LIC launches 4 new term new insurance plans 'catering to youngsters'

Plans have been designed for people who want to purchase insurance plans early in life, says company

Life Insurance Corporation of India (LIC) has announced the launch of four new plans providing "comprehensive" term insurance and financial protection against loan repayments. Yuva Term, Digi Term, Yuva Credit Life , and Digi Credit Life are effective from August 5, 2024.
 

“LIC’s Yuva Term is available offline through our intermediaries and LIC’s Digi Term is available online only through our website. The purpose of these products is to cater to youngsters who wish to take Term insurance in initial stages of life and give them a wider choice to buy offline or online,” said the company in a press release.
 

Key features of LIC’s Yuva Term / Digi Term
 

LIC’s Yuva Term / Digi Term is a non-par, non-linked, life, individual, pure risk plan providing financial protection to a subscriber’s family in case of his/her unfortunate death during the policy term.

 

Eligibility: Minimum entry age of 18 years and maximum entry age of 45 years. Maturity age ranges from 33 to 75 years.
 

Sum assured: Minimum of Rs 50 lakh and a maximum of Rs 5 crore Higher sums assured may be considered in some cases.

 

Premium rebate: Attractive rebates for high sums assured and lower premium rates for women.

 

Death benefit: For regular and limited premium payments, the benefit is seven times the annualised premium or 105 per cent of total premiums paid, or the absolute amount assured. For single premium payment, the benefit is 125 per cent of the single premium or the absolute amount assured.

 

Key features of 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 pure decreasing term assurance plan wherein the death benefit will reduce over the term of the policy. 

 

Eligibility: Minimum entry age of 18 years and maximum entry age of 45 years. Maturity age ranges from 23 to 75 years.

 

Sum assured: Minimum of Rs 50 lakh and a maximum of Rs 5 crore

 

Premium: Attractive rebates for high sums assured and lower premium rates for women.

 

Loan interest rate choice: Policyholders can select the loan interest rate at policy inception.

 

Death benefit: The sum assured on death will be payable provided the policy is in force and the claim is admissible.