In short (tl;dr)
New Tech-Term is sold only through LIC's website. With no agent commission in the rate it prices below New Jeevan Amar, the same cover sold offline. Minimum sum assured is ₹50 lakh.
About LIC New Tech-Term
New Tech-Term (Plan 954) is a non-participating, non-linked pure risk plan. If the life assured dies during the term, the nominee receives the Sum Assured on Death. If they survive, nothing is paid — that is the bargain, and it is why the premium is a fraction of any savings plan's.
Two sum assured structures are available. Level Sum Assured keeps the cover constant throughout. Increasing Sum Assured holds the cover level for the first five years, then increases it by 10% of the original amount each year from the sixth to the fifteenth, capping at twice the original, which tracks a rising income and a growing family.
Rates are quoted separately for smokers and non-smokers and are lower for female lives. Because the plan is online-only there is no agent commission built into the premium, which is the single biggest reason it undercuts New Jeevan Amar.
Key features
- Sold online only — no agent commission in the premium
- Minimum sum assured ₹50 lakh, no upper limit subject to underwriting
- Level or Increasing Sum Assured options
- Separate, lower rates for non-smokers and for female lives
- Regular, limited or single premium payment
New Tech-Term at a glance
- Plan number
- 954
- Category
- Term Insurance
- Entry age
- 18 to 65 years
- Policy term
- 10 to 40 years
- Premium paying term
- Same as policy term
- Sum assured
- ₹50 Lakh and above
- Maximum maturity age
- 80 years
- UIN
- 512N351V02
We checked the plan number and UIN above against LIC's own page for this plan on 2026-09-02. Check it on licindia.in
Benefits under New Tech-Term
Death benefit
The Sum Assured on Death, paid as a lump sum. For regular premium policies this is the higher of 7 times the annualised premium and the absolute amount assured, never less than 105% of premiums paid.
Maturity benefit
None. This is pure protection — no maturity value, no surrender value, no loan.
Who it suits
Anyone with dependants and a mortgage. It buys the largest death benefit per rupee of anything LIC sells.
What to watch out for
If you survive the term you get nothing back, and that is by design. Do not compare the 'return' against a savings plan — compare the cover you could not otherwise afford.
How this calculator works
New Tech-Term is priced here on its own parameters, not a generic formula. We build the plan's full cash-flow schedule — the death benefit in each policy year, every survival payout, and the maturity value — and discount it on a basis calibrated to a reference premium for this plan. That reference is checked two ways: against LIC's published tabular rate, and against the return the plan's own benefits imply for the policyholder.
- Reference premium
- ₹1.25 per ₹1,000 at age 30, 30-year term, 30-year premium term
- Discount basis
- 2.62% a year, on LIC (2012-14) Ultimate mortality scaled to 55% for this plan's underwritten pool
- GST
- Nil. Individual life insurance premiums have been exempt from GST since 22 September 2025, so the instalments shown are what you actually pay.
Bonus rates are declared annually and are not guaranteed; only the sum assured and any contractual guaranteed additions are. Read our editorial and methodology policyfor the full basis, and confirm every figure with LIC before you buy.
Check the source:New Tech-Term on licindia.inLIC valuation and bonus declarationsIRDAI regulations
What this premium does not include
The figure above is the premium for the base policy. LIC allows one optional rider on New Tech-Term, each a separate contract with its own sum assured, term and premium. Take one and you pay more than the figure above — the base premium itself does not change.
- LIC's Accident Benefit Rider (AB Rider)UIN 512B203V03
Premiums for all the life insurance riders put together cannot exceed 30% of the premium under the base plan. That cap is the useful number to hold an agent to: whatever riders are proposed, the total should stay inside it.
Why we do not price them. A rider premium follows from the rider's own sum assured and term, so it cannot be worked out from a tick-box — and LIC does not publish rider rates in the plan brochure, which tells you to read the rider brochure or ask a branch. We would rather name the riders and their UINs, which you can check, than show a number we cannot source.
Source: New Tech-Term sales brochure (PDF), Optional Rider Benefits clause.
LIC New Tech-Term — frequently asked questions
How much is LIC New Tech-Term for ₹1 crore at age 30?
For a healthy 30-year-old non-smoking male taking a 30-year term, the annual premium is in the region of ₹11,500 to ₹13,000 for ₹1 crore of cover. Female lives pay noticeably less; smokers pay around 40% more. Use the calculator above for your own age and term.
What is the difference between New Tech-Term and New Jeevan Amar?
They are the same product sold through different channels. New Tech-Term (954) is online-only and cheaper because there is no agent commission. New Jeevan Amar (955) is sold through agents and has a lower ₹25 lakh minimum sum assured. If you are comfortable buying online, Tech-Term wins on price.
Does New Tech-Term have a maturity benefit?
No. It is a pure term plan: the sum assured is paid only if death occurs during the policy term. If you want money back on survival, look at Jeevan Kiran, which returns the premiums paid.
What is the minimum sum assured for New Tech-Term?
₹50,00,000. There is no maximum, subject to LIC's medical and financial underwriting.
Is a smoker's premium higher in New Tech-Term?
Yes, substantially — smoker rates typically run about 40% above non-smoker rates for the same age and sum assured. Declaring accurately matters: a non-disclosure discovered at claim stage can void the policy.
Related calculators
Plans people usually weigh up against New Tech-Term before deciding.
New Jeevan Amar
No. 955The offline term plan — same cover as Tech-Term, bought through an agent.
Open calculatorSaral Jeevan Bima
No. 859The standard term plan every insurer must offer, with identical terms across the market.
Open calculatorJeevan Kiran
No. 870Term cover that returns every rupee of premium if you survive the policy.
Open calculatorNew Jeevan Anand
No. 715Endowment savings that keeps paying life cover after the policy matures.
Open calculator