This Is LIC’s Best Policy, Insurance of 50 Lakhs Is Available at the Lowest Premium

Insurance of 50 Lakhs

LIC best policy: LIC Tech Term Plan Number 854 is considered to be the best policy of LIC. It is considered the cheapest policy among all the term policies of LIC. 

People between 18 years to 65 years can buy this policy. In this plan, you have to take an insurance policy of at least Rs 50 lakh. You cannot take a policy less than that. 

This policy will work only till a person turns 80, not after that. This policy can be taken for minimum 10 years and maximum 40 years. This policy is available only to those people who have their own income.

There are three premium payment options available in this policy. The first in this is the regular premium i.e. the number of years the policy is there, the premium will have to be paid for that number of years. 

Under Limited Premium Term, premium can be paid for 5 years less or 10 years less than the total policy term. The third option is a single premium i.e. the total premium has to be paid at one go while taking the policy.

How Old Is the Policy

The biggest feature of this policy is the death benefit. There are three ways to get money in this. After the death of the insured, the nominee can get the entire amount in one go. 

The second method is of installments in which the nominee gets the lump sum amount every 5 years, 10 or 15 years. The third option is of lumpsum amount and installments. 

In this, some part is given on Lasam and some part on 5 years, 10 years or 15 years. The insured can choose any one of these three options while taking the policy. In this policy, non-smokers get the facility to pay less premium. If a woman takes this policy, then she will also get a discount on the premium.

How Much Premium Will Have to Be Paid

Different premiums are fixed for different age groups in this policy. If a 21-year-old person takes a 20-year policy, then he will have to deposit Rs 6,438 every year. 

8,826 will have to be paid for a 40-year policy. Similarly, if a 40-year-old person takes LIC Tech Term Plan for 20 years, then he will have to pay a premium of Rs 16,249. For 40 years, this premium will be Rs 28,886.

This is an online policy which can be taken online only. You can buy this policy by visiting LIC’s website. This policy is a term insurance policy under which in case of death of the insured, he gets the sum assured amount. 

In this, there is no maturity money like other policies. If the insured survives till the end of the policy term, they will not get any money.

Death Benefit Facilities

  • If the insured dies during the policy, then many types of facilities are given to his/her nominee. Limited premium and regular premium plans have the same facilities while there is some difference between single premium.
  • If the insured dies, then the nominee will get 7 times their annual income.
  • The nominee will get 105% of the total premium up to the date on which the insured dies.
  • The full amount of sum assured is given to the nominee.

Single-Premium Rule

  • On the death of the insured, the nominee gets 125 percent of the single premium.
  • On death, the entire sum assured is given to the nominee.
  • This policy is a term plan, so the insured does not get any maturity amount.


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