Life Insurance Corporation of India has announced the launch of its new products –LIC’s Yuva Term, LIC’s Digi Term, LIC’s Yuva Credit Life and LIC’s Digi Credit Life .
Life Insurance Corporation of India has announced the launch of its new products –LIC’s Yuva Term, LIC’s Digi Term, LIC’s Yuva Credit Life and LIC’s Digi Credit Life –available for sale from August 06, 2024. Here Are The Important Highlights Of LIC’s Yuva Term.
LIC’s Yuva Term
LIC’s Yuva 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.
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LIC’s Yuva Term offers:
–Flexibility to choose from two Death Benefit options: Level Sum Assured and Increasing Sum Assured
–Flexibility to Choose from Single Premium, Regular Premium and Limited Premium Payment –Choose the Policy Term/Premium Paying Term
LIC’s Yuva Policy Term and Premium Payment Term
– Premium Payment Term: Regular, Limited Premium of 10 years, Limited Premium of 15 years, Single Premium
– Policy Term: 15 to 40 years under Regular/Single/Limited Premium of 10 years – Policy Term: 20 to 40 years under Limited Premium of 15 years
LIC’s Yuva Term Eligibility
Minimum Age at entry : [18] years (Last Birthday)
b) Maximum Age at entry : [45] years (Last Birthday) c) Minimum Age at Maturity : [33] years (Last Birthday) d) Maximum age at Maturity : [75] years (Last Birthday) e) Minimum Basic Sum Assured: ` 50,00,000/-. f) Maximum Basic Sum Assured: ` 5,00,00,000/-* *The Basic Sum Assured above ` 5,00,00,000 (Five Crore) may be considered on case to case basis in accordance with underwriting decision as per the Board Approved Underwriting Policy subject to the decision of Reinsurer on acceptance/ Terms and Conditions for acceptance of such case.)
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LIC’s Yuva Term: Basic Sum Assured in multiples of amount specified below
a. Basic Sum Assured range: From Rs 50,00,000/- to Rs 75,00,000/
Sum Assured Multiple: Rs 1,00,000/
b. Basic Sum Assured range: Above Rs 75,00,000/- to Rs 1,50,00,000/ Sum Assured Multiple: Rs 25,00,000/
c. Basic Sum Assured range: Above Rs 1,50,00,000/- to Rs 4,00,00,000/- Sum Assured Multiple: Rs 50,00,000/-
d. Basic Sum Assured range:Above Rs 4,00,00,000/- Sum Assured Multiple: Rs 1,00,00,000/-
LIC’s Yuva Policy Term and Premium Payment Term
Two categories of premium rates namely (1) Non-Smoker rates and (2) Smoker rates. The application of Non-Smoker rates shall be based on the findings of the Urinary Cotinine test. In all other cases, the Smoker rates will be applicable.
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LIC’s Yuva Term Minimum Premium
The minimum instalment premium will be Rs [3,000] for Regular/ Limited premium payment policies and Rs [30,000] for Single premium payment policies
