Jeevan Amar Vs Tech Term – Which is the best LIC Term Plan?
Last month LIC launched its new term plan Jeevan Amar. In this month, it has launched another plan which is LIC Tech Term Insurance Plan. Many of us would have confused as to why LIC has launched 2 plans in just 1 month time frame. What is LIC Jeevan Amar Term Plan all about? What is a LIC Tech Term Plan? How does the features and benefits compared between Jeevan Amar LIC and LIC Tech Term Plan? Among Jeevan Amar and Tech Term, which is the best LIC Term Plan in India?
Also Read: 1 Crore Term Insurance Plans with low premiums
Overview about LIC Jeevan Amar Term Plan
LIC Jeevan Amar is non linked, non participating life insurance plan that was launched in August, 2019. This is pure offline term life insurance plan, i.e. nominee would get sum assured only if there is a death of the life insured.
Overview about LIC Tech Term Plan
LIC Tech Term is non linked, non participating life insurance plan that was launched from 1st September, 2019. This LIC term plan online is pure protection plan, i.e. nominee would get sum assured only if there is a death of the life insured.
LIC Jeevan Amar Vs LIC Tech Term – Comparison of features
#1 – Flexibility of Purchasing the Term plan
LIC Jeevan Amar is an offline term insurance plan. Means you need to approach LIC branch or LIC agent to take this term insurance plan. However, renewal premiums can be paid like any other LIC policy online. This is Jeevan Amar LIC Term Plan 854.
LIC Tech Term is an online term insurance plan. Means you can just buy this policy online on LICIndia portal directly. This is LIC Term Plan 854 has unique ID 512N333V01.
#2 – Eligibility of taking these LIC Term Plans
Both these LIC Term plans are offered for the minimum age of entry at 18 years and maximum age of entry at 65 years.
#3 – Minimum and Max Sum Assured
The minimum sum assured under LIC Jeevan Amar is ₹ 25 Lakhs and no maximum limit on the sum assured. Means you cannot buy this LIC term plan if you want to take sum assured of below ₹ 25 Lakhs.
The maximum sum assured under the LIC Tech Term Plan is ₹ 50 Lakhs and no maximum limit on the sum assured. Means you cannot buy this online LIC term insurance plan if you want to take sum assured of below ₹ 50 Lakhs.
#4 – Benefits in LIC Term plans
In both these term insurance plans sum assured is paid only in case of death. There are no surrender benefits or maturity benefits.
#5 – Flexibility in Premium Payments
The LIC Jeevan Amar Plan provides flexible premium options like regular premiums (monthly, quarterly, half-yearly and yearly), single premium and limited period premium options.
The LIC Tech Term plan also provides flexible premium options like regular premiums (monthly, quarterly, half-yearly and yearly), single premium and limited period premium options..
#6 – Tenure of the Policy
Both provide 10 to 40 years tenure options for their term plans.
#7 – Sum Assured Flexibility
Gone are the days where the sum assured was fixed. Both these term insurance plans offer level sum assured (fixed sum assured) and increasing sum assured i.e. sum assured is increasing year on year from 6th year to the 15th year and from there these are constant beyond that period.
#8 – Flexibility in Death Benefit payments
Policy holders are looking for flexible death benefit payments instead of lump sum payments. Both these terms plans offer installment payment of sum assured beyond lump sum option.
#9 – Premiums for non smokers and women
Jeevan Amar from LIC offers lower premiums for non smoking individuals and women individuals.
Tech Term from LIC offers a lower premium only for non smoking individuals.
#10 – Risk Coverage beyond 65 years
The majority of the term insurance plans offer risk coverage of 65 years or 70 years. However, both these LIC term plan policy offer risk coverage up to 80 years of age.
#11 – Premium Rates
LIC Jeevan Amar is an offline term insurance plan which are issued through LIC Branch and LIC Agent and premiums are high.
LIC Tech Term is an online term insurance plan and there are no mediators and hence and premiums are low compared to offline term plans.
#12 – Existing Term Plans in this bucket
LIC Jeevan Amar is an offline term plan. Currently there are Amulya Jeevan II, Anmol Jeevan II, LIC Bhagya Lakshmi and LIC New Jeevan Mangal term plans that are offline term insurance plans from LIC.
The LIC Tech Term Plan is an online term plan. Currently there is already one online term plan, i.e. e-Term Plan.
#13 – Riders in these Term Plans from LIC
Both these plans offer the accidental death benefit rider, which is optional and comes with additional premium.
#14 – High Sum Assured Rebated on premiums
LIC Jeevan Amar offer 4% to 20% discount on premiums for a high sum assured.
For LIC Tech Term, this info is currently not yet available.
#15 – LIC Term Plan Claim Ratio
The claim settlement ratio is published by IRDA every year for a life insurance company. For LIC, the claim settlement ratio published in 2019 is above 98% for the year 217-18. One should note that this claim ratio is at the company level and not for individual plans.
Jeevan Amar Vs Tech Term – Which is the best LIC Term Plan?
