LIC of IndiaTerm Insurance

LIC Tech Term – Premium calculator, details and review

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LIC Tech Term – (Plan 854) – Premium calculator, all details and review. LIC’s Tech-Term plan is a term assurance (Pure Risk) plan to be sold in ‘online’ mode only. As no intermediaries are involved the premium is lower compared to its offline counterpart Jeevan Amar (Plan 855).

Salient features of LIC’s Tech-Term – Plan 854

  • Lower premium rates for non-smokers (Urinary Cotinine test is compulsory for non-smoker category).
  • Premium payment is allowed in Single, Limited and Regular premium modes.
  • Level Sum Assured or increasing sum assured can be chosen as per the need.
  • Option to receive the death benefit in a lump sum or in 5, 10 or 15-year installments.
  • Minimum sum assured of 25 lakhs (in multiples of 1 lakh up to 40 lakhs and 10 lakhs thereafter).
  • No upper limit for the sum assured.
  • Special premium rates for women.
  • Attractive high sum assured rebates.

Read more: How much insurance coverage do you need (HLV)?

Tech-Term – Eligibility conditions and restrictions

LIC’s Tech-Term (854) – Eligibility Conditions and Restrictions
Age at entry18 years (Last Birthday)65 years (Last Birthday)
Maturity Age28 years (Last Birthday)80 years (Last Birthday)
Policy Term10 Years40 Years
Premium Payment Options
Regular premiumSame as policy term
Limited PremiumPolicy Term – 5 (For policy term 10 to 40 years)
Policy Term – 10 (For policy term 15 to 40 years)
Single PremiumSingle payment
Minimum Premium
Regular premium
Rs 3000
Single PremiumRs 30,000

LIC’s Tech-Term (Plan 854) – Death Benefit

The death benefit is the ‘Sum Assured on Death’ which becomes payable in case of death claims, provided, the death occurs before the maturity date and the policy is in force at the time of death.

For Regular premium and limited premium policies

Sum Assured on death shall be the highest of

  • 7 times of annualized premium; or
  • 105% of all premiums paid as on date of death; or
  • Absolute amount assured to be paid on death.

For Single premium policy,

Sum assured on death shall be the higher of

  • 125% of the single premium.
  • Absolute amount assured to be paid on death.

(All rider premiums and extra premiums will be excluded for arriving at the premium paid)

Level Sum Assured vs Increasing Sum Assured

Two options are available under this plan to chose ‘Sum Assured at Death.’

Option 1: Level Sum Assured

Absolute amount assured to be paid on death shall be an amount equal to Basic Sum Assured which remains the same throughout the policy term.

Option 2: Increasing sum assured

In case of Increasing Sum Assured, the absolute amount assured to be paid shall remain equal to Basic Sum Assured, till the completion of the fifth policy year. Thereafter it increases by ‘10% of basic sum assured’ each year from the sixth policy year till the fifteenth policy year. From sixteenth policy year on-wards the ‘absolute amount assured to be paid on death’ shall remain fixed at twice the basic sum assured.

Lets us consider an example of a one crore sum assured policy with a 20-year term. The risk coverage will be as shown below.

LIC Tech-Term plan 854 - Level Sum assured vs increasing Sum Assured

Accident Benefit Rider

Accident Benefit Rider shall be available under Regular and Limited Premium Payment policies only. You can opt this rider at the time of inception or any time later within the premium paying period.

If this benefit is opted for and if the life assured is involved in an accident, leading to death and such incident occurs within 180 days from the date of the accident, then an additional amount equal to the Accident Benefit Sum Assured shall become payable. Maximum accident benefit sum assured shall be One Crore inclusive of all existing policies (excluding Jeevan Shiromani plan where additional one crore benefit shall be available).

Option to take Death Benefit in Instalments.

The death benefit can be received in installments over the chosen period of 5 or 10 or 15 years, instead of the lump-sum amount if required. This option can be exercised by the life assured during his lifetime also. The amount opted by the life assured can be either in absolute value or as a percentage of the total claim proceeds payable.

The interest rates applicable for arriving at the installment payments under this option shall be as fixed by the corporation from time to time.

Premium Calculator – LIC’s Tech-Term (Plan 855)

Minimum installment premium for regular/increasing sum assured shall be Rs. 3000. If the installment premium is below 3000 make modifications to bring it above 3000 either by increasing sum assured or term.

Tech-Term – Infogram Download

LIC Tech Term plan 854 Infogram

You can download this info-gram and share it freely by clicking here. Click here to download the brochure of LIC’s Tech-Term Plan.

