LIC launches 4 new plans: Life Insurance Corporation of India (LIC) has launched 4 new plans on Monday. In this, policyholders will get the benefit of insurance up to Rs 5 crore.
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.
LIC launches 4 new plans
- LIC’s Yuva 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 availed 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.
LIC of India launches 4 new plans :
LIC's Yuva Term
LIC's Digi Term
LIC's Yuva Credit Life
LIC's Digi Credit Life#LIC #DigiTerm #YuvaTerm pic.twitter.com/Gj0oedvTdB— LIC India Forever (@LICIndiaForever) August 5, 2024
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, which 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.
What are the features?
- The minimum age at the time of taking 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 can be considered on a case to case basis.
- Benefit of attractive high sum assured discount.
- 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 the total premiums paid till the date of death or full amount payable on death.
- Under single premium payment, the death benefit is higher of 125% of the 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. It is a pure decreasing term insurance plan in which the death benefit will reduce during the policy term.
Policy Highlights
- The minimum age at entry into 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 of attractive high sum assured discount.
- Special low premium rates for women.
- Option of suitable loan interest rate for 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 the Sum Assured on Death.
