LIC rolls out Yuva Term, Digi Term, Yuva Credit Life, Digi Credit Life plans; see details here

New LIC Plans: Life Insurance Corporation (LIC) on Monday announced the launch of four products: LIC Yuva Term (plan No. 875), LIC Digi Term (plan No. 876), LIC Yuva Credit Life (plan No. 877), and LIC Digi Credit Life (plan No. 878). 

The four products are aimed at providing benefits such as term insurance and safety net against loan repayments, according to the PSU life insurer. 

While LIC Yuva Term will be available offline through the insurer's intermediaries, LIC Digi Term will be available only through its website, the state-run company said on microblogging site X (formerly Twitter). The purpose of these products is "to cater to youngsters who wish to take term insurance in initial stages of life and give them a wider choice to buy offline or online", said LIC. 

"We have also launched a product to cover your loan liabilities through term insurance - LIC's Yuva Credit Life in offline mode through our intermediaries and LIC's Digi Credit Life, which is only available online. As today people are utilizing loan facilities available for various needs, LIC has launched term insurance plan to cover loan liabilities like housing/education/vehicle etc. for providing a safety net against loan repayments to the insured's family," it added.

Here's a summary of some of the key salient features of these plans: 

LIC's Yuva Term/Digi Term

• This is a non-par, non-linked, life, individual, pure risk plan that provides financial protection to the insured's family in case of his/her unfortunate death during the policy term
• It is a non-par product under which benefits payable on death are guaranteed
• Age limit
  • Minimum age at entry: 18 years; maximum age at entry: 45 years
  • Minimum Age at maturity: 33 years; maximum age at maturity: 75 years
• Minimum basic sum assured: Rs 50,00,000
• Maximum basic sum assured: Rs 5,00,00,000
• Benefit of attractive high sum assured rebate 
• Special lower premium rates for women
• Amount payable on death of life assured under regular premium and limited premium payment seven times of annualised premium or 105 per cent of Total premiums paid up to the date of death or absolute amount assured to be paid on death
• Under Single premium payment, death benefit is 125 per cent of single premium or absolute amount assured to be paid on death

LIC's Yuva Credit Life/Digi Credit Life

• A non-par, non-linked, life, individual, pure risk plan
• It is a pure decreasing term assurance plan wherein the death benefit will reduce over the policy term 
• Minimum age at entry: 18 years; Maximum age at entry: 45 years
• Minimum age at maturity: 23 years; maximum age at maturity: 75 years
• Minimum basic sum assured: Rs 50,00,000
• Maximum basic sum assured: Rs 5,00,00,000 
• Benefit of attractive high sum assured rebate 
• Special lower premium rates for women
• Choice of loan interest rate as appropriate to the policyholder at the inception of the policy
• Amount payable on death of life assured during the policy term provided policy is in force and the claim admissible will be sum assured on death