LIC Launches Four New Term Insurance Plans

The Life Insurance Corporation of India (LIC) has launched four new term insurance plans aimed at young individuals: Yuva Term, Digi Term, Yuva Credit Life, and Digi Credit Life. These plans offer financial protection against loan repayment risks and provide death benefits, available both online and offline. The products cater to individuals aged 18 to 45, with a maturity age ranging from 23 to 75 years, and sum assured ranging from Rs 50 lakh to Rs 5 crore. They feature attractive rebates for high sums assured and lower premium rates for women. The Yuva Credit Life and Digi Credit Life plans offer decreasing term assurance, where the death benefit reduces over time. LIC's CEO and MD Siddhartha Mohanty emphasized that these offerings provide substantial coverage at lower premiums, particularly for young buyers and borrowers.