LIC launched 4 new plans simultaneously, now policy holders will get this facility

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 launched 4 new plans

• LIC's Yuva Term
• LIC's Digi Term
• LIC Yuva Credit Life
• LIC's Digi Credit Life

Why LIC launched new products?

LIC said that the new 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 the youth who want to take term insurance in the early stages of their life. This will give them better offline and online options.

Along with this, LIC has also launched new products to cover loan liabilities through term insurance – LIC Yuva Credit Life and LIC Digi Credit Life. Of these, 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 that provides financial security to the family of the insured in case of the 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 its features?

• The minimum age at the time of purchasing the policy is 18 years (last birthday) and the maximum age is 45 years.
• The minimum age of 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 may be considered on a case to case basis.
• Benefit from attractive high sum assured discounts.
• Special low premium rates for women.
• The amount payable on death of the life insured under regular premium and limited premium payment plans shall be 7 times the annual premium or 105% of total premiums paid till the date of death or the absolute amount payable on death, whichever is higher.
• Under single premium payment, the death benefit will be 125% of the single premium or the absolute amount payable on death, whichever is higher.

LIC Yuva Credit Life and LIC 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 to enter into the policy is 18 years and the maximum age is 45 years.
• The minimum age of 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 from attractive high sum assured discounts.
• Special low premium rates for women.
• Choice of loan interest rate suitable to 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, will be the Sum Assured on Death.