LIC new term life insurance plans

LIC Unveils 4 New Term Life Insurance Plans: Discover Eligibility, Premiums, and Benefits

Life Insurance Corporation of India (LIC) has launched four new term life insurance plans designed to offer comprehensive financial protection. These plans cater to the increasing demand for insurance coverage against various loan liabilities. The newly introduced plans are LIC’s Yuva Term, LIC’s Digi Term, LIC’s Yuva Credit Life, and LIC’s Digi Credit Life. These plans are available both online and offline, providing flexibility and ease of access to potential policyholders.

Understanding LIC’s Yuva Term and Digi Term

LIC’s Yuva Term and Digi Term are Non-Par, Non-Linked, Individual, Pure Risk Plans. These plans provide financial protection to the insured’s family in case of the policyholder’s unfortunate death during the policy term.

Key Features of LIC’s Yuva Term and Digi Term:

• Non-Par Product: Benefits payable on death are guaranteed.
• High Sum Assured Rebate: Attractive rebates for higher sum assured amounts.
• Special Premium Rates for Women: Lower premium rates for female policyholders.

Basic Sum Assured:

The Basic Sum Assured is structured in multiples as follows:

• From Rs 50,00,000 to Rs 75,00,000: Rs 1,00,000
• Above Rs 75,00,000 to Rs 1,50,00,000: Rs 25,00,000
• Above Rs 1,50,00,000 to Rs 4,00,00,000: Rs 50,00,000
• Above Rs 4,00,00,000: Rs 1,00,00,000

Premium Payment and Death Benefit:

• Single Premium Payment: Death benefit is 125% of Single Premium or Absolute amount assured to be paid on death.
• Regular and Limited Premium Payment: The death benefit is the highest of 7 times the Annualized Premium, 105% of Total Premiums Paid up to the date of death, or the Absolute amount assured to be paid on death.

Eligibility:

• Minimum Age at Entry: 18 years (Last Birthday)
• Maximum Age at Entry: 45 years (Last Birthday)
• Minimum Age at Maturity: 33 years (Last Birthday)
• Maximum Age at Maturity: 75 years (Last Birthday)

Death and Maturity Benefits:

• Death Benefit: Sum Assured on Death is the highest of 7 times the Annualized Premium, 105% of Total Premiums Paid, or the Absolute amount assured to be paid on death.
• Maturity Benefit: No maturity benefit is payable upon survival to the end of the policy term.

Understanding LIC’s Yuva Credit Life and Digi Credit Life

LIC’s Yuva Credit Life and Digi Credit Life are Non-Par, Non-Linked, Individual, Pure Risk Plans.LIC new term life insurance plans,These are pure decreasing Term Assurance plans where the death benefit reduces over the term of the policy.

Key Features of LIC’s Yuva Credit Life and Digi Credit Life:

• Non-Par Product: Guaranteed benefits payable on death.
• High Sum Assured Rebate: Attractive rebates for higher sum assured amounts.
• Special Premium Rates for Women: Lower premium rates for female policyholders.
• Loan Interest Rate Choice: Policyholders can choose the loan interest rate at the inception of the policy.

Basic Sum Assured:

The Basic Sum Assured is structured in multiples as follows:

• From Rs 50,00,000 to Rs 75,00,000: Rs 1,00,000
• Above Rs 75,00,000 to Rs 1,50,00,000: Rs 25,00,000
• Above Rs 1,50,00,000 to Rs 4,00,00,000: Rs 50,00,000
• Above Rs 4,00,00,000: Rs 1,00,00,000

Eligibility:

• Minimum Age at Entry: 18 years (Last Birthday)
• Maximum Age at Entry: 45 years (Last Birthday)
• Minimum Age at Maturity: 23 years (Last Birthday)
• Maximum Age at Maturity: 75 years (Last Birthday)

Death and Maturity Benefits:

• Death Benefit: Sum Assured on Death is the higher of 105% of Total Premiums Paid up to the date of death, or the Absolute amount assured to be paid on death.
• Maturity Benefit: No maturity benefit is payable upon survival to the end of the policy term.

Premium Payment:

• Single Premium Payment: Premium amount payable excluding taxes and underwriting extra premium.

Conclusion

LIC’s new term life insurance plans—Yuva Term, Digi Term, Yuva Credit Life, and Digi Credit Life—offer robust financial protection against loan liabilities and ensure peace of mind for policyholders and their families.

LIC new term life insurance plans,These plans provide flexible premium payment options, attractive high sum assured rebates, and special lower premium rates for women, making them an excellent choice for comprehensive coverage.

FAQs:

1.What are the key benefits of LIC’s new term life insurance plans?

A. LIC’s new plans offer financial protection against loan liabilities, high sum assured rebates, and special premium rates for women.

2.Who can apply for LIC’s Yuva Term and Digi Term plans?

A. Individuals between the ages of 18 and 45 can apply, with a maximum maturity age of 75 years.

3.Are the plans available online?

A. Yes, LIC’s Digi Term and Digi Credit Life plans are available online.

4.What is the death benefit under these plans?

A. The death benefit is the highest of 7 times the annualized premium, 105% of total premiums paid, or the absolute amount assured to be paid on death.

5.Is there a maturity benefit in these plans?

A. No, there is no maturity benefit payable upon survival to the end of the policy term.

6.Can women avail lower premium rates?

A. Yes, special lower premium rates are available for women.

7.What is the minimum sum assured for these plans?

A. The minimum sum assured is Rs 50,00,000.

8.How can I apply for these plans?

A. You can apply online for Digi Term and Digi Credit Life or offline for Yuva Term and Yuva Credit Life.

9.Is there a rebate for high sum assured?

A. Yes, there is an attractive high sum assured rebate.

10.What happens if the policyholder survives till the end of the policy term?

A. No maturity benefit is payable if the policyholder survives till the end of the policy term.

LIC new term life insurance plans

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