As LIC launches 4 new schemes, know basic sum assured, premium payment, minimum and maximum entry and exit ages, and other details
LIC's new schemes are named Yuva Term, Digi Term, Yuva Credit Life, and Digi Credit Life.
LIC on Monday launched four new plans- Yuva Term, Digi Term, Yuva Credit Life, and Digi Credit Life. In this write-up, know basic sums assured, premium payments, and minimum and maximum age for entry and exit in all four schemes.
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LIC Yuva Term
In its document, LIC says that LIC’s Yuva Term is a non-par, non-linked, life, individual, pure risk plan, which provides financial protection to the insured’s family in case of his/her death during the policy term.
It is a non-par product under which benefits payable on death are guaranteed and fixed irrespective of actual experience. Hence, the policy is not entitled to any discretionary benefits like bonus etc. or share in surplus, says LIC.
Among its other features, the plan offers flexibility to choose from two death benefit options: level sum assured and increasing sum assured, flexibility to
choose from single premium, regular premium and limited premium payment; to choose the policy term/premium paying term; to opt for payment of benefit in instalments. The policy offers special rates for women as well as it claims to give benefit of attractive high sum assured rebate.
LIC Yuva Term
Premium Payment Term
It has regular, limited premium of 10 years, and limited premium of 15 years, single premium
- Policy Term: 15 to 40 years under regular/single/limited premium of 10 years
- Policy Term: 20 to 40 years under limited premium of 15 years
h) Minimum Premium: The minimum instalment premium will be Rs 3,000 for regular/limited premium payment policies, and
Rs 30,000 for single premium payment policies.
LIC Yuva Credit Life
LIC says that LIC’s Yuva Credit Life plan is a non-par, non-linked, life, individual, and pure risk plan. It provides a safety net against any loan repayment to the
insured’s family in case of his/her unfortunate death during policy term.
The company says that this is a non-par product where policies are not entitled for any share in surplus (profits) during the term of the policy. This Plan can be purchased offline through licensed agents, corporate agents, brokers and insurance marketing firms.
LIC Yuva Credit Life
LIC says the policyholder shall choose the Basic Sum Assured, Policy Term and Interest rate depending on the terms and conditions of loan. A risk cover schedule shall be prepared based on the basic sum assured, policy term, and interest rate chosen by the policyholder. The available interest rates for risk cover schedule are 6 per cent, 7 per cent, 8 per cent, 9 per cent, 10 per cent, 11 per cent and 12 per cent, irrespective of the interest rate charged by the loan provider on the loan availed by the policyholder.
The minimum age at entry is 18 years; the maximum age at entry is 45 years; minimum age at maturity is 23 years; while the maximum age at maturity is 75 years. The minimum basic sum assured is Rs 50,00,000.
Digi Term
LIC says that Digi Term is a non-par, non-linked, life, individual, pure risk plan, which provides financial protection to the insured’s family in case of his/her death during the policy term. It claims to be a non-par product, under which benefits payable on death are guaranteed and fixed irrespective of actual experience.
Digi Term
It gives the flexibility to choose from two death benefit options: Level sum assured and increasing sum assured.
It offers flexibility to choose from single premium, regular premium and limited premium payment
One can choose the policy term/premium paying term
One can also opt for payment of benefit in instalments.
The scheme offers special rates for women.
Minimum Age at entry is 18 years (last birthday); maximum age at entry is 45; minimum age at maturity is 33 years; maximum age at maturity is 75 years; minimum basic sum assured is Rs 50,00,000, while the maximum basic sum assured is Rs 5,00,00,000.
Digi Credit Life
LIC says that its Digi Credit Life plan is a non-par, non-linked, life, individual, and pure risk plan. This plan provides a safety net against any loan repayment to the
insured’s family in case of his/her unfortunate death during policy term. This plan shall be available online only and can be purchased directly through
website www.licindia.in.
It further says that Digi Credit Life is a pure decreasing term assurance plan wherein the death benefit will reduce over the term of the policy. The policyholder shall choose the basic sum assured, policy term and Interest rate depending on the terms and conditions of availed loan. A risk cover schedule shall be prepared based on the basic sum assured, policy term, and interest rate chosen by the policyholder.
Digi Credit Life
The available interest rates for risk cover schedule are 6 per cent, 7 per cent, 8 per cent, 9 per cent, 10 per cent, 11 per cent and 12 per cent, irrespective of the interest rate charged by the loan provider on the loan availed by the policyholder.
The policyholder will have the flexibility to choose from single premium and limited premium payment. They can also choose the policy term/premium paying term. There are special rates available for women.
The minimum age at entry in the policy is 18 years (last birthday), while the maximum age at entry is 45 years.
The minimum age at maturity is 23 years, while the maximum age at maturity is 75 years.
The minimum basic sum assured is Rs. 50,00,000, while the maximum basic sum assured is Rs 5,00,00,000.