India’s largest life insurance company, LIC, has launched four new insurance plans to offer customers both term insurance and protection against loan repayments.
These plans are available for purchase both online and offline.
New Plans from LIC
1) LIC’s Youth Term
2) LIC’s Digi Term
3) LIC’s Yuva Credit Life
4) LIC’s Digi Credit Life
Why New Products?
LIC introduced these products to cater to different customer needs. The LIC’s Yuva Term is available through offline agents, while LIC’s Digi Term can be purchased online.
These options are designed for young individuals seeking term insurance early in life, offering flexibility in how they obtain coverage.
In addition, LIC has launched two new plans focused on covering loan liabilities:
1) LIC’s Yuva Credit Life (available offline)
2) LIC’s Digi Credit Life (available online)
Details of LIC’s Yuva Term and LIC’s Digi Term
LIC’s Yuva Term / Digi Term is a non-participating, non-linked, individual term insurance plan that ensures financial protection for the insured’s family in the event of death during the policy term.
Key Features
Age Requirements: Minimum age at purchase is 18 years, and maximum age is 45 years. Maturity age ranges from 33 to 75 years.
Sum Assured: Ranges from Rs. 50 lakh to Rs. 5 crore. Amounts above Rs. 5 crore are considered on a case-by-case basis.
Premium Benefits: Discounts for higher sum assured and special low rates for women.
Death Benefit: For regular and limited premium payments, the benefit is the higher of 7 times the annual premium or 105% of total premiums paid, or the full amount payable on death.
For single premium payments, it is 125% of the single premium or the full amount payable on death.
Details of LIC’s Yuva Credit Life and LIC’s Digi Credit Life
LIC’s Yuva Credit Life / Digi Credit Life is a non-participating, non-linked, individual term insurance plan that provides a decreasing death benefit over the policy term.
Key Features
Age Requirements: Minimum age at purchase is 18 years, and maximum age is 45 years. Maturity age ranges from 23 to 75 years.
Sum Assured: Ranges from Rs. 50 lakh to Rs. 5 crore.
Premium Benefits: Discounts for higher sum assured and special low rates for women.
Loan Interest Rate: Choice of loan interest rate at policy inception.
Death Benefit: The benefit is the sum assured on death, provided the policy is active and the claim is admissible.
