Who Is Eligible For LIC Yuva Term Plan?

Recently, LIC Life Insurance Corporation of India introduced new term insurance products to cater to the financial security of today’s youth. The new policy offerings from LIC, such as Yuva Term and Digi Term Insurance plans, are pure risk life policies that are non-participating and non-linked. These new plans provide substantial coverage and protect against loans, thus meeting the needs of young people. Let’s delve into the specifics and advantages of these innovative insurance covers.

What Are LIC’s Yuva Term And Digi Term Insurance Plans?

The two main products that have been introduced by LIC include LIC Yuva Term and LIC DigiTerm. The plan, named Yuva Term, is available offline through intermediaries, while accessing the policy Digi Term insurance can be done online at the LIC website. Both policies aim to provide a financial safety net to insured families in case of unfortunate death while their policies are still active.

These plans aim to encourage young adults to buy term insurance early in life to ensure long-term financial security. The minimum age required for entry under these schemes is 18 years, while the maximum permissible age is 45 years. At least ₹50 lakh has to be assured, but it must not exceed ₹5 crore per individual.

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How To Apply For LIC Digi Term Insurance Online?

Getting hold of LIC Digi Term insurance is as simple as it can be done easily over the internet. The steps are summarised below:

Step 1: Access the LIC website: Go directly to the Digi Term insurance segment.

Step 2: Complete application form: Provide accurate personal and financial information.

Step 3: Attach necessary documents: As required, upload the identification and financial proofs.

Step 4: Submit your application: Confirm all details before committing them.

LIC has made it easy for the millennial generation to access their insurance by moving the entire process online and doing away with agents.

LIC Yuva Credit Life For Loan Repayment Protection

Alongside term life plans, LIC has also unveiled Yuva Credit Life and Digi Credit Life policies. These are term assurance plans that cover loan liabilities such as house, education, or vehicle loans. The death benefit goes down over time in line with the diminishing loan balance.

The Yuva Credit Life plan is accessible offline via intermediaries. By providing a safety net against loans, these plans help make sure that beneficiaries do not end up in debt due to the demise of the policyholder.

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Features Of LIC’s Digi Credit Life Insurance

Digi Credit Life insurance has several features that provide extensive coverage against loan repayments:

• Choice of Loan Interest Rate: Policyholders can choose an appropriate rate at the commencement of the policy.

• Reduced Death Benefit: This matches the decreasing loan balance over time.

• Online Accessibility: The plan is exclusively available online, which provides easy access and convenience.

Differences Between LIC Yuva Term And Digi Term Insurance

Conclusion

LIC has taken a new turn in securing the lives of young people with the introduction of Yuva Term and Digi Term insurance plans. These coverage options are comprehensive, offer great benefits, and can easily be accessed by the youth, making them suitable for securing their future.

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