The Life Insurance Corporation of India (LIC) has introduced two new term insurance products for youth: LIC’s Yuva Term/Digi Term and LIC’s Yuva Credit Life/Digi Credit Life. These non-participating, non-linked, pure-risk plans are designed to offer protection against loan repayment risks, catering to a range of insurance needs.
New plans—LIC’s Yuva Term (UIN: 512N355V01), Digi Term (UIN: 512N356V01), Yuva Credit Life (UIN: 512N357V01), and Digi Credit Life (UIN: 512N358V01)—were launched on Monday by LIC CEO and MD Siddhartha Mohanty.
LIC’s Yuva Term/Digi Term
Financial Security: Offers financial security to the policyholder’s family in the event of the policyholder’s death during the policy term.
Guaranteed Death Benefits: Guarantees death benefits and is accessible both online and offline.
Purchase Options:
LIC Yuva Term: Available through intermediaries.
LIC Digi Term: Exclusively available on LIC’s website.
Target Audience: Specifically designed for young individuals, providing the flexibility to choose between offline and online purchasing options.
Entry Age:
Minimum: 18 years.
Maximum: 45 years.
Maturity Age: Ranges from 33 to 75 years.
Sum Assured: Varies between Rs 50 lakh and Rs 5 crore.
Rebates and Premium Rates:
Attractive high-sum assured rebates.
Lower premium rates for women.
Death Benefits:
Regular and Limited Premium Payments: Seven times the annualised premium or 105 percent of the total premiums paid up to the date of death, or the absolute amount assured.
Single Premium Payments: 125 percent of the single premium or the absolute amount assured.
Yuva Credit Life/Digi Credit
The Yuva Credit Life/Digi Credit Life plans offer coverage for loan liabilities, providing a safety net against repayments for needs such as housing, education, or vehicles.
Similar to the Yuva Term plans, these are available in both offline and online formats. The entry age for these products is between 18 and 45 years, with a maturity age ranging from 23 to 75 years.
The sum assured ranges from Rs 50 lakh to Rs 5 crore, and the death benefit decreases over the policy term, corresponding to the outstanding loan amount.
- Minimum age at entry is 18 years (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 lakh and maximum basic sum assured is Rs. 5 crores Attractive high sum assured rebates are available.
- Special lower premium rates for women.
- Choice of loan interest rate as appropriate for the policyholder at the inception of the policy.
- In the event of the policyholder’s death during the policy term, provided the policy is in force and the claim is admissible, the sum assured on death will be paid.
Source by: news18
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