Sample premium – LIC’s Tech-Term Plan 855

LIC’s Tech-Term- Sample Premium
Policy Term / Premium Paying Term = 20/20 Years
(Regular Premium – Yearly Mode – Non-Smoker)
(Sum Assured 1,00,00,000; Option 1 – Level Sum Assured)
Age (LBD)MaleFemale
20Rs. 6,334Rs. 5,919
30Rs. 7,061Rs. 6,438
40Rs. 8,515Rs. 7,580
* Illustration is exclusive of GST

Rebates on high Sum Assured

High sum assured rebates available for Tech-Term plan makes it even more attractive as the premium per Sum Assured gets reduced when higher sum assured is opted.

Option 1 : Level Sum Assured
Age Band (LBD)High Sum Assured rebate as a % of Tabular Annual/Single premium
Less than Rs. 1 Crore Lakh 1 Crore to 2 Crore2 Crore and above
Up to 30 YearsNil12 %20 %
31 to 50 YearsNil10 %15 %
51 Years and aboveNil5 %7 %
Option 2 : Increasing Sum Assured
Up to 30 YearsNil10 %18 %
31 to 50 YearsNil8 %13 %
51 Years and aboveNil4 %6 %

LIC’s Tech Term Plan (854) – How to purchase?

If you have experience in purchasing online products and are good in using computers you can purchase this online plan from LIC web site without much difficulty.

  1. Log on to LIC’s Web site.
  2. Open ‘Tech-Term Banner‘ or ‘Buy Policy Online‘ link
  3. Click buy online on the next page
  4. Select Tech-Term plan from online plans
  5. Provide contact details (as shown in the image below) and click calculate premium button.
  6. Enter the OTP obtained as SMS/email in the next screen and proceed.
LIC Tech Term - pan 854 - how to purchase /buy online

You will have to provide your family history details and health information in the next screens and pay the premium. You will have to undergo medical examination and the center for medical examination can also decided. Designated person from LIC will contact you and guide you in this process.

Read more:

Anish L J

Anish L J is a 'Financial Planner' and member of Chartered Insurance Institute(CII), London and Insurance Institute of India. He is also a finance, insurance and software consultant. He thoroughly follows the developments in finance, insurance, and other related sectors.

106 thoughts on “LIC Tech Term – Premium calculator, details and review

  • Sir,I purchased this tech term plan on Dt.09.09.19 for 1 crore .Medical tests are done on 12.09.19.Age 32.policy term 35.premium paying term 30.premium amount 15080/year. Proposal is under process.
    I choose lumsum pay out on death claim.My question is ,I want death claim pay out in instalments. Is it possible to change?

    • Hi Ramakrishna Sahu, You can change the option to death claim payout in installments any time during your life. Give a request mentioning the required mode to LIC. You can make alterations any time but nominee cannot change the option.

  • Thank you very much for such an interesting blog.

    • Thank you

  • I am now 29 yrs old ..planning to buy tech term to cover untill 80 yrs it possible or i can get the cover till 69 yrs only .plz confirm

    • As the maximum term is 40 Years, your policy should end by 69 years of age.

  • Hi sir, Which is better term plan Lic e term or Lic tech term ? Plz suggest ?

    • LIC’s tech term is a more advanced product (More options and flexibility) with a lower premium compared to the e-term plan.

  • Is critical illness rider is available in lic tech term plan?

    • No, It is not available in Tech Term.

  • Hello Sir, how the medical check up handled in thos tech term plan ?

    • Once the online application is completed, LIC will contact you regarding fixing the medical exam at the nearest center and at a date convenient to you.

  • Hello Sir, Is it worth to buy Online Tech Term compare to Ofline-Jeevan Amar? I mean how the settlement will be done after death of insurer if their is no LIC Agent to guide insurer family member?

    • It is always good if you have a trusted agent for the servicing of the policy.. well but there is a difference in premium as well. It is you to decide between these options..

    • LIC agent is not mandatory for settlement of death claim.. LIC office will guide the nominee in this regard..

  • Sir Ian working in Abudhabi UAE can I take this policy LIC TECH TERM

    • You are eligible for the plan.

  • Hello sir, myself i am not a tax payer because my annual income is 2.5 lakhs. But they are asking IT returns for LIC TECH Term plan. Is it mandatory to submit IT returns or salary slips is enough to applying LIC tech term plan.

    • You will have to apply and see if they are accepting it or not.

