Life Insurance Corporation of India (LIC) has introduced not one or two but four new insurance plans. Their specialty is that all these are term insurance plans and a loan facility is also available in all of them. These plans by LIC have been specially designed keeping in mind the young population of the country.
The names of these 4 LIC plans are LIC Yuva Term, LIC Digi Term, LIC Yuva Credit Life and LIC Digi Credit Life. These plans can be purchased both in online and offline mode.
Benefits of LIC Yuva Term and LIC Digi Term
Both insurance plans are similar, only one is for offline customers and the other for online customers. It is an unlinked, individual and pure risk plan. In case of death of the insured during the policy term, it will provide financial assistance to his family and this benefit will be guaranteed.
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A minimum insurance of Rs 50 lakh can be provided under this plan. Insurance from Rs 50 lakh to Rs 75 lakh can be insured in multiples of Rs 1 lakh, from Rs 75 lakh to Rs 1.5 crore can be insured in multiples of Rs 25 lakh, insurance from Rs 1.5 crore to Rs 4 crore can be insured in multiples of Rs 50 lakh. If you have to take insurance for more than Rs 4 crore, it will be in multiples of Rs 1 crore.
You can also avail the benefit of single premium payment in this insurance. In case of single premium payment, the death benefit will be 125%. In other cases, you will get refunds of up to 7 times the unannounced premium or 105% of the premium paid at the time of your death. The minimum age for joining this insurance is 18 to 45 years, while the maturity age is 33 to 75 years.
Benefits of LIC Yuva Credit Life and LIC Digi Credit Life Plans
Both policies are similar, only their names have been kept different for online and offline customers. Both policies are also individual, non-linked, pure risk and life insurance plans. In this plan, the death benefit decreases with the policy term.
The sum insured for this policy also starts from a minimum of Rs 50 lakh and also has multiple amounts in different ranges, which is similar to LIC Yuva Term.
The minimum age for joining these plans is 18 to 45 years, while the maturity age is 23 to 75 years. Women get a special discount on the payment of premium. This plan provides temporary insurance plan coverage for your housing, education and vehicle loan obligations. In such a situation, in case of death, if you have an outstanding loan, your loan is repaid from the policy.
In this, you can choose the interest rate of your choice while taking loan against the policy. The interest rate of the loan decreases with time. If you complete the full term of the policy, no money will be paid to you.
