HomeLife InsuranceLIC Tech Term Plan 854 Premium Calculator: Details and Review

LIC Tech Term Plan 854 Premium Calculator: Details and Review

Before starting on the lic tech term plan 854 calculator, knowing about the LIC tech term plan is mandatory. LIC term plan is a risk protection plan that is non-participating and non-linked. This plan is a protective umbrella for a policyholder’s family in case of their unfortunate death.

Anyone can buy this plan online by following a few simple steps. The LIC tech term plan 854 premium calculator can help you calculate an estimated premium for this plan as per your financial needs.

Let’s dive deep into everything the LIC tech term plan and the LIC 854 premium calculator has to offer.

What is the LIC Tech Term Plan 854 Premium Calculator?

Before buying the LIC tech term plan, knowing an estimated cost for its premium would be quite helpful in deciding which plan would suit best your requirements. The LIC tech term plan premium calculator is the tool that is designed for this purpose only.

The LIC tech term plan 854 premium calculator is an online tool specially designed to help calculate the estimated rate of premium that a policyholder has to pay.

Though the LIC tech term plan premium calculator is a hassle-free tool, you will still need to add the relevant data to get the required results. Once the premium is calculated with the help of the LIC tech term plan calculator, anyone can buy the plan through an online process.

Read more: LIC Arogya Rakshak Plan Premium Calculator

Eligibility Criteria to Buy LIC Tech Term Plan 854

Age Group18-65 years
Maximum maturity age80 years
Minimum Sum AssuredINR 50,00,000
Maximum Sum AssuredNo cap
Policy term10-40 years
Premium payment modeSingle, yearly, or half-yearly
Minimum PremiumRs. 30,000 for Single Premium

 And INR 3000 for limited  and regular premium

Term of premium paymentExplained later

Benefits of LIC Tech Term Plan 854 Premium Calculator

The LIC tech term plan 854 premium calculator has a lot of benefits, including:

  • The LIC tech term plan 854 premium calculator is easy to use.
  • The estimated premium cost can be calculated from the comfort of your home using the LIC tech term plan calculator.
  • If you’re using the LIC tech term plan premium calculator, data can be fetched only in a few simple steps.
  • The LIC tech term plan calculator can also be used to determine an optimum sum that needs to be assured that an individual can buy for their family’s secure future.

How to Calculate LIC Tech Term Plan 854 Premium Rates?

Using a LIC 854 premium calculator to calculate the tech term plan premium is quite easy. Follow the following steps:

  • Go to LIC’s official website.
  • Click on ‘Buy policy Online’ or ‘Banner of LIC tech term plan’ or open the LIC tech term plan premium calculator from the home page.
  • Go to ‘Buy Online’ and select tech term plans.
  • The LIC tech term plan calculator will direct you to LIC’s new page.
  • The LIC tech term plan 854 premium calculator will ask for your details for the next steps. Just add your name, gender, date of birth, country code, contact number, and email address.
  • Once you have entered all the required information, click the ‘Quick quote’ option.
  • This option will direct you to a new window, where you’ll see all the available options. You can choose the term plan per your requirements and calculate the premium using the LIC tech term plan 854 premium calculator.
  • You can also choose the premium amount, coverage, payment frequency, and the policy’s nature.
  • From here, you can choose the quotes, after which you’ll be directed to the next page. All the details of LIC tech term plan 854 will be displayed here.

Reasons to use LIC Tech Term Plan 854 Premium Calculator

A family is the most important part of any individual’s life, and the responsibility to ensure that they are taken care of is one of the top priorities for everyone. However, as much as we’d want to, we can’t be with our families forever. In case of such horrid uncertainties, term life insurance is one of the best bets to ensure your family is well taken care of.

The Lic tech term plan ensures that your families are financially secured in case of your untimely demise. It is a pocket-friendly and secure plan preferred by plenty of people nowadays.

The LIC tech term plan 854 premium calculator is an important tool as this will help you calculate the amount you’ll need to get the financial freedom you desire for your family. Depending on your financial goals and objectives, you can calculate the estimated premium in accordance with the chosen sum assured.

Therefore, a LIC tech term plan premium calculator is crucial in your financial planning journey.

Advantages of using LIC Tech Term Plan 854 Premium Calculator

The LIC tech term plan premium calculator is a fast and easy way to calculate the estimated premium value for the plan. It even helps potential buyers further by giving them customized results per their preferences.

