LIC of India launches new insurance plans – Check benefits, eligibility, other details
Life Insurance Corporation (LIC) of India has announced the launch of new insurance plans for providing term insurance and safety net against loan repayments, both available offline and online with effect from 5 August, 2024.
New plans – including LIC’s Yuva Term (UIN: 512N355V01) / Digi Term (UIN: 512N356V01) and LIC’s Yuva Credit Life (UIN: 512N357V01) / Digi Credit Life (UIN: 512N358V01) – were launched on Monday by LIC CEO and MD Siddhartha Mohanty.
LIC’s Yuva Term plan is available offline through its intermediaries and LIC’s Digi Term is available online only through LIC’s website. The purpose of these products is to cater to youngsters who wish to take term insurance in the initial stages of life and give them a wider choice to buy offline or online.
LIC has also launched a product to cover one’s loan liabilities through term insurance – LIC Yuva Credit Life — in offline mode through its intermediaries, and LIC’s Digi Credit Life is only available online.
As today people are utilizing loan facilities available for various needs, LIC has launched the term insurance plan to cover loan liabilities like housing/ education/ vehicle etc for providing a safety net against loan repayments to the insured’s family.
LIC’s Yuva Term / Digi Term is a Non-Par, Non-Linked, Life, Individual, Pure Risk Plan, which provides financial protection to the insured’s family in case of his/her unfortunate death during the policy term. This is a non-par product under which benefits payable on death are guaranteed.
* Minimum Age at Entry is 18 year (Last Birthday). Maximum Age at Entry is 45 years (Last Birthday)
* Minimum Age at maturity is 33 years (Last Birthday) and Maximum Age at maturity is 75 years (last Birthday)
* Minimum Basic Sum Assured is Rs. 50,00,000/- and Maximum Basic Sum Assured is Rs. 5,00,00,000/- (The Basic sum Assured above Rs 5,00,00,000 (5 crore) may be considered on case to case basis in accordance with underwriting decision as per the Board Approved Underwriting Policy)
* Benefit of attractive High Sum Assured Rebate.
* Special lower premium rates for women
* Amount payable on death of Life Assured under Regular premium and Limited premium payment is 7 times of Annualised Premium or 105% of Total Premiums paid upto the date of death or Absolute amount assured to be paid on death. Under Single premium payment, death benefit is 125% of Single Premium or Absolute amount assured to be paid on death.
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.
* Minimum Age at Entry is 18 year (Last Birthday). Maximum Age at Entry is 45 years (Last Birthday)
* Minimum Age at maturity is 23 years (Last Birthday) and Maximum Age at maturity is 75 years (last Birthday)
* Minimum Basic Sum Assured is Rs. 50,00,000/- and Maximum Basic Sum Assured is Rs. 5,00,00,000/-* Benefit of attractive High Sum Assured Rebate.
* Special lower premium rates for women
* Choice of loan interest rate as appropriate to the policyholder at the inception of the policy
* Amount payable on death of Life Assured during the policy term provided policy is in force and the claim admissible shall be the Sum Assured on Death.