The Life Insurance Corporation of India (LIC) has announced the launch of four new plans that offer "comprehensive" term insurance and financial protection against loan repayments. Yuva Term, Digi Term, Yuva Credit Life, and Digi Credit Life are all effective as of August 5, 2024.
"LIC's Yuva Term is offered offline through our intermediaries, but LIC's Digi Term is only available online via our website. The goal of these products is to appeal to young people who want to purchase term insurance in their early years of life and give them more options, whether they buy offline or online," the business stated in a news release.
Key aspects of LIC's Yuva Term/Digi Term
LIC's Yuva Term / Digi Term is a non-par, non-linked, life, individual, pure risk plan that provides financial protection to a subscriber's family in the event of his or her sad death during the policy period.
Eligibility: The minimum admission age is 18 years, while the maximum entry age is 45 years. Maturity age spans between 33 and 75 years.
Sum assured: Minimum of Rs 50 lakh; maximum of Rs 5 crore. Higher sums assured may be considered in certain instances.
Premium rebate: Women receive lower premium rates and attractive rebates for higher sums assured.
Death benefit: For regular and limited premium payments, the payout is seven times the annualized premium, or 105% of total premiums paid, or the total amount assured. For a single premium payment, the benefit is 125% of the single premium, or the whole amount insured.
Key Features of LIC's Yuva Credit Life/Digi Credit Life
LIC's Yuva Credit Life/Digital Credit Life is a non-par, non-linked, pure risk plan for individuals. It is a pure declining term assurance plan in which the death benefit reduces over the period of the policy.
Eligibility: The minimum admission age is 18 years, while the maximum entry age is 45 years. Maturity age spans between 23 and 75 years.
Sum assured: Minimum of Rs 50 lakh; maximum of Rs 5 crore.
Premium: Women receive lower premium rates and attractive rebates for higher sums assured.
Loan interest rate selection: Policyholders can choose the loan interest rate at policy beginning.
Death benefit: The sum assured will be paid if the policy is still in existence and the claim is valid.
