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LIC Digi Term Plan (876) is a term insurance plan designed to provide financial protection to the insured’s family in case of their unfortunate death during the policy term. Also, the plan offers guaranteed and fixed death benefits. The plan is available for online purchase and can be purchased directly through the official website.
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LIC Digi Term Plan is a newly launched term insurance plan offered by the LIC of India that provides financial protection to your loved ones after your unfortunate demise. The plan offers flexibility in choosing the death benefit option. In addition to this, the plan also allows the policyholder to select policy terms and premium paying terms as per their requirements.
Term Plans
Choose between Level Sum Assured and Increasing Sum Assured Death Benefit options.
Select from Single, Regular, or Limited Premium Payment and decide on Policy Term/Premium Paying Term.
Opt for benefit payment in installments for added flexibility.
Enjoy special rates for women and an attractive High Sum Assured Rebate.
Benefit from non-smoker premium rates, determined by a urinary cotinine test, with smoker rates applied otherwise.
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 45 years |
| Maturity Age | 33 years | 75 years |
| Sum Assured | Rs. 50 Lakhs | Rs. 5 Crores |
| Policy Term | 15 years | 40 years |
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Below are some benefits the nominee will receive after the policyholder's death.
The Death Benefit is payable to the nominee on the death of the Life Assured during the policy term, provided the policy is in force, and premiums are duly paid. The "Sum Assured on Death" for Regular and Limited Premium Payment policies is the highest of:
7 times the Annualized Premium
105% of Total Premiums Paid up to the date of death
Absolute amount assured to be paid on death.
The "Sum Assured on Death" for Single Premium Payment policies is the higher of:
125% of the Single Premium
Absolute amount assured to be paid on death.
The Absolute amount assured to be paid on death depends on the chosen Death Benefit Option:
Option I: Level Sum Assured: The Absolute amount is equal to the Basic Sum Assured, which remains constant throughout the policy term.
Option II: Increasing Sum Assured: The Absolute amount starts as the Basic Sum Assured and increases by 10% of the Basic Sum Assured each year from the sixth policy year until it reaches twice the Basic Sum Assured by the fifteenth policy year. From the sixteenth year onwards, it remains at twice the Basic Sum Assured until the end of the policy term or the Date of Death, whichever is earlier. The chosen Death Benefit Option cannot be changed later.
No maturity benefit is payable on survival of the Life Assured to the end of the policy term.
The Death Benefit can be received in installments over a period of 5, 10, or 15 years instead of a lump sum amount. This option can be exercised during the Life Assured's lifetime for full or part of the Death Benefits. Installments can be paid yearly, half-yearly, quarterly, or monthly. Minimum installment amounts are Rs. 5,000 monthly, Rs. 15,000 quarterly, Rs. 25,000 for half-yearly, and Rs. 50,000 for yearly payments. The claim proceeds will be paid as a lump sum if the Net Claim Amount does not meet the minimum installment amount.
The sample illustrative premiums for Option I (Level Sum Assured) and Option II (Increasing Sum Assured) for Basic Sum Assured of Rs. 50 Lakh for Non-Smoker, Male under different Premium Payment options are as under:
Option I (Level Sum Assured):
| Age | Policy Term | Regular Annual Premium (in Rs.) | Annual Premium for Limited Premium Paying Term of 15 Years (in Rs.) | Annual Premium for Limited Premium Paying Term of 10 Years (in Rs.) | Single Premium (in Rs.) |
| 20 years | 20 years | 3,600 | 4,100 | 5,200 | 37,750 |
| 30 years | 20 years | 4,700 | 5,400 | 6,950 | 50,850 |
| 40 years | 20 years | 9,400 | 10,850 | 14,050 | 1,04,900 |
Option II (Increasing Sum Assured):
| Age | Policy Term | Regular Annual Premium (in Rs.) | Annual Premium for Limited Premium Paying Term of 15 Years (in Rs.) | Annual Premium for Limited Premium Paying Term of 10 Years (in Rs.) | Single Premium (in Rs.) |
| 20 years | 20 years | 4,650 | 5,350 | 6,850 | 5-.100 |
| 30 years | 20 years | 6,600 | 7,650 | 9,850 | 72,950 |
| 40 years | 20 years | 14,400 | 16,750 | 21,700 | 1,63,250 |
Suicide within 12 Months: If the life assured commits suicide within 12 months from the date of commencement of risk or the date of policy revival (for Regular/Limited Premium Policies) or within 12 months from the commencement of risk (for Single Premium Policies), only 80% of the total premiums paid (excluding extra premiums, rider premiums, and taxes) will be refunded.
†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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