New Delhi: The Life Insurance Corporation of India has launched two new products in the area of term insurance, focused on assurance over the financial security of youth, besides addressing their loan repayment needs. Two new products offered by LIC are Yuva Term/Digi Term and Yuva Credit Life/Digi Credit Life. These products have been designed for wide coverage over various insurance needs extending from loan liabilities to others.
The LIC Yuva Term and the Digi Term are basically designed to provide death benefits under the same for support upon the demise of the insured during the term of the policy. They come in two formats: LIC Yuva Term, which is available at intermediaries, and LIC Digi Term, available at LIC’s website online only. Products are oriented toward youth; entry ages range from 18 to 45 years, while maturity ages range from 33 to 75 years. Sum assured under the plans ranges from Rs 50 lakh to Rs 5 crore. High sum assured rebates and lower premiums for women are some of the benefits. The regular and limited premium paying death benefits are about seven times the annualized premium or 105 percent of total premiums paid up to the date of death, or the absolute amount assured. If it were the single premium payments, it would be 125 percent of the single premium, or the absolute amount assured.
The other two are LIC Yuva Credit Life and Digi Credit Life, products purely of loan liability coverage. These products give protection against repayment of loans for any needs such as housing, education, or vehicles. Both products are available both in offline and online versions; at the same time, entry age ranges from 18 to 45 years and maturity age from 23 to 75 years. Here, the sum assured ranges from Rs 50 lakh to Rs 5 crore. The death benefit shall reduce as per the outstanding loan amount with the progress of the policy term.
These innovative products of LIC shall bring flexible and sturdy insurance solutions to meet the dynamic requirements of young adults by ensuring financial stability and peace of mind in the face of unforeseen events and financial obligations.
LIC has introduced two innovative term insurance plans, Yuva Term/Digi Term and Yuva Credit Life/Digi Credit Life, tailored for young adults and designed to cover both general and loan-specific insurance needs. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
