Life Insurance Corporation of India (LIC) always keeps introducing new plans keeping in mind the interests of the youth of the country. In this series, LIC has started new plans to provide term insurance and security for loan repayment, which are available both offline and online. Let’s know about it.
Life Insurance Corporation of India (LIC) always keeps introducing new plans keeping in mind the interests of the youth of the country. In this series, LIC has started new plans to provide term insurance and security for loan repayment, which are available both offline and online.
LIC Yuva Term is available offline through our intermediaries and LIC Digi Term is available online only through our website. These products are aimed at meeting the needs of young people who wish to buy term insurance at an early stage of life and provide them with the option to buy offline or online.
The company gave information
While launching the plan, the company said that LIC’s Yuva Credit Life will be available in offline mode through our agents and LIC’s Digi Credit Life is available online only.
Since today people are using loan facilities available for various needs, LIC has launched term insurance plans to cover loan liabilities like housing/education/vehicle etc. to provide security to the insured’s family for loan repayment.
What will be the condition?
- 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 unfortunate death of the insured during the policy term. It is a non-par product under which the benefit payable on death is guaranteed.
- Minimum age at entry is 18 years (last birthday). Maximum age at entry is 45 years (last birthday).
- 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 1,00,000/-.
- 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.