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LIC Digi Credit Life is a newly launched online term plan that offers risk coverage on loans. The plan helps your family repay the loan after your unfortunate demise. In addition, special premium rates are offered for women and non-smokers.
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LIC Digi Credit Life is a term insurance policy from LIC that covers outstanding loans in case of the policyholder’s death. It ensures the loan amount is repaid, relieving the family from financial burden. The policy features affordable premiums digital access for easy management, and aligns with the loan tenure. The plan offers hassle-free processing and flexible premium payments, making it a practical choice for individuals seeking loan protection through a straightforward digital platform.
Term Plans
Flexible Policy Term and Premium Paying Term choices.
Special rates are available for women.
Offers Single Premium and Limited Premium Payment options.
Attractive High Sum Assured Rebate.
Different premium rates for non-smokers and smokers, based on urinary cotinine test.
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| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 45 years |
| Maturity Age | 23 years | 75 years |
| Sum Assured | Rs. 50 Lakhs | Rs. 5 Crores |
| Policy Term | 5 years | 30 years |
Death Benefit: If the life assured dies during the policy term, after the risk coverage has started but before the policy's maturity date, and the policy is active, the death benefit will be the "Sum Assured on Death."
For Limited Premium Payment Policies: The death benefit is the higher of:
105% of the total premiums paid up to the date of death, or
The absolute amount assured to be paid on death, as specified in the Risk Cover Schedule.
For Single Premium Policies: The death benefit is the absolute amount assured to be paid on death, as specified in the Risk Cover Schedule.
Maturity Benefit: There is no maturity benefit payable if the life assured survives to the end of the policy term.
Options Available Under the Plan (In Case of Early Repayment of Loan): If the loan is repaid early, the policyholder can either surrender the insurance cover for a refund of the Unexpired Risk Premium Value or continue the policy until the end of the term for ongoing protection.
The sample illustrative premiums for Male, Non-Smoker, Policy Term 25 years, Basic Sum Assured of Rs.50 Lakh for loan interest rate 8% are as under
| Age | Single Premium (in Rs.) | Annual Premium for Limited Premium Paying Term of 5 Years (in Rs.) | Annual Premium for Limited Premium Paying Term of 10 Years (in Rs.) | Annual Premium for Limited Premium Paying Term of 15 Years (in Rs.) |
| 20 years | 34,550 | 8,050 | 4,800 | 3,800 |
| 30 years | 45,550 | 10,500 | 6,250 | 4,900 |
| 40 years | 88,750 | 20,300 | 11,900 | 9,250 |
Take a look below to understand the buying process of LIC Plans:
Step 1: Visit the Policybazaar homepage
Step 2: Select LIC Plans
Step 3: Fill in the form with your name and contact number, and click on View Plans
Step 4: After this, on the next page, fill in your age, current city and annual income
Step 5: Once done, you can check the plans available and customize the amount and policy tenure for your investments
Step 6: Choose the plan and pay your premiums online.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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