LIC has a High claim settlement ratio. It is a trusted brand, However its term insurance plans come with higher premiums. There are several other best term insurance plans in India that comes with low premiums. If you have decided that to just go with LIC, then you have options between Jeevan Amar and Tech Term Plan. These two new plans offer several unique features which other LIC term plans do not offer. If you decided to take sum assured of less than ₹ 50 Lakhs, you don’t have a choice except to go with LIC Jeevan Amar. If you have a choice to take ₹ 50 Lakhs Sum assured and above, I would advise you to go with LIC Tech Term Plan. This is an LIC Term Plan online and comes with lower premium that has most of the features which are there in Jeevan Amar too. Why pay more premium then?
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Suresh KP
Jeevan Amar Vs Tech Term – Which is the best LIC Term Plan
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I couldn’t really understand or find out exactly why, or in what way tech term is better? It would be great if you could summarize.
Hello , Do we receive any physical bond paper/documents etc in LIC Tech Term. Or everything remains online only.
Pls clarify.
Hello Praveen, It could be LIC or any other private insurance company, one would get physical bond / paper document once the life insurance is issued.
Can i select one time premium payment for 30 Yrs Term insurance , if my Age is 48 Yrs and how much premium i have to pay to take SA- 1.5 Cr
hi, please guide me about, what is the minimum must stay period to claim the Sum Assured (means, will it cover in the first day of insurance or after 1 year or proportionate period payment etc.)
thank you
I was looking for the exact explanation as you have provided.
Even contacted LIC customer care, they told they will arrange a call, but i think i dont require their call as the doubts are already clarified.
Thanks
Good to hear that this article helped you. Pls share this on your FB / Twitter so that such information might be useful to your friends too.
Very nice article, can I take your services for my other needs?
Thank you so much for the detailed explanation
Explanation is very satisfying..
If any one ppurchase LIC TECH TERM plan can he deposit premium any lic branch from next year and after death of insured person his family members put claim any Lic branch or deposite premium and claim on death is only online.
Anand, Except the part that you need to buy this policy online, other actiivites would remain same for online or offline policies. You can pay premium online or visit branch and pay. If you have any issue, you can contact online or visit branch. Even for claim, you can visit branch and then put the request
Very good explanation.. thanks a lot
Thank you Pavan. Have you taken this term plan?
i would like to go for tech term as you have given breif of both policy,
what will be the preimum for sum assure of 1cr?
is there any claims if accidentally i be paralyzed ?
in case of death how could my family get sum assure amount ?
should they call customer care or if they move to lic branch will they get any help?
Hello Anisha, I prefer Tech term too. You can vist LIC online site and based on your age and amount and riders, the premium would depend. In case of death of insured, their family members need to approach LIC along with death certificate and policy details and LIC would paid sum assured to nominee indicated in the policy document. Yes they need to call customer care or visit nearest LIC branch
Hi thanks for sharing clear details..
can you pls clarify below details:
What is Accident rider benefit ?
For example : if policy holder takes 50 laks coverage and 50 laks Accident rider befifit…then if policy holder dies by any accident , then nominee will get 50 + 50 laks amount means total 1 crore amount receive ?
2. if we select option increase Sum Assured means, our pay premium also increase after 5 years?
For example : if i am paying 15k per year for 50 laks Coverage , if i select option for increase Sum Assured means
first five year i wil pay 15k
after 6th year i need to pay 16k , 17k…….?
or some other difference
pls clarify
Ram, good to hear about you. 1) Yes, if death happens due to accident, one would get Rs 1 Crore in this example given by you 2) No. Premium would remain same during the tenure. While selecting this option, the premium is already adjusted from now to end of the tenure of the LIC Policy.
Hello Suresh,
Thanks for the update.
Like what are the things are covered for claim ;
of course death due to accident and other than that ? like death due to set of critical illness also covered ?
Hello Parameswari, Death occured due to various reasons would anyways covered in term insurance plans. However, some term insurance plans provide sum assured even critical illness is diagnosed. In these plans, sum assured is paid only on occurence of death.
Thank you Suresh.
It gave me a better idea now.
I decided to go with Tech Term Plan, one more reg this online plan.
By going with online plan, facilitation for medical check up requests /processes will be triggered by LIC through online ?
Yes. You can go to LIC Online Tech term plan link and fill the details and you would get call for further details.
Thanks Suresh,
Can you please tell is there any difference at all between these two policies (in terms of benefits) if sum insured is above 50lacs?
Premiums would increase and there are some special rebates on discounts if taken above Rs 1 Crore sum assured. Beyond that from benefits and features point of view, there is no other difference other than what is highlighted in article.
thanks Suresh Ji it is very good article and very helpful to decide which plan should be purchase. Thank s a lot.
thank you Dilip
Thanks for the article Suresh Ji. One little feedback, a tabular comparison would be more readable 🙂
sure Lawish. Some of the content may not be always possible to put in tabular form. But your feedback is appreciated, would try whereever possible