Life Insurance Corporation of India (LIC) has launched a new plan called LIC's Digi Term for online customers and LIC's Yuva for offline customers. It is a non-par, non-linked, life, individual, pure-risk plan that provides financial protection to the insured's family in case of his/ her unfortunate death during the policy term.
The key features of this plan include:
- Flexibility to choose from two Death Benefit options: Level Sum Assured and Increasing Sum Assured.
- Flexibility to (1) Choose from Single Premium, Regular Premium and Limited Premium Payment or (2) Choose the Policy Term/Premium Paying Term or (3) Opt for payment of benefit in instalments.
- Special rates for women.
- Benefit of attractive High Sum Assured Rebate. 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.