LIC has introduced four new plans: LIC Yuva Term, LIC Digi Term, LIC Yuva Credit Life, and LIC Digi Credit Life. Learn about the features, benefits, and application process for these plans.
LIC has introduced four new plans offering term insurance and loan repayment protection. Available both online and offline, these plans provide policyholders with coverage benefits of up to Rs 5 crore.
LIC's four new plans
LIC has recently launched the following four plans:
1. LIC Yuva Term
2. LIC Digi Term
3. LIC Yuva Credit Life
4. LIC Digi Credit Life
Term life insurance
LIC launched these new products to cater to different customer needs and preferences. The LIC Yuva Term is available through offline agents, while LIC Digi Term can be accessed online, targeting youth who wish to secure term insurance early in life with both offline and online options.
LIC introduced LIC Yuva Credit Life and LIC Digi Credit Life to address loan liabilities through term insurance. LIC Yuva Credit Life is available offline, and LIC Digi Credit Life can be purchased online.
LIC Yuva Term and LIC Digi Term
LIC’s Yuva Term and Digi Term are non-participating, non-linked, individual life insurance plans designed to offer financial security to the policyholder's family in the event of their untimely death during the policy term. These are pure risk plans with a guaranteed death benefit, ensuring that the coverage amount is paid out as specified.
Features
• Entry Age: Minimum is 18 years (last birthday), and maximum is 45 years.
• Maturity Age: Minimum is 33 years (last birthday), and maximum is 75 years.
• Basic Sum Assured: Minimum is Rs 50 lakh, and maximum is Rs 5 crore. Amounts above Rs 5 crore may be considered on a case-by-case basis.
Special benefits for women
Women can benefit from attractive discounts on high insurance amounts, with specially reduced premium rates. For policies under Regular Premium and Limited Premium Payment, the death benefit will be either 7 times the annual premium, 105% of the total premiums paid up to the date of death, or the full death benefit amount, whichever is higher.
More benefits
For policies with a single premium payment, the death benefit will be either 125% of the single premium or the full amount payable upon death, whichever is higher. LIC’s Yuva Credit Life and Digi Credit Life are non-participating, non-linked, individual life insurance plans. They are pure decreasing term insurance plans, where the death benefit decreases over the policy term.
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