Here are all the advantages of a LIC tech term plan 854 premium calculator:

  • Since purchasing the LIC tech plan is completely online, the LIC tech term plan premium calculator is an easy and sure-shot way to know the closest value to the actual premium.
  • It is also a reliable source to calculate the premium, as it gives the approximate payout, premium prices, and terms for the plan you want.
  • The LIC tech term plan premium calculator gives accurate results whenever you use it.
  • It can be easily accessed from the LIC official website.
  • Anyone can use it as many times as they want to.
  • Using the LIC tech term plan premium calculator, you can get closer to your financial freedom with just a few basic details.
  • The user interface for the LIC tech term plan 854 premium calculator is quite smooth.
  • You can do complex calculations quickly with the help of the LIC tech term plan calculator.

Overview of LIC Tech Term Plan 854

1. Death Benefit

For regular and limited premium payments:

In instances of death claims during the plan term, the death benefit is received in the form of a ‘sum assured amount on death’. This amount is payable as the highest of the:

  • Seven times the annualized premium amount.
  • Total assured amount to be paid at the instance of death.
  • One hundred-five percent of the total premiums paid as of the date of death.

For Single payment of premium:

The nominee will receive the ‘sum assured amount on death as the highest of the:

  • One hundred twenty-six percent of the single premium amount.
  • Total assured amount to be paid on death.

The absolute assured amount paid in case of death depends on the choice of death benefit selected when purchasing the policy.

  1. Level SA (Sum Assured)

The absolute sum assured payable at the time of death is equivalent to the sum assured. This amount remains constant throughout the policy term.

2. Increasing Sum Assured

The absolute amount assured that would be paid at the time of death would remain equal to the sum assured till the 5th year ends. After the 5th year, it increases by 10% of the total amount secured yearly. A point to note here is, from the 6th year onwards, it keeps growing by 10% until it becomes two times the original sum assured. This means that the value of the sum assured will keep on increasing till the 15th year.

In other words, the absolute amount paid at the time of death shall remain the same, two times the total sum assured for the policy tenure.

2. Maturity Benefit

No maturity benefit is payable upon the survival of the policyholder to the end of the policy tenure.

Premium paying term

The payment of the premium is quite flexible. You can choose the best-suited policy term for you. The term varies from 10 to 40 years, and you can pay the premium using any of the four options given below:

  • Regular Premium: The payment term matches the policy term in this option.

Limited Premium Payment: The limited premium payment has two options to choose from:

  • Policy term minus 5: With this option, the premium has to be paid for five years less than the policy term. To simplify, if you have a life cover for 30 years, you only need to pay for 25 years. (Policy term: 30 years, Premium Payment term: 25 years)
  • Policy term minus 10: As the name signifies, the premium has to be paid for 10 years less than the policy term. Simplifying this, if you have bought the policy for 30 years, you’ll have to pay the premium for only 20 years. (Policy term: 30 years, Premium payment term: 20 years)
  • Single Premium payment: Under this option, the policyholder pays a single installment for the policy covering the overall premium.

Types of Sum Assured

This tech term plan provides two types of assured sum, and risk cover, which can be easily calculated using the LIC tech term plan 854 premium calculator.

1. Level Sum Assured

Under this plan, the sum assured remains constant for the overall policy term.

2. Increasing sum Assured

Under this option, the sum assured increases by 10% from the 5th year of the policy till it becomes two times the original sum assured.

Sample Illustration for LIC Tech Term Plan 854 Premium Calculator

1. Level Sum Assured

The table below represents the premium amounts of Level sum assured and increasing sum assured for one crore of basic sum assured of male and non-smokers. The policy term is 20 years.

AgeRegular Premium (Annual)Limited PPT (Annual)- Policy term-5 years (In INR)Limited PPT (Annual)- Policy term-10 years (In INR)Single Premium (In INR)
2053686160800864592
30721683601091287120
40137701611021060166230
Increasing Sum Assured
20702081901062085140
30103501206015750124920
40212522493232568256036

2. High Sum Assured Rebates

Rebates on the higher amounts assured can also be under the LIC tech term plan, which makes it tempting for potential buyers.

