LIC launched 4 new plans – Check benefits, eligibility, other details

By
Pravesh Maurya
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LIC

LIC launches 4 new plans: The country’s largest life insurance company LIC has introduced 4 new plans simultaneously to give its customers the benefit of term insurance and protection from loan repayment. Customers can buy it both online and offline.

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LIC launched 4 new plans

  • LIC’s Youth Term
  • LIC’s Digi Term
  • LIC’s Yuva Credit Life
  • LIC’s Digi Credit Life

Why did LIC launch new products

LIC said that the new Yuva Term (LIC’s Yuva Term) can be taken only through offline agents, while LIC’s Digi Term is available only on the website. Both these products have been introduced for those youth who want to take term insurance in the early stages of their life. This will provide them a better offline and online option.

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Along with this, LIC has also launched new products to cover loan liabilities through term insurance – LIC’s Yuva Credit Life and LIC’s Digi Credit Life. In this, LIC Yuva Credit is available in offline mode and LIC Digi Credit Life is available only online.

LIC’s Yuva Term and LIC’s Digi Term

LIC’s Yuva Term / Digi Term is a non-par, non-linked, life, individual, pure risk plan that provides financial security to the family of the insured in case of his/her unfortunate death during the policy term. It is a non-par product under which the benefit payable on death is guaranteed.

What is the speciality?

  • The minimum age at the time of purchasing the policy is 18 years (last birthday) and the maximum age is 45 years.
  • The minimum age at maturity is 33 years (last birthday) and the maximum age is 75 years (last birthday).
  • The minimum Basic Sum Assured is Rs 50,00,000/- and the maximum Basic Sum Assured is Rs 5,00,00,000/-. Basic Sum Assured above Rs 5 Crore may be considered on a case to case basis.
  • Benefit from attractive high sum assured discounts.
  • Special low premium rates for women.
  • The amount payable on death of the life assured under regular premium and limited premium payment is higher of 7 times the annual premium or 105% of total premiums paid till the date of death or full amount payable on death. Under single premium payment, the death benefit is 125% of single premium or full amount payable on death.

LIC’s Yuva Credit Life and LIC’s Digi Credit Life

LIC’s Yuva Credit Life/ Digi Credit Life is a non-par, non-linked, life, individual, pure risk plan. This is a pure decreasing term insurance plan in which the death benefit will reduce during the policy term.

Highlights of the policy

  • The minimum age at the time of taking the policy is 18 years and the maximum age is 45 years.
  • The minimum age at maturity is 23 years and the maximum age is 75 years.
  • The minimum Basic Sum Assured is Rs. 50,00,000/- and the maximum Basic Sum Assured is Rs. 5,00,00,000/-.
  • Benefit from attractive high sum assured discounts.
  • Special low premium rates for women.
  • Choice of loan interest rate suitable to the policyholder at the inception of the policy.
  • The amount payable on death of the Life Assured during the policy term, provided the policy is in force and the claim is admissible shall be Sum Assured on Death.
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