LIC Policy: Get ₹1 Crore Cover for Just ₹7,000 – A Plan Agents Rarely Talk About
When it comes to life insurance in India, most people are familiar with only a few popular plans. However, Life Insurance Corporation of India (LIC) offers several lesser-known policies that are available only online.
One such plan is the LIC New Tech Term Plan, which allows you to get ₹1 crore life cover at a very low premium, starting around ₹7,000 per year (depending on age and profile).
What is LIC New Tech Term Plan?
The LIC New Tech Term Plan is a pure term insurance policy. This means:
It offers financial protection only (no savings component)
The benefit is paid only in case of the policyholder’s death during the policy term
No maturity amount is paid if the policyholder survives
This plan is designed to provide maximum coverage at minimum cost, making it ideal for young earners.
Key Features of the Plan
Available only online (not through agents)
High life cover at low premium
Flexible premium payment options
Lower premiums for women and non-smokers
Optional Accidental Death Rider available
Eligibility Criteria
Minimum Age: 18 years
Maximum Entry Age: 65 years
Minimum Sum Assured: ₹50 lakhs
Maximum Sum Assured: No upper limit
Policy Maturity Age: Up to 80 years
Death Benefit Options
This plan offers two types of coverage:
1. Level Sum Assured
The sum assured remains constant throughout the policy term
2. Increasing Sum Assured
Cover stays same for first 5 years
Then increases by 10% every year
By 15th year, cover can double (up to 2x)
Premium Example (Approximate)
Here’s how much you may pay annually for ₹1 crore coverage:
Level Sum Assured Option:
Age 20: ~₹7,047
Age 30: ~₹9,135
Age 40: ~₹17,889
Increasing Sum Assured Option:
Age 20: ~₹9,345
Age 30: ~₹13,083
Age 40: ~₹27,846
👉 With increasing option, ₹1 crore cover can grow to ₹2 crores after 15 years.
Accidental Benefit Rider
By paying an additional premium, you can add an accidental death rider:
In case of accidental death
Nominee can receive up to 3 times the sum assured
Important Note
This is a pure protection plan (no returns if you survive)
Premiums depend on health, lifestyle, and underwriting
Ideal for those seeking high coverage at low cost
Final Verdict
If your goal is:
High life cover at low premium
Financial protection for your family
Simple and transparent policy
Then LIC New Tech Term Plan is one of the most cost-effective term insurance options in India.