Life Insurance Corporation of India (LIC) has launched two new insurance plans for the youth of the country. The youth can apply online or offline for LIC Yuva Term (Plan 875) / Digi Term (Plan 876) and LIC Yuva Credit Life (Plan 877) / Digi Credit Life (Plan 878). LIC has introduced a term insurance plan that protects the insured’s family from loan repayment by covering loan liabilities such as housing, education, and automobile loans, among other things.
LIC Yuva Term / Digi Term Plan
Overview:
LIC’s Yuva Term / Digi Term is a non-linked, individual, risk-covering life insurance plan that provides financial security to the policyholder’s family in the event of their untimely death within the policy term.
Eligibility:
- Minimum Age at Entry: 18 years (last birthday)
- Maximum Age at Entry: 45 years (last birthday)
- Minimum Age at Maturity: 33 years (last birthday)
- Maximum Age at Maturity: 75 years (last birthday)
Sum Assured:
- Minimum Basic Sum Assured: Rs 50 lakh
- Maximum Basic Sum Assured: Rs 5 crore
Key Benefits:
Premium Discounts: Uniquely low premium rates for women and attractive discounts on higher sum assured amounts.
Death Benefits:
For Regular and Limited Premium Payment: The death benefit is greater than 7 times the annual premium, 105% of the total premiums paid until the date of death, or the full guaranteed death benefit.
For Single Premium Payment: The death benefit is 125% of the single premium or the full guaranteed amount to be paid on death.
LIC Yuva Credit Life / Digi Credit Life Plan
Overview:
LIC’s Yuva Credit Life / Digi Credit Life is a reducing term assurance plan, meaning the death benefit is reduced over the policy term.
Eligibility:
- Minimum Age at Entry: 18 years (last birthday)
- Maximum Age at Entry: 45 years (last birthday)
- Minimum Age at Maturity: 23 years (last birthday)
- Maximum Age at Maturity: 75 years (last birthday)
Sum Assured:
- Minimum Basic Sum Assured: Rs 50,00,000
- Maximum Basic Sum Assured: Rs 5,00,00,000
Key Benefits:
- High Sum Assured Discounts: Discounts on higher sum assured amounts.
- Special Premium Rates for Women: Women enjoy specially reduced premiums.
- Customizable Loan Interest Rates: Choice of loan interest rates at the time of policy inception based on the policyholder’s needs.