New Insurance Plans
The Life Insurance Corporation of India (LIC) has launched new term insurance products aimed at youth: LIC’s Yuva Term/Digi Term and LIC’s Yuva Credit Life/Digi Credit Life. These non-par, non-linked, individual pure risk plans provide financial protection and a safety net against loan repayments.
Product Details
- Yuva Term/Digi Term: Offers financial protection to the insured’s family on the policyholder’s death. Yuva Term is available offline, while Digi Term is online-only.
- Yuva Credit Life/Digi Credit Life: A decreasing term assurance plan where the death benefit reduces over time, covering loan liabilities such as home, education, or vehicle loans. Yuva Credit Life is marketed offline, while Digi Credit Life is available online.
Age and Coverage
- Age Range: 18-45 years to start the policy.
- Sum Assured: Rs 50 lakh to Rs 5 crore.
- Age at Maturity: 33-75 years for Yuva Term/Digi Term, and 23-75 years for Yuva Credit Life/Digi Credit Life.
Additional Features
- High-sum assured rebates.
- Lower premium rates for women.
- Choice of loan interest rate at policy inception.
LIC aims to attract young individuals looking for early-term insurance with these comprehensive plans.
