India’s biggest insurance company is LIC. Recently Life Insurance Corporation of India (LIC) has launched 4 new insurance plans simultaneously. Out of four in today’s article we are going to discuss LIC’s Yuva Credit Life/Digi Credit Life.
What is LIC’s Yuva Credit Life/Digi Credit Life?
LIC’s Yuva Credit Life/Digi Credit Life is a non-par, non-linked, life, individual, pure risk plan. It is a net decreasing term insurance plan in which the death benefit will be reduced during the term of the policy.
What is the Basic Sum Assured?
The Basic Sum Assured will be in multiples of the amounts specified below: Basic Sum Assured Limit Basic Sum Assured Multiplier 50,00,000 to 75,00,000 = 1,00,000 75,00,000 to 1,50,00,000 = 25,00,000 1,50,00,000 to 4,00,00,000 = 50,00,000 Above 4,00,00,000 = 1,00,00,000. Minimum age at entry is 18 years (last birthday). Maximum age at entry is 45 years (last birthday) · The minimum age at maturity is 23 years (last birthday) and maximum age at maturity is 75 years (last birthday).
Special Low Premium Rates for Women
Choice of suitable loan interest rate for the policyholder at the inception of the policy
The amount payable on the death of the insured during the policy term provided the policy is in force and the amount assured on admissible claw death will be. What is Death and Maturity Benefit?
The Death Benefit payable on death of the Life Assured during the Policy Term after the date of commencement of the risk but before the due date of maturity, provided that the policy is in force and the claim is acceptable, shall be the “Sum Assured on Death”.
In a limited premium payment policy, the “Sum Assured on Death” is defined as:
105% of “Total Premiums Paid” as on the date of death; or
Full sum assured to be paid on death.
Where, “Total Premiums Paid” means the sum of all premiums paid under the Base Product,
Excluding any additional premiums and taxes,
If explicitly collected.
For a Single Premium Policy, the “Sum Assured on Death” is defined as:
Full Sum Assured to be paid on death
Premium Payment
Where the premium amount payable will be excluding single premium taxes and underwriting additional premium.
Maturity Benefit: In case of survival of the life assured till the end of the policy term, no maturity benefit is payable.
