 75 )
    3) New Bima Gold ( Plan 179)

    Reply
  31. Table No. 855 (Jeevan Amar) is already launched but they haven’t mentioned anything about this plan yet. Are you sure they are going to launch this. I am eagerly awaiting.

    Reply
  32. Sir
    Choosing lic or private term insurances. Which is better option..

    Reply
  33. Sir, when will this policy be launched?

    Reply
  34. Sir, what is mean by Non-linked and Non-participating?
    Even what is mean by Accidental Rider?

    Reply
    • Dear Jadhav,
      Non-LINKED-Not an ULIP Plan. Non-Participating-Means this product will not give you any returns as it is a pure life insruance but not investment. Regarding the rider, refer LIC website in detail.

      Reply
  35. Sir, has this insurance plan launched? If yes, how to start online insurance plan? Is there premium after 60 yrs of age? How much should I pay for it every year as I am 46 years now?

    Reply
  36. Pl tell me premium for One Crore cover at 30 yr age Non Smoking Mail for 35 yr period of Tech Term No.854

    Reply
  37. Sir ,I will take ICICI prulife I protect term insurance policy for 50 lacs coverage,25 lacs accident death benefits,25 lacs critical illness benefits , policy the monthly premium was RS 3427 and 85 years ( current age 41)term ..could I buy this product? Please suggest any other products suitable for me ,thank you sir

    Reply
  38. hi, what are the premiums on this plan.

    Reply
  39. SIR I HAV VISITED LIC WEBSITE,BUT ABOVE MENTIONED PLAN IS NOT AVAILABLE ON IT..PLZ SHARE ANY OTHER LINK AVALIABLE FOR THE SAME

    Reply
  40. Dear Mr. Basavaraj,
    Thanks for sharing the article.
    What is the difference between LIC e-term & 854 term plans.

    Reply
    • Dear Rajehs,
      eTerm is the basic one without any add on features. This 854 plan is bit exhaustive.

      Reply
  41. Dear Basu Avare,

    I am currently holding the below mentioned policy.

    1. Jeevan Lakshya (833) 10 Lakhs (considering my child’s marriage)
    2. Anmol Jeevan 1 (164) 5 Lakhs – Term
    3. Amulya Jeevan (190) 25 Lakhs – Term

    Please advise me regarding the 1st policy (started in 2018), should I continue?

    2 and 3rd policies, should I stop and take an online policy with more coverage (1cr)?

    Thanks in advance for your suggestion

    Reply
    • Dear Prabhu,
      1) It is painful to say. But better to forget of what you paid rather than paying again and getting a loss later on.
      2) and 3) Yes, better to close and opt for online term Life Insurance.

      Reply
  42. Sir, whether launching date fixed by LIC? My age is 47, two are dependents on me. Shall I go for this product?

    Reply
  43. Sir,

    I paid Jeevan Anand policy for 5 years and now I think that is not worthy to pay.
    So please let me know the amount I will be paid if I surrender the policy or Leave the policy as it is without payment for Paid Up.

    Sum assured: 500000
    Vested Bonus: 124500
    Total Policy period: 21 yrs.

    Kindly provide the details.

    Also please advise me whether to go for PAID UP or SURRENDER.

    Thank you sir.

    Regards
    Raju

    Reply
    • Dear Raju,
      Better to go for surrender. Regarding the values, contact the branch.

      Reply
  44. Has this been released ? i dont see this plan on the LIC website. Can you please share the link if released. Thanks in advance.

    Reply
  45. Lic tech term and amar me income criteria and documentation btaye

    Reply
  46. Could you cover death benefits in insurance plan in separate topic.
    This unexpected situation ca n come any time due disease, accident, natural calamity.
    Does term insurance help in such unexpected situation.?

    Reply
  47. Hi Basu sir, thanks for educating such products. Many times when you write pros and cons about LIC new launches, few will abuse you stating that you are anti LIC etc…which offcourse common people like us never felt it. What we see is you keep always put you fair opinion of pros and cons of any product and later its left to individual. This blog proves your transparency that you are not biased.

    Reply
    • Dear Sat,
      Thanks for your kind words. Yes, I am not against LIC. If there are certainly good products, then why not support? But mainly feel I always showcase negatives. The reality is that it is the agent’s fraternity, who feel the loss of their business. But for me, readers are important.

      Reply
      • Yes completely agree with you

        Reply
  48. Sir, Is NRI allowed to insure in this?
    Thanks

    Reply
  49. What’s the claim ratio

    Reply
  50. Iam62 please tell me about annual premium price

    Reply
  51. Please let me know the ten yearly premium for 54 years old female life with the least sum assured

    Reply
    • Dear Prasad,
      Let LIC launch this plan and then you can calculate the same on LIC website.

      Reply
  52. Is there any eligibility criteria regarding education qualifications?

    Reply
  53. Sir I’m 52 years. Wife & Three daughters depended on me. What will be the premium. Any other options, please suggest

    Reply
    • Dear Gurpreet,
      Let us wait for the launch of this plan. You can calculate it online on LIC portal.

      Reply
  54. Sir,
    Please inform us when plan is online.

    Reply
  55. Sir, I am 56. Wife and son are dependents. What will it cost to me

    Reply
    • Dear Anil,
      Let us wait for the launch by LIC. Then you can calculate it online on LIC website.

      Reply
  56. Sir I have a question.. many insurance company offers death benefits.. now question is that what kind of death is possible for claim…??

    Reply
    • Dear Bisti,
      There are millions of reasons for death. However, if the death not occurred due to diseases which you concealed during the buying, then Life Insurance Companies may deny the claim. Also, certain calamity, terrorist attack or certain exclusions may be explained in policy documents. This you have to watch for.

      Reply
  57. Dear Bauvaraj Sir,
    I am avid reader of your blog and many of your articles are so informative from basics.. I have a question with term insurance claim. If the sum assured in 1cr and the policy holder died after a year he took the policy. So the 1cr will be given to the nominee without any deduction or any catch is there for the claimable amount?

    Reply
    • Dear Aravind,
      Yes, your nominee will receive the sum assured you opted without any deduction.

      Reply
      • Thanks for the information.

        Reply
  58. Dear sir,
    Can you please tell me that is this product suitable for me as I am now 63 years of age. Would it be worth buying it at this point of my life ?

    Reply
    • Dear Shreyansh,
      Whether someone financially dependent on you at this age? I think you are enjoying your retirement life. In such a situation Life Insurance is not required for you.

      Reply
      • Yes sir I have 2 dependents on me. My wife and my son .

        Reply
  59. Thanks for the info sir. Looking forward to buy this.

    Reply
  60. What about surrender value. What if a insurer survives after 80 years

    Reply
    • Dear Manish,
      This is a term life insurance. Hence, there is no question of surrender value.

      Reply
  61. Hi Mr. Basavaraj,
    Great information. Is it possible to switch from an existing term plan with LIC to this one? Are you aware of such a possibility?

    Reply
    • Dear Pradeep,
      Sadly you can’t switch. You have to cancel the existing one and buy the new one.

      Reply
  62. Sir, When this policy available in market. It can be buy through online. I hope you will provide one more post with more information once this policy release to market.

    Reply
    • Dear Kannan,
      As of now, I am unaware of the exact date. But I will update the same soon.

      Reply
      • Dear policy 854 banifet keys he

        Reply

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