The Life Insurance Corporation of India (LIC) has introduced two new insurance schemes aimed at the youth of the country. Young individuals can apply for these plans either online or offline. The plans include LIC Yuva Term (Plan 875) / Digi Term (Plan 876) and LIC Yuva Credit Life (Plan 877) / Digi Credit Life (Plan 878). This article highlights the key features and benefits of these special plans in detail.
LIC’s New Term Insurance Plans: Comprehensive Protection for Youth
The Life Insurance Corporation of India (LIC) has launched two new term insurance plans designed to safeguard families by covering various loan liabilities, including housing, education, and automobile loans.
LIC’s Yuva Term / Digi Term Plan
Plan Type:
This is a non-linked, individual, risk-covering life insurance plan that ensures financial security for the family of the insured in case of untimely death during the policy term.
Eligibility Criteria:
- Minimum Age at Entry: 18 years (last birthday)
- Maximum Age at Entry: 45 years (last birthday)
- Minimum Age of Maturity: 33 years (last birthday)
- Maximum Age of Maturity: 75 years (last birthday)
Sum Assured:
- Minimum: ₹50 lakh
- Maximum: ₹5 crore
Key Benefits:
- Special low premium rates for women.
- High-sum assured discount.
- Death benefit for regular/limited premium payments: The higher of 7 times the annual premium, 105% of total premiums paid till death, or the basic sum assured.
- Death benefit for single premium payment: The higher of 125% of the single premium or the basic sum assured.
LIC’s Yuva Credit Life / Digi Credit Life Plan
Plan Type:
This is a reducing term assurance plan, meaning the death benefit decreases over the policy term, aligning with reducing loan liabilities.
Eligibility Criteria:
- Minimum Age at Entry: 18 years (last birthday)
- Maximum Age at Entry: 45 years (last birthday)
- Minimum Age of Maturity: 23 years (last birthday)
- Maximum Age of Maturity: 75 years (last birthday)
Sum Assured:
- Minimum: ₹50 lakh
- Maximum: ₹5 crore
Key Benefits:
- High-sum assured discount.
- Special low premium rates for women.
- Option to choose loan interest rates based on policyholder requirements.
Disclaimer: This information is based on 2024 data. Please check the official site for the latest updates. Times Bull will not be responsible for any financial investments made, as it is entirely your responsibility. It is advised to consult a financial advisor for better guidance.