LIC Launches 2 New Insurance Plans For Youngsters; Check Sum Assured, Eligibility & More

Two new insurance schemes have been introduced by the Life Insurance Company of India (LIC) for the nation's youngsters. Young individuals can apply online or offline for LIC's Yuva Term (Plan 875) / Digi Term (Plan 876 and LIC's Yuva Credit Life (Plan 877) / Digi Credit Life (Plan 878). LIC has introduced a Term Insurance Plan that safeguards the insured's family against loan repayments by covering loan liabilities such as housing, education, and automobiles, among other things. LIC offers its Yuva Term offline via its intermediaries, whereas its Digi Term is exclusively accessible online via its official website. Yuva Credit Life, which is accessible offline through our intermediaries, and Digi Credit Life, which is only available online.

LIC's Yuva Term / Digi Term

It is a non-par, non-linked, Individual, Pure Risk Life Insurance Plan that offers the insured's family financial protection in the event of the insured's untimely death within the policy's term.

The minimum age at entry for the individual should be 18 years (Last Birthday) while the maximum age at entry should be 45 years (Last Birthday).

The minimum age at maturity should be 33 years (Last Birthday) and the maximum age at maturity should be 75 years (last Birthday) of the policyholder.

The minimum basic sum assured is Rs. 50 lakh and the maximum basic sum assured is Rs. 5 Cr.

Benefits include a specific lower premium rate for women and an alluring high sum assured rebate.

The amount that is payable upon the death of a life insured under regular and limited premium payment is equal to seven times the annualized premium, or 105% of the total premiums paid to the death date, or the absolute amount guaranteed to be paid upon death. 125% of the single premium, or the absolute amount guaranteed to be paid upon death, is the death benefit under a single premium payment.

LIC's Yuva Credit Life/ Digi Credit Life

This is a pure reducing term assurance plan, meaning that over the term of the policy, the death benefit will be reduced.

The minimum age at entry should be 18 years (Last Birthday) while the maximum age at entry should be 45 years (Last Birthday) of the individual.

The policyholder's minimum age at maturity should be 23 years (Last Birthday) and the maximum age at maturity should be 75 years (last Birthday).

Under the scheme, the minimum basic sum assured is Rs. 50,00,000/- and the maximum basic sum assured is Rs. 5,00,00,000/-.

This scheme also offers benefits like high-sum assured rebate, special lower premium rates for women and selecting a loan interest rate at the policy's starting based on the policyholder's requirements.

Sum assured on death is the amount payable upon the death of the life assured during the policy term, assuming the policy is in effect and the claim is valid.