  • Hello sir, I have only salary slips and bank statement as my income proof. My income is 2.5 lakhs and don’t have IT RETURNS. Is I am eligible to take lic tech term plan

    • Apply for the scheme. Now LIC is approving policies up to 50 lakhs without IT returns. LIC will decide based on your income pattern.

  • Hello sir, I have approached lic customer care office by person. They have helped me explaining about the tech term plan. They have suggested to take accidental rider also with the plan. Shall I go for accidental rider or not. Please advice regarding this.

    • It is always advisable to take accident coverage also as the cost involved is very small and the potential benefit is high.

  • Dear sir, Thank you for your valuable advice

  • Is It possible add additional nominees after purchasing the term plan?

    • It is not possible to add additional nominees. But, You can change the nominee of the plan at any time during the term of the plan. You can nominate more than one nominee and then specify the percentage of death claim payable to each of them.

  • Hello sir,

    Today I have enquired about lic tech term plan in lic Chennai divisional office .I met Assistant branch manager and asked him about sum assured details. He suggested me to take offline plan(Jeevan Amar). I can’t understand why the senior officials also suggesting to take online plan instead of online plan. Both plans are comes under the roof of LIC
    Kindly clarify

    • There is no difference is terms of claim settlement for online as well as offline plans. Only difference is that in offline plans, an agent will there to service the policy.. and in online mode you or your family members will have to take care of the servicing aspects including claim settlement. But in LIC, claim settlement is not difficult.

  • I can’t understand why the senior officials in lic also recommending offline plan (Jeevan Amar). They are not giving single details about tech term plan. Both products comes under lic only. Is there any difference between at the time of claim with online and offline plan.

  • Hello sir,

    Thank you for your clarification.


    • The requirements vary depending on your age and sum assured chosen.

  • WhatWhat’s the difference between e term plan and tech term plam ?

    • The e-term plan is the older version of online term insurance plan and the latest version is the tech-term plan. The tech-term plan is more superior compared to the e-term as the premium is lower and has more options and flexibility.

  • I am 58 years old and a non smoker with no ailments as of now. I wish to take a tech term policy at Rs 12000/- yearly premium. The term being maximum 07 years is it possible. Pls guide me

    • You can take a maximum term of 22 years as the maximum age at maturity is 80 years of age. Please use the calculator provided in the post itself to get the premium applicable.

  • Dear Sir,

    I have submitted proposal form for tech term. It is under process. In view of spreading corona virus, LIC asking additional information regarding travel history and some information in the separate form(newly added). What is the next process and what is the time duration for the company to issue the policy?

    • There will not be much delay. They will issue the policy within a week.

  • dear Sir,

    I have already applied online Tech term policy and medical test has been done but policy not issued yet as it is in process if i want to change from Level term insurance (which i opted in online application ) to increasing sum assured is it possible now if yes how i can request?

    • You can give in writing at the earliest that you want to opt for increasing sum assured option.
      If the policy completion process is not yet over, they may consider it..
      If policy number is already allotted then alterations may not be possible..

  • sir i am planing to buy LIC online tech term policy but i am working on UAE-Dubai, how i can do the medical test please advice.

    • Tech term policy is not available for NRIs

  • Dear Sir,

    Thank you for your support. As per your guidance I have applied and now LIC has accepted my proposal and issued the policy. Compare to other insurers LIC process well appreciated. Good experience. I am very happy that my life insured with number one trusted brand in India. Satisfied completely. Once again thank you very much for this wonderful blog.

    • Hi Sabesh,
      Happy to understand that your policy has been completed. Thanks again for the nice words of appreciation.

  • Dear Sir,
    I have gone through all your comments and I’m very much confident that you will give a good suggestion to me.
    My age is 62 years and I want to take this policy as I have a couple of medical issues like BP and Sugar. Also please note that I’m a non-tax payer as I’m a milk selling person.
    Please suggest that shall I take this policy or is there any other policy that is suitable for me?

    Thanks in Advance

    • Tech term is available only for taxpayers.. so you may not be able to purchase this plan.. other term plan Anmol Jeevan is available only upto 55 years of age..

  • sir, i really thank for maintaing for such a wonderful site , no other site does these service
    need some suggestion
    i want to buy 1 crore of tech term insurance plan , but in online form option there is no where written about increasing sum assured option,
    1) can u tell where exactly in online form , i m not able to get
    2) do i have to pay more premium for increasing sum ASSURED
    3) I have read there is rebate of 10 % in premium amount if at all i take for 1 crore
    where that option is

    • Please check the reply for your other query..

