Overview of New Tech Term
LIC’s New Tech Term Plan is a pure term insurance product, available exclusively online. The plan provides life cover starting from ₹50 lakh, with no upper limit subject to underwriting. It is available for individuals aged 18 to 65 and can be taken for a policy term of up to 40 years or until age 80, whichever is earlier. Applicants must have completed at least 12th standard education to be eligible.
Experts' Review of New Tech Term
Written by Monish Vora
Chief Editor
LIC’s New Tech Term Plan is LIC’s response to the growing demand for digital-first, flexible term insurance. Premium payment options include Single Pay, Regular Pay, and Limited Pay (with policy terms of 5 or 10 years). Payment frequencies available are half-yearly and yearly. The plan’s core strength lies in its two death benefit options: the Level Sum Assured, which keeps your cover constant, and the Increasing Sum Assured, which boosts your protection by 10% annually from year 6 to year 15.
With special premium rates for women, high sum assured rebates, and the option to add an accident benefit rider, this plan brings together the reliability of LIC and the convenience of digital purchase.
The increasing sum assured option comes at a higher premium and, once chosen, cannot be changed. Only one add-on rider (accidental death benefit) is available, which is less comprehensive than many private-sector competitors who offer critical illness, waiver of premium, and disability payout riders.
Pros
The plan is a great pick if you are looking for something affordable from the LIC suite of term plans.
LIC has decent track record with good claim and service metrics
Offers level and increasing cover variants that ensure consistent or progressively growing protection over the term.
Cons
The plan is not very feature-rich. Lacks a wide range of modern features like health management services, premium break option, instant payout on claim inimation.
The plan lacks terminal illness, cover increase on life events , Critical illness and disability benefit options that are commonly offered by most other insurers.
LIC-Life Insurance Corporation of India
Key Insights
Founded
1956
LIC-Life Insurance Corporation of India was established 70 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
98.35% CSR, calculated as a 3-year average
LIC-Life Insurance Corporation of India settles 98.35% of all claims it receives demonstrating strong credibility.
Complaints
4.57 complaints per 10,000 claims registered
LIC-Life Insurance Corporation of India maintains a low volume of complaints, reflecting strong customer satisfaction and effective service.
Amount Settled
95.48% of total claim amount settled
LIC-Life Insurance Corporation of India demonstrates excellent claim payout efficiency, settling over 95.48% of the total claim amount filed, reflecting strong financial reliability.
The aforementioned ratios have been averaged over three years (FY24-FY26)
Features of New Tech Term
Option to take Death Benefit in instalments
Standout
LIC allows policyholders to choose to have death benefits paid in advance instalments over 5, 10, or 15 years (monthly, quarterly, half-yearly, or yearly) instead of a lump sum, provided the claim meets minimum payout thresholds.
Add-ons of New Tech Term
Accident Benefit Rider
Provides an additional payout in case of death due to an accident during the policy term.
Exclusions in New Tech Term
Conditions or treatments that the policy clearly says it will not cover.
Death by suicide within the first policy year is not covered.
Deaths arising from participation in criminal or unlawful activities are excluded.
If the nominee is found responsible for the insured’s death, the claim will not be payable.
If a death claim is proven to be fraudulent, the insurer will not pay out the benefit.
Disclaimer: For illustration purposes only - exact terms are in the policy wording.
Variants of New Tech Term
Level Cover
Recommended
Pure Term cover. The sum assured remains constant throughout the entire policy term.
Increasing Cover
The sum assured remains constant for the first 5 years, then increases annually by 10% from the 6th year onwards, up to a maximum of 200% of the base sum assured, after which it remains fixed for the rest of the policy term.
What's missing in New Tech Term
No Zero Cost Option
No Terminal Illness Benefit
No Top-Up Option
No Waiver of Premium
No option to decrease your cover over time
No payout on disability
You can't recover your premiums after policy matures
No Critical Illness Benefit
No Special Exit Value
No Cover Continuance Benefit
No option to increase cover at life milestones
No Insta Payout Benefit
Reviews for New Tech Term
P
Pranav Fernandes
Signed up for this plan rider options are solid for CI and disability and discounts for salaried non smoker made it cheaper Satisfied so far
V
Vedika Srinivasan
Picked this plan online process was quick and paperless and rider options is solid for CI and disability Worth it Works well Honestly ok helps
P
Pallavi Kapoor
Went with New Tech online process super smooth zyada calls nahi and riders ka combo acha hai CI disability bhi Overall happy Works well felt
U
Uma Reddy
Picked New Tech rider options are solid for CI and disability but wish the rider list was broader Still decent For me Honestly No stress good
A
Aishani G. Das
Took this plan rider options are solid for CI and disability and online process was quick and paperless Good value In short No stress For me
Frequently Asked Questions
What is the LIC New Tech Term plan?
What are the benefits of the LIC New Tech Term plan?
What riders are available with the LIC New Tech Term plan?
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