New Delhi: Life Insurance Corporation of India (LIC) has announced the introduction of four new plans offering comprehensive term insurance and financial protection against loan repayments. Yuva Term, Digi Term, Yuva Credit Life and Digi Credit Life are effective from August 5 2024.
The Yuva Term and Digi Term are now available to offline and online customers respectively from LIC. LIC offers two credit life products: Yuva Credit Life for offline customers and Digi Credit Life which is exclusively accessible online. The scheme provides for minimum and maximum entry ages of 18 and 45 years respectively and maturity ages ranging from 33 to 75 years.
According to a LIC press release, LIC has introduced a term insurance plan to cover loan liabilities such as housing, education and vehicles.To protect the insured’s relatives from the burden of loan repayments, a safety net is being provided in response to the increasing use of loan facilities for various purposes.
