New Tech-Term
LIC's online-only pure term plan. No maturity benefit, no frills - the whole premium buys cover. Two death benefit shapes: a level sum assured that stays flat, or an increasing one that steps up 10% a year from the sixth policy year until it doubles. Sold direct on licindia.in and nowhere else, which is what keeps the price down.
The things that decide it
New Tech-Term in one table
| Insurer | Life Insurance Corporation of India |
|---|---|
| Sum insured | ₹50 lakh upwards, with no stated ceiling - the limit is whatever underwriting allows. Sum assured moves in steps of ₹5 lakh between ₹50 lakh and ₹75 lakh, and in steps of ₹25 lakh above ₹75 lakh. |
Claim settlement and complaint figures are IRDAI-published and held centrally by NYVO, not taken from the insurer's marketing.
What New Tech-Term does, and what it does not
Term insurance is a narrow product, so the useful question is not how this plan scores against a benchmark - it is what it pays for and what it leaves out. Both lists come from LIC's own documents.
- Two death benefit options - level sum assured, or increasing sum assured
- Single, regular or limited premium payment
- Death benefit can be taken in instalments instead of a lump sum
- Lower premium rates for women
- High sum assured rebate
- Separate non-smoker rates, decided by a urinary cotinine test
- Maturity benefit - nothing is paid if you survive the term
Which variant should you take?
This plan is sold in more than one form, and the choice is made once at purchase. Picking the wrong one is not something you can quietly correct later, so it is worth a minute now.
Level Sum Assured
Most buyersThe amount payable on death equals the basic sum assured and stays flat for the whole term. The straightforward choice, and the cheaper one.
Increasing Sum Assured
The cover stays level for the first five years, then rises by 10% of the basic sum assured each year from the sixth policy year until it reaches twice the original. From the sixteenth year it stays at 2x. Costs more, and the maximum policy term is restricted by age and sum assured band.
Add-ons you can buy with it
Each of these costs extra and each has its own conditions. Some are genuinely worth it; several exist to patch a gap in the base plan. Ask what each one adds before it goes on your quote.
| Add-on | What it does |
|---|---|
| LIC's Accident Benefit Rider | Pays an additional sum on accidental death, on payment of an extra premium. |
What this plan will not pay for
Every policy carries exclusions, and they are the clauses people read for the first time at claim stage. These are the ones worth knowing before you buy.
Not covered
Indicative, not exhaustive. Your policy wording is the contract.
- Suicide within 12 months of the date of commencement of risk, or of revival - 80% of the total premiums paid is returned and nothing more. The same 80% applies whether you pay regular, limited or single premium. Taxes, extra premium and rider premiums are excluded from that calculation.
- The suicide clause pays nothing at all on a lapsed policy. The 80% return only applies while the policy is in force.
Where New Tech-Term falls short
No plan is right for everyone, and a page that only lists strengths is not much use to you. These are the gaps we would raise on a call before recommending it.
Worth knowing before you buy
None of these are dealbreakers on their own. They are the trade-offs this plan asks you to accept.
- Online only. The plan is sold exclusively through licindia.in, so there is no agent to walk you through the application - which is precisely why it is priced the way it is.
- Minimum cover is ₹50 lakh. If you want less than that from LIC, this is not the plan.
- Non-smoker rates depend on a urinary cotinine test. If the test is not done, smoker rates apply regardless of what you declared.
- The death benefit option is fixed at purchase and cannot be changed later.
- No maturity benefit, no surrender value on the regular premium version. Survive the term and you get nothing back - which is what pure term means, but it surprises people.
Read it from the insurer
We summarise. The policy wording is the contract, and it is the only document that settles a dispute. These links go to the insurer's own pages.
Is New Tech-Term the right plan for you?
A salaried, IRDAI-certified NYVO advisor will look at what you already have, tell you where this plan fits and where it does not. Free, and with no obligation to buy.
Book a free call →NYVO is an IRDAI Registered Corporate Agent (Composite), licence number CA1085. This page is general information about a product, not personal insurance advice. Plan terms are summarised from the insurer's documents – the policy wording governs.
