Life Insurance Corporation of India (LIC), the country’s largest life insurance company, has introduced four new plans to offer term insurance and loan repayment protection.
These plans are available both online and offline, catering to a wide range of customers.
New Plans Introduced by LIC
The names of 4 new plans are as below:
- LIC’s Yuva Term
- LIC’s Digi Term
- LIC’s Yuva Credit Life
- LIC’s Digi Credit Life
For details of each plan, see below.
Purpose of the New Plans
LIC’s new plans aim to provide young customers with early-term insurance options and cover loan liabilities through term insurance.
LIC’s Yuva Term is available through offline agents, while LIC’s Digi Term is accessible online.
Both plans target youth seeking term insurance early in life.
LIC’s Yuva Credit Life and LIC’s Digi Credit Life cover loan liabilities, with the former available offline and the latter online.
LIC’s Yuva Term and LIC’s Digi Term
These are non-participating, non-linked, pure risk plans offering financial security to the insured’s family in case of the policyholder’s death during the term.
Key Features:
- Eligibility: Minimum age at purchase is 18 years; maximum age is 45 years.
- Maturity Age: Minimum is 33 years; maximum is 75 years.
- Sum Assured: Minimum of Rs 50 lakh and maximum of Rs 5 crore (higher sums considered case by case).
- Discounts: Attractive high sum assured discounts.
- Special Rates for Women: Lower premium rates for female policyholders.
Death Benefit:
Regular/Limited Premium: Higher of 7 times the annual premium, 105% of total premiums paid, or the sum assured. Single Premium: 125% of the single premium or the sum assured.
LIC’s Yuva Credit Life and LIC’s Digi Credit Life
These are non-participating, non-linked, pure risk decreasing term insurance plans, where the death benefit reduces over the policy term.
Key Features:
- Eligibility: Minimum age at purchase is 18 years; maximum age is 45 years.
- Maturity Age: Minimum is 23 years; maximum is 75 years.
- Sum Assured: Minimum of Rs 50 lakh and maximum of Rs 5 crore.
- Discounts: Attractive high sum assured discounts.
- Special Rates for Women: Lower premium rates for female policyholders.
- Loan Interest Rate Choice: Policyholders can choose a suitable loan interest rate at policy inception.
Death Benefit:
Sum Assured on Death, provided the policy is active and the claim is admissible.
LIC of India launches 4 new plans :
LIC’s Yuva Term
LIC’s Digi Term
LIC’s Yuva Credit Life
LIC’s Digi Credit Life#LIC #DigiTerm #YuvaTerm pic.twitter.com/Gj0oedvTdB— LIC India Forever (@LICIndiaForever) August 5, 2024
Benefits for Policyholders
These new plans from LIC offer substantial benefits, including high sum assured discounts, special rates for women, and financial security through term insurance.
They cater to both offline and online customers, providing flexibility and convenience.
