LIC launches 4 new term life insurance plans; Check eligibility, premiums, other benefits

Life Insurance Corporation of India (LIC) has launched new term life insurance plans for providing term insurance and safety net against loan repayments – LIC’s Yuva Term, LIC’s Digi Term, LIC’s Yuva Credit Life, LIC’s Digi Credit Life. The plans are available online and offline.

Due to the fact that more individuals are using loan facilities for a variety of reasons, LIC has introduced a term insurance plan to cover loan liabilities such as housing, education, and vehicles in order to act as a safety net against loans reimbursements to the insured’s relatives, according a press release issued by LIC.

LIC has launched LIC’s Yuva Term for offline customers and LIC’s Digi Term for online customers. LIC’s Yuva Credit Life for offline customers, LIC’s Digi Credit Life, which is only available online.

What is LIC’s Yuva Term / Digi Term
LIC’s Yuva Term / 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 unfortunate death during the policy term.

his is a non-par product under which benefits payable on death are guaranteed. Benefit of attractive High Sum Assured Rebate.

What will be the basic sum assured?

• The Basic Sum Assured shall be in multiples of amount specified below:
• Basic Sum Assured range Sum Assured Multiple
• 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