LIC launches new term insurance products
The Life Insurance Corporation of India (LIC) has introduced a new range of term insurance products specifically tailored for young individuals. The offerings, named LIC’s Yuva Term/Digi Term and LIC’s Yuva Credit Life/Digi Credit Life, are non-participating, non-linked life insurance plans that provide term insurance coverage along with a safety net against loan repayments.
LIC’s Yuva Term/Digi Term
LIC’s Yuva Term/Digi Term plan offers financial protection to the insured’s family in the event of the policyholder’s death during the policy term. As a non-participating product, the benefits payable upon death are guaranteed. Siddhartha Mohanty, CEO and MD of LIC, announced the launch of these plans, highlighting LIC’s commitment to addressing the financial security needs of young individuals. The Yuva Term plan will be available offline through intermediaries, while the Digi Term plan will be accessible online via LIC’s website.
LIC’s Yuva Credit Life/Digi Credit Life
Similarly, LIC’s Yuva Credit Life/Digi Credit Life is a pure decreasing term assurance plan where the death benefit decreases over the policy term. This plan is designed to cover various loan liabilities, such as home, education, and vehicle loans, offering a safety net for the insured’s family against loan repayments. The Yuva Credit Life plan will be marketed through intermediaries, whereas the Digi Credit Life plan will be available exclusively online.
These new plans target young individuals who wish to purchase term insurance early in life. The minimum entry age for all the new plans is 18 years, with a maximum age of 45 years. The minimum basic sum assured is ₹50 lakh, and the maximum is ₹5 crore.
Plan Details
Under the Yuva Term/Digi Term plan, the minimum age at maturity is 33, and the maximum age is 75. This plan includes attractive high-sum assured rebates and special lower premium rates for women.
For the Yuva Credit Life/Digi Credit Life plan, the minimum age at maturity is 23 years, with a maximum age of 75 years. This plan offers the choice of loan interest rates appropriate to the policyholder at the inception of the policy.
