New Delhi:
The Life Insurance Corporation of India (LIC) has launched two new term insurance plans designed for young individuals.
These plans are named LIC Yuva Term/Digi Term and LIC Yuva Credit Life/Digi Credit Life.
They are non-participating and non-linked, focusing on providing protection against loan repayment risks.
New LIC Plans Overview
LIC CEO and MD Siddhartha Mohanty has introduced the following plans:
- LIC Yuva Term (UIN: 512N355V01)
- LIC Digi Term (UIN: 512N356V01)
- LIC Yuva Credit Life (UIN: 512N357V01)
- LIC Digi Credit Life (UIN: 512N358V01)
Above all are all new plans.
LIC Yuva Term and Digi Term
Financial Security: These plans offer financial protection to the policyholder’s family if the policyholder dies during the policy term.
Guaranteed Death Benefits: The plans provide guaranteed death benefits and are available both online and offline.
How to Buy
Buying process is as below:
- LIC Yuva Term: Can be purchased through intermediaries.
- LIC Digi Term: Available only on the LIC website.
Target Customers: Aimed at young individuals with options to buy both offline and online.
Age Requirements
Sum Assured: Ranges from Rs 50 lakh to Rs 5 crore
- Minimum Entry Age: 18 years
- Maximum Entry Age: 45 years
Maturity Age: Between 33 and 75 years
Death Benefits
Regular and Limited Premium Payment: Seven times the annual premium, or 105% of total premiums paid till death, or a fixed amount.
Single Premium Payment: 125% of the single premium or the sum assured.
LIC Yuva Credit Life and Digi Credit Life
These plans provide coverage for loan liabilities, protecting against repayment issues for loans such as housing, education, or vehicles. They are available both offline and online.
- Sum Assured: Ranges from Rs 50 lakh to Rs 5 crore
- Death Benefits: The death benefits decrease according to the remaining loan balance.
These new plans from LIC offer young consumers enhanced protection against loan risks and a chance to secure their future.
