LIC Yuva Credit Life Plan: Life Insurance Corporation of India (LIC) has launched some plans some time back. One of these is LIC Yuva Credit Life/Digi Credit Life Plan. This plan is better for those who want to secure the repayment of their loan. It also has many other features. Know about this plan:
New Delhi: LIC launched many plans some time back. One of them is LIC Yuva Credit Life / Digi Credit Life Plan. This plan has been launched especially for those who have a loan or want to take a loan. This plan removes the worry of repaying the loan on the death of the policy holder. This plan can be purchased both online and offline. This plan is a completely non-par, non-linked, life, individual, pure risk plan. However, the death benefit in this decreases with the policy term. Under this plan, the minimum sum insured is Rs 50 lakh and the maximum sum insured is Rs 5 crore.
Who can buy it?
Any person between 18 and 45 years can buy this plan. The minimum age for maturity of this plan is 23 years and maximum is 75 years.
What is the specialty of this plan?
This is not term insurance, but it reduces the liability of the loan. That is, it protects the loan taken by the policy holder in case of his death. In such a situation, his family member does not have to repay the loan amount. This loan can be of any type. Such as home loan, education loan, car loan etc.
How many types of premium will be there?
Under this plan, 4 types of premium facility have been provided. This includes single, premium for 5 years, premium for 10 years and premium for 15 years. The premium will depend on the policy term. That is, for how many years you are taking this plan. Except for the single premium facility, the premium will have to be paid on an annual or half-yearly basis.
Single premium: For policy term of 5 to 30 years
Premium up to 5 years: For policy term of 10 to 30 years
Premium up to 10 years: For policy term of 15 to 30 years
Premium up to 15 years: For policy term of 25 to 30 yearsHow much will be the premium?
The premium on taking the policy under this plan will depend on the age of the policy holder, sum assured value and the interest rate of the loan taken. Suppose, if a 20-year-old person buys a plan with sum assured of Rs 50 lakh for 25 years, then he will have to pay a premium of at least Rs 4850. This premium will be for a period of up to 15 years.
Highlights of the policy
- If the policy holder dies, the loan taken by the policy holder will be repaid from the amount received from this policy. The responsibility of repaying the loan amount will not be of the family members of the policy holder.
- If the policy holder does not die and the policy term is completed, then the policy holder will not get any amount. That is, there are no maturity benefits in this.
- If a person surrenders the policy, then the amount will be returned to him as per the rules of LIC.
- No loan of any kind will be given in this policy.
Where to buy it?
This plan can be purchased online and offline. Yuva Credit Life can be purchased by visiting any branch of LIC or through an agent. Digi Credit Life plan is available online only. For more information about this, visit the official website licindia.in.