  • dear sir
    thanks for maintaining such a wonderful website
    sir i want to take 1 crore tech term plan
    1) In the online form there is no option mention regarding the increasing sum assured , can u tell me where it is mention
    2) i have read that here is 10 % rebate of premium if i take 1 crore policy that option is also not avialable
    can u plz tell me regarding the same

    • I am sorry that I have not included increasing sum assured option in the calculator.. I shall implement it soon. Well for the time being please check LIC website itself for the details. Well I am working on an Android application of all plans now and is expected to be released within a week… I have added high sum assured rebated in the calculator itself for the options already implemented…

  • Rajesh parekh my age is 49 years I want 50 lakhs policy for 21 years my premium is 18054 but if I want accidental benefits then how much is premium

    • Rs 5000 extra has to be paid for 50 lakh accidental coverage.

  • SIr,
    what is the processeing time of this plan
    i submitted my proposal today
    do share name of the app developed by you

    • Processing of the plan can take around a week or two. The app developed by me is ‘Smart – All in one calculator’ and is available in play store.

  • Hi,
    I want to take 50 lakh term insurance for my mother (60 year’s) but income less then 5 lakh ITR. Can I get it for 15 year plan?
    Any other requirement?

    • That is not possible. She do not qualify for the term plan.

  • I’m 44yr I want to purchase tech term of 50 lakhs for 80 yrs with limited premium paying term of 10 to 12 years.what will be the premium

    • You can check the premium on LIC website itself. The calculator in this post provides the regular premium rates only.

  • Hai, I want to take tech term plan for 1Cr, age is 35, non smoker, non drinker, what would be the premium amount /Year,

    • 15293 will be premium if you chose 30 year term

  • How much time does underwriting process of LIC term policy take after medical exam?

    • There is no such strict time frame but usually, it takes a couple of weeks. But in this COVID period it can be higher as staff strength is lower.

  • Sir,

    I am in process of purchasing the LIC Tech term policy for 1 crore, but i could not find the discount option till the last page. Also you have mentioned that this policy is only for the Tax payers, but i does not fall under the tax bracket. Can i still purchase this policy?
    I also opted for the Lump sum amount in the Death benefit, but in the Proposal form, it was left blank mentioning that the Installment amount would be received as 15 years with Full percentage and Monthly Option. I didnot click it but how come it takes without my consent?

    • Income proof is a must for the tech term plan. You will have to submit documents showing income proof at the time of the underwriting of the plan. Earlier this plan was allowed only for taxpayers but now up to 50 lakh sum assured other income proofs are also accepted. The death amount is normally provided as a single lumpsum amount. It will be provided as installments if you specifically request for it.

  • Hello,
    I am 60 year old female firm small town, I am having ITR less than 4.2 lakh. I want 50 lakh term insurance. I can get it?

    • You will have to apply and see whether it is accepted or not. It depends on your health conditions and financial conditions. The underwriter will decide the eligibility.

  • Mother’s ITR is 4.5 lakh. And onwer of gas agency. In that case….

  • Whether Lic tech term available online at Tripura (Agartala)?

  • I am in abudhabi, NRI, I have to take the medical examination for taking LIC tech term?

    • No, It is not possible.

  • i am 58 years old female….my anuual income is 2.5 lakhs…can i opt this policy by paying single premium…i dont have IT returns thats why i am asking

    • LIC should decide your eligibility of the plan based on your income and other health details but chance for approval is less as income proof is not available.

  • hello,
    i am currently residing in UAE, i can Buy Tech term plan Online ?
    what will be the procedure for buying this plan for NRI, medical is compulsory for online plan?, if i purchase now & i can give medical once i go back to india it is possible ??

    • Tech term policy cannot be taken when you are abroad as a medical examination is required.

  • R/Sir,
    this class iii clause 53 etc not understood.
    can you elaborate please.

    • As HBA1C test has found to be beyond the normal rate, LIC has decided to add a small extra premium to meet the additional risk involved. LIC will let you know the revised premium rates..

  • Dear sir my age 34 years non smoker .I want 75 lakh rs term plan for 40 years. Can I buy this without any medical.

    • With out medical examination it is not possible… You will have to undergo medical examination as per the direction of LIC.

  • i want to add MWPA in my tech term policy but it needs to be done before issue of policy . How can it be done. Please guide

    • Mention in the purpose column that it has to be completed as mwpa policy… And inform the officials in writing also..

  • If I am a 47 year old tax payer and would like to take a 1 crore policy…I have a history of diabetes in the family… what if when I do the medical test it shows I have diabetes… could I still get covered.

