LIC has launched new insurance plans. These plans provide term insurance and protection against loan repayment. They are available for purchase both offline and online from August 5, 2024.
The new plans include LIC Yuva Term/Digi Term and LIC Yuva Credit Life/Digi Credit Life. The CEO and MD of LIC, Siddharth Mohanty, introduced these new insurance plans.
LIC’s Yuva Term Plan can be obtained offline through an agent, while Digi Term is available only on the LIC website. These products are designed to accommodate the needs of the youth, offering options for both offline and online purchases.
LIC also introduced LIC Yuva Credit Life, a plan that covers loan liabilities through term insurance, available offline through LIC agents. LIC Digi Credit Life will be available online.
These insurance plans aim to provide term insurance for loan liabilities such as housing, education, and vehicles, meeting the needs of today’s individuals who are seeking financial assistance.
LIC Yuva Term/Digi Term Plan
- LIC Yuva Term/Digi Term is a non-linked, individual pure risk plan that provides financial security to the insured person’s family in case of sudden death in an accident.
- The minimum entry age for this plan is 18 years (as on last birthday), and the maximum entry age is 45 years (as on last birthday).
- The policy term can range from a minimum of 5 years to a maximum of 40 years.
- The minimum Basic Sum Assured amount is Rs 50,00,000, and the maximum Basic Sum Assured is Rs 5,00,00,000.
- An attractive high-sum assured rebate is available.
- Special lower premium rates are available for women.
- In the event of the life assured’s death, the amount payable under regular premium and limited premium payment is 7 times the annual premium or 105% of the total premiums paid till the date of death or the full amount payable on death. For single premium payment, the death benefit is 125% of the single premium or the full amount payable on death.
LIC’s Yuva Credit Life/ Digi Credit Life
LIC’s Yuva Credit Life/ Digi Credit Life is a non-par, non-linked, individual pure risk plan. It is a decreasing term insurance plan in which the death benefit decreases during the policy term.
Key Features:
- Minimum entry age: 18 years (last birthday)
- Maximum entry age: 45 years (last birthday)
- Minimum maturity age: 23 years (last birthday)
- Maximum maturity age: 75 years (last birthday)
- Minimum Basic Sum Assured: Rs. 50,00,000
- Maximum Basic Sum Assured: Rs. 5,00,00,000
- High Sum Assured Rebate available
- Special low premium rates for women
- Option to choose a suitable loan interest rate at policy inception
- The death benefit is the Sum Assured on death, provided the policy is in force and the claim is admissible.
