LIC : Life Insurance Corporation of India (LIC) has launched two new term insurance plans keeping the youth in mind. The new term insurance plans are named LIC Yuva Term/Digi Term and LIC Yuva Credit Life/Digi Credit Life.
These are non-participating, non-linked, risk plans. These plans are designed to provide protection against loan repayment risks. Know their advantages and disadvantages here.
LIC’s new plans
LIC CEO and MD Siddhartha Mohanty has launched LIC Yuva Term (UIN: 512N355V01), Digi Term (UIN: 512N356V01), Yuva Credit Life (UIN: 512N357V01), and Digi Credit Life (UIN: 512N358V01).
LIC Yuva Term/Digi Term
Financial Security: Provides financial security to the family of the policyholder in case of death of the policyholder during the policy term.
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Guaranteed Death Benefits: Offers guaranteed death benefits and the plan is available both online and offline.
How to buy:
LIC Yuva Term: Available through intermediaries.
LIC Digi Term: Available only on LIC website.
Target Customer : Specifically designed for young individuals, offering offline and online shopping options.
Age of Entry
Minimum Entry Age: 18 years.
Maximum Entry Age: 45 Years.
Maturity age: Between 33 to 75 years.
Sum Assured: Between Rs 50 lakh and Rs 5 crore.
Death Benefits
Regular and Limited Premium Payment: Seven times the annual premium or 105% of total premiums paid till the date of death or fixed amount.
Single Premium Payment: 125% of single premium or sum assured.
LIC Yuva Credit Life/Digi Credit Life
Yuva Credit Life/Digi Credit Life plans provide coverage for loan liabilities, thereby providing protection against repayment for needs such as housing, education or vehicle. These plans are also available both offline and online.
Sum Assured: Rs 50 lakh to Rs 5 crore.
Death Benefits: In case of death of the policyholder during the policy term, death benefits get reduced as per the loan balance. These new plans of LIC will give young consumers a better opportunity to secure their future and get protection from loan risks.
