Logo of Life Insurance Corporation of India (LIC)
| Photo Credit: Reuters
The Life Insurance Corporation of India has introduced LIC’s Yuva Term/Digi Term and LIC’s Yuva Credit Life/Digi Credit Life non-par, non-linked, life, individual, pure risk plans providing term insurance and safety net against loan repayments.
The Yuva Term/Digi Term will provide financial protection to the insured’s family in the event of the policyholder’s death during the policy term. It is a non-par product under which benefits payable on death are guaranteed, LIC said on Monday in a release on CEO and MD Siddhartha Mohanty unveiling the plans.
Yuva Term will be made available offline, through intermediaries, Digi Term will be available only online – on LIC’s website.
Yuva Credit Life/ Digi Credit Life is a pure decreasing term assurance plan in which the death benefit will reduce over the term of the policy. Yuva Credit Life will be marketed through intermediaries, while Digi Credit Life will be made available only online. The plan is to cover loan liabilities such as home/education/vehicle, thus providing a safety net against loan repayments to the insured’s family.
Under all the new plans, intended to cater to youth desirous of purchasing term insurance early, the minimum age at entry is 18 years and maximum 45 years; and minimum basic sum assured is ₹50 lakh and maximum ₹5 crore.
Under Yuva Term/Digi Term plan, the minimum age at maturity is 33 years and maximum age is 75 years. Features of the plan include benefit of attractive high sum assured rebate and special lower premium rates for women.
The minimum age at maturity is 23 years and maximum 75 years under the Yuva Credit Life/Digi Credit Life. The features of the plan include choice of loan interest rate as appropriate to the policyholder at the inception of the policy.
Bangladesh office closure for 3 days
Meanwhile, in a filing to the stock exchange, the insurer said the office of LIC of Bangladesh Ltd. will remain closed from August 5-7 due to the prevailing socio-political situation in that country. The government of Bangladesh has declared curfew on the three days. “As of now, the impact of the situation there cannot be ascertained,” LIC said.
