Life Insurance Corporation of India (LIC) has introduced several new insurance products, including LIC’s Yuva Term, LIC’s Digi Term, LIC’s Yuva Credit Life, and LIC’s Digi Credit Life, available from August 6, 2024.
Here are the key details of LIC’s Yuva Term policy.
LIC’s Yuva Term: Key Features
LIC’s Yuva Term is a Non-Participating, Non-Linked, Life, Individual, Pure Risk Plan. It aims to provide financial protection to the insured’s family in the event of the insured’s untimely death during the policy term.
The plan offers flexibility in choosing death benefit options and premium payment terms.
Death Benefit Options:
Level Sum Assured
Increasing Sum Assured
Premium Payment Options:
Single Premium
Regular Premium
Limited Premium
Policy and Premium Payment Terms
Premium Payment Terms:
Regular
Limited Premium of 10 years
Limited Premium of 15 years
Single Premium
Policy Terms:
15 to 40 years for Regular, Single, and Limited Premium of 10 years
20 to 40 years for Limited Premium of 15 years
Eligibility Criteria and Sum Assured
Eligibility:
Maximum Age at Entry: 45 years
Minimum Age at Maturity: 33 years
Maximum Age at Maturity: 75 years
Minimum Basic Sum Assured: ₹50,00,000
Maximum Basic Sum Assured: ₹5,00,00,000 (amounts above this considered case-by-case)
Sum Assured Multiples:
₹50,00,000 to ₹75,00,000: Multiples of ₹1,00,000
Above ₹75,00,000 to ₹1,50,00,000: Multiples of ₹25,00,000
Above ₹1,50,00,000 to ₹4,00,00,000: Multiples of ₹50,00,000
Above ₹4,00,00,000: Multiples of ₹1,00,00,000
Premium Rates
Premium rates are divided into two categories:
Non-Smoker Rates (based on Urinary Cotinine test)
Smoker Rates
Minimum Premium:
₹3,000 for Regular/Limited Premium Payment Policies
₹30,000 for Single Premium Payment Policies.
