LIC’s Digi Credit Life Insurance: Minimum Basic Sum Assured Rs 50 Lakh; Special Rates For Women --Check Details

LIC’s Digi Credit Life plan is a Non-Par, Non-Linked, Life, Individual, Pure Risk plan. This plan provides a safety net against any loan repayment to the insured’s family in case of his/her unfortunate death during policy term. This plan shall be available Online only and can be purchased directly through website www.licindia.in. 

LIC’s Digi Credit Life is a pure decreasing Term Assurance plan wherein the death benefit will reduce over the term of the policy. The Policyholder shall choose the Basic Sum Assured, Policy Term and Interest rate depending on the terms and conditions of availed loan. A Risk Cover Schedule shall be prepared based on the Basic Sum Assured, Policy Term, and Interest rate chosen by the Policyholder. The available interest rates for Risk Cover Schedule are 6%, 7%, 8%, 9%,10%,11% and 12%, irrespective of the Interest rate charged by the Loan provider on the loan availed by the Policyholder. 

Flexibility to --Choose from Single Premium and Limited Premium Payment; --Choose the Policy Term/Premium Paying Term -Choose the Policy Term/Premium Paying Term  -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.  -Choice of loan interest rate as appropriate to the policyholder at the inception of the policy.

a) Minimum Age at entry : 18 years (Last Birthday): b) Maximum Age at entry : 45 years (Last Birthday) c) Minimum age at Maturity : 23 years (Last Birthday) d) Maximum age at Maturity : 75 years (Last Birthday) e) Minimum Basic Sum Assured : Rs 50,00,000 f) Maximum Basic Sum Assured : Rs 5,00,00,000 Basic Sum Assured above Rs 5,00,00,000 may be considered on case to case basis in accordance with the underwriting decision as per the Board Approved Underwriting Policy subject to the decision of the Reinsurer on acceptance/Terms and Conditions for acceptance of such cases.

The Basic Sum Assured shall be in multiples of amounts specified below:

Basic Sum Assured Range: Rs 50,00,000 to Rs 75,00,000 Basic Sum Assured Multiple: Rs 1,00,000

Basic Sum Assured Range: Above 75,00,000 to Rs 1,50,00,000 Basic Sum Assured Multiple: Rs 25,00,000

Basic Sum Assured Range: Above Rs 1,50,00,000 to Rs 4,00,00,000 Basic Sum Assured Multiple: Rs 50,00,000

Basic Sum Assured Range: Above 4,00,00,000 Basic Sum Assured Multiple: Rs 1,00,00,000

Policy Term: 5 Years to 30 Years 

Premium Payment Term: Single

Policy Term: 10 Years to 30 Years Premium Payment Term: 5 Years

Policy Term: 15 Years to 30 Years Premium Payment Term: 10 Years

Policy Term: 25 Years to 30 Years Premium Payment Term: 15 Years

Minimum Premium : The minimum instalment premium will be Rs. 3,000/- for Limited premium policies and Rs. 11,000/- for Single premium policies

Death Benefit: Death benefit, payable on death of the Life Assured during the policy term after the date of commencement of risk but before the stipulated Date of Maturity, provided the policy is in-force and claim is admissible shall be “Sum Assured on Death”.

Maturity Benefit: On survival of the life assured to the end of the policy term, no maturity benefit is payable.