Life Insurance Corporation of India (LIC) launched a new plan called LIC’s Digi Term for online customers and LIC’s Yuva for offline customers. The plan is non-par, non-linked, life, individual and pure-risk. It provides financial protection to the insured’s family in case of his/ her unfortunate death during the policy term. Here’s a detailed look at LIC Digi Term:
What is LIC Digi Term?
The plan guarantees fixed death benefits regardless of actual experience owing to which the policy does not qualify for any discretionary benefits.
Key features of LIC Digi Term
1. Flexibility to choose from two Death Benefit options: Level Sum Assured and Increasing Sum Assured.
Flexibility to o Choose from Single Premium, Regular Premium and Limited Premium Payment or Choose the Policy Term/Premium Paying Term or Opt for payment of benefit in instalments.
Eligibility for LIC Digi Term
1. Minimum Age at entry : [18] years (Last Birthday)
2. Maximum Age at entry : [45] years (Last Birthday)
3. Minimum Age at Maturity : [33] years (Last Birthday)
4. Maximum age at Maturity : [75] years (Last Birthday)
What is the basic sum assured under LIC Digi Term?
Minimum Basic Sum Assured : Rs. 50,00,000/-.
Maximum Basic Sum Assured : Rs. 5,00,00,000*
Basic Sum Assured range Sum Assured Multiple
From Rs. 50,00,000/- to Rs. 75,00,000/- = Rs. 1,00,000/
Above Rs. 75,00,000/- to Rs. 1,50,00,000/- = Rs. 25,00,000/-
Above Rs. 1,50,00,000/- to Rs. 4,00,00,000/-= Rs. 50,00,000/-
Above Rs. 4,00,00,000/- = Rs. 1,00,00,000/-
Policy term
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.