Age RangeRebates on High Sum Assured (in %)
 < INR 1 croreINR 1 Crore to < 2 Crores (in %)> INR 2 crores (in %)
Level SA
Up to 30 years1220
31 years to 50 years1015
> 51 years527
Increasing SA
Up to 30 years1018
Up to 50 Years813
>51 years46

Documents Required for LIC Tech Term Plan 854 Premium Calculator

  • ID proof: PAN card, Aadhaar card, driving license.
  • Proof of Date of Birth: Class 10th Marksheet, birth certificate
  • Address proof: Any certified document with a complete address, such as an electricity bill, Ration card, etc.

LIC Tech Term Plan 854 Premium Calculator – FAQs

What basic information does the LIC tech term plan 854 premium calculator use?

Ans. The LIC tech term plan premium calculator requires basic documents containing ID proofs, address proofs, and birth proof are needed. Details are given below:

  • ID proof: PAN card, Aadhaar card, driving license.
  • Proof of Date of Birth: Class 10th Marksheet, birth certificate
  • Address proof: Any certified document with a complete address, such as an electricity bill, Ration card, etc.

What is the role of age when you calculate the LIC tech term premium rates using the LIC tech term plan 854 premium calculator?

Ans. Age is one of the most important criteria used by the lic tech term plan premium calculator to calculate the premium amount. Age is inversely proportional to the premium to be paid. This means the younger you are, the lesser premium you pay. The reason for this is because the risk of death increases with age. Therefore, it is advisable to buy term insurance at an early age. The preferable age is your 20s.

How authentic is the online LIC tech term plan premium calculator?

Ans. LIC tech term plan premium calculator is an online tool that helps potential buyers find an estimated premium value they must pay to get the desired cover. The LIC tech term plan premium calculator is also effective for financial goals. The parameters asked while using the Lic tech term plan premium calculator, such as age, annual income, gender, policy term, sum assured, etc, are also useful in knowing your current financial status. Since the potential buyers fill all these details with full attention, the results received from the LIC tech term plan calculator are quite reliable.

What is the optimum term coverage?

Ans. This is one of the major confusions people face while buying a tech term plan. That is why it is essential to use the LIC tech term plan calculator, which gives you the right sum assured as per your budget for the premium. In addition, it is preferable to buy term insurance with a value of more than 15X to 20X your current annual income. This estimated amount is considered a safe bet to protect your family in case of any misfortunes.

If the policyholder dies a natural death, i.e., without any accidents, will the policy still be applicable?

Ans. Yes, The family can raise a claim irrespective of the cause of death.

What is an accidental rider in the policy, and is the LIC tech term plan 854 premium calculator required to calculate this amount?

Ans. The accidental rider is an additional and optional benefit. This can be opted for by paying an additional premium amount. The rider would provide an additional death claim sum equal to the opted sum assured of the rider if an accidental death arises.

No, you don’t specifically need the LIC tech term plan 854 premium calculator to calculate this additional amount.

I quit smoking 5-6 months ago. Can I apply for the non-smoker category? What is the past period of smoking in this category?

Ans. The plan will depend on the self-declaration and medical test reports.

Suppose I want to start a LIC tech plan, but after some time, I want to discontinue the plan. Is there an option to do so?

Ans. Yes, you can stop the plan anytime by not paying further premiums. However, in this case, you won’t receive any benefits of the plan, including maturity, death claim or surrender value.

What is the minimum premium installment to buy the Lic tech term plan 854?

Ans. The minimum installment premium for regular/increasing sum assured shall be Rs. 3000. If the installment premium is below Rs 3000 make modifications to bring it above 3000, either by increasing sum assured or term. You can calculate this using the LIC tech term plan 854 premium calculator.

Why should you use the LIC tech term plan 854 premium calculator?

Ans. For every individual, who wants to secure their family’s future from any mishap, taking a term plan should be their top priority. The LIC tech term plan is one of the most sorted plans for this purpose. The first step is to calculate the closest amount you’ll need to pay as a premium to get this plan. This calculation is done by the LIC tech term plan 854 premium calculator. The LIC tech term plan calculator will help you estimate the right premium per your financial needs and goals.

FinanceGAB
FinanceGABhttps://www.financegab.com/
Ajeet Sharma, the founder of Financegab and a well-known name in the field of financial blogging. Blogging since 2017, he has the expertise and excellent knowledge about personal finance. Financegab is all about personal finance which aims to create awareness among people about personal finance and help them to make smart, well-informed financial decisions.

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