    Or would there be some exclusions made to the police

    And in the current covid senario can the medical test be done at home from the recognised LIC pathology lab

    • The test has to be done at a recognised lab itself. You have to be physically available at the lab to do the tests. Even if Your family have a history of diabetics you need not have it and it can be verified only through hba1c and other tests. Even if you have diabetics LIC will decide on whether the policy can be given or not based on the degree of diabetics. LIC can charge extra premium and give you the policy also. All these decisions will depend on the decision of the underwriting department of LIC.

  • Please provide premium calculator for 42 years with history of diabetes more than 3 years

    • There is no premium calculator for having diabetes history. Extra premium may be charged by LIC based on the condition after reviewing medical reports.

  • Can we add critical illness rider with lici term plan 854

    • Critical Illness rider is not available in LIC Tech term plan 854.

  • Hello Sir,
    I am bit confused on Death benefits, pls explain-

    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 all the premiums paid as on the date of death; or
    • Absolute amount assured to be paid on death

    • Practically it is the sum assured of the policy. Other conditions will not become applicable for this plan.

  • Hello sir,
    After going through some comments ,I found that you are doing a very noble work .
    Even I have come for little clarification . My mother age is 46 ( non- smoker) was diagnosed with cancer and have been cured for the same and it has been 3 years now . Can I get tech term plan . Please guide me through this .
    Thank you

    • The basic eligibility conditions for tech term plan include income and health. First she should have ascertained income. If that is ok, she can apply and LIC will decide on her actual health conditions after reviewing the data of medical examinations on the eligibility for the plan.

  • Hi can i enquire about HDFC tech term plan over here

    • You can ask queries and if I can answer it I shall do it. But it is advisable to query at HDFC it self.

  • HDFC is offering a combination of two plans together term plan and guaranteed return plan.. to be precise.. for 50 lakh sum assured a 33 year old has to pay Rs. 22,080/- for 10 years(limited premium paying term) Term is 40 years.. At the end of 40 years the guaranteed return you get is Rs. 2,19,940/- whereas the intial coverage starts at Rs.50,52,116/- at the term of 40 years the coverage is at Rs. 52,19,940/-. is it advisable to go for this plan.. please advise

    • This is actually a term plan with a return of premium. But 2,19,940 you get after a period of 40 years is not worth as the premium of Rs. 220800 is remaining with HDFC for a period of 30 Years. You can take a term plan alone with one forth the premium you are paying. So I think it is better to go for a stand alone term plan.

  • Sir, for LIC tech term for SA.50 lacs,Term- 40 years, the premium is Rs. 9,794/- and you end up paying Rs.3,91,760/- in total with no returns..

    • If a claim occurs LIC pays Rs. 50 lakh and that is what the plan is intended to. To protect the financial loss of your family in case of an unfortunate event.

  • Hi SIr,

    I have downloaded Smart – All In One Calculator for checking the premium amount for LIC Tech Term policy, but I couldn’t find it in that app.
    Please suggest if I have to refer any other app for this policy.


    • Tech Term plan is not implemented in Smart- all in one calculator as it is not sold by agents. This app is primarily intended to help insurance advisors. The premium can be obtained from the calculator provided in this post itself.

  • Hi am a tax payer , 40 age am looking for tech term plan (8540 for 1 cr, can i have this policy without medical test

    • Tech term plan is not available without medical examination as this is a high-risk plan.

  • Hello Sir, what other types of DEATHS are NOT covered in tech term policy. As per the policy document, suicides and sexually transmitted diseases and accidents are not covered.
    Is CANCER, COVID, Tumor’s etc covered?

    • Tech term policy covers accidental deaths. Only thing is that separate additional coverage(Double accident benefit) will not be available under the Tech term. All deaths arising due to diseases will be covered provided the death does not arise from a pre-existing disease.

  • Hello Sir, Once I buy the policy and if I lose my job and if my next source of income is not >3Lacs immediately, will my policy lapse?

    • No the income is considered only at the time of commencement of the policy. As long as the policy is in force, nothing will be asked. But if the policy lapses and if you approach LIC for revival of the policy, they can ask again your income proof. So keep the policy in live condition.

  • very good place to get the upto date knowledge about lic products .sir i am unable to calculate the premium of lic 854 tech term with increasing /regular/and limited premium can u provide me the link where i can calculate the premium .thanking you

    • I shall try to implement it in the calculator soon. Well, I have not come across any website where such information is provided.

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