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The LIC Yuva Credit Life plan is a newly launched term insurance plan designed for young individuals. It offers financial protection against unforeseen events and helps manage outstanding loans or debts after the policyholder's death. The plan provides a lump sum benefit and ensures financial stability for the family.
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LIC’s Yuva Credit Life-877 is a non-participating, non-linked term insurance plan offered by the LIC of India. The plan is designed to safeguard against outstanding loans. It provides a death benefit that is decreased over the policy term and aligns with the repayment schedule of the loan. The policyholder selects the Basic Sum Assured, policy term, and an interest rate from options ranging between 6%, 7%,8%, 9%, 10%, 11% & 12%. As outlined in the Risk Cover Schedule, the death benefit adjusts annually and may not always match the exact outstanding loan amount. This plan, available through licensed agents and brokers, ensures financial protection for the policyholder's family during their death, covering any remaining loan liabilities.
Term Plans
Offers Single Premium and Limited Premium Payment options.
Flexible Policy Term and Premium Paying Term choices.
Special rates available for women.
Attractive High Sum Assured Rebate.
Distinct premium rates for non-smokers and smokers, based on urinary cotinine test.
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 45 years |
| Maturity Age | 23 years | 75 years |
| Sum Assured | Rs. 50 Lakhs | Rs. 5 Crores |
Death Benefit: The death benefit is payable if the insured dies during the policy term after the commencement of risk but before the policy matures.
For a Limited Premium Payment policy, the death benefit is the higher of either 105% of the total premiums paid up to the date of death or the absolute amount assured to be paid on death.
For a Single Premium policy, the death benefit equals the absolute amount assured to be paid on death. This amount is detailed in the Risk Cover Schedule, which adjusts annually based on the chosen interest rate. The death benefit may be higher or lower than the outstanding loan amount.
Maturity Benefit: This plan does not pay a maturity benefit if the life assured survives until the end of the policy term. This design aligns with the plan’s focus on providing coverage against loan repayment rather than accumulating benefits over time.
Options for Early Repayment of Loan: If the insured repays the loan before the policy term ends, they have two options:
Surrender the Insurance Cover: The policyholder can cancel the policy and receive an amount equal to the Unexpired Risk Premium Value, if any.
Continue the Policy: The policy can remain in force until the end of its term. If the insured dies during this period, the death benefit will be paid according to the Risk Cover Schedule. This flexibility allows policyholders to choose between discontinuing coverage or maintaining it until the policy term concludes.
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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 | 40.900 | 10,100 | 6,100 | 4,850 |
| 30 years | 53,550 | 13,150 | 7,900 | 6,200 |
| 40 years | 1,03,450 | 25,100 | 14,900 | 11,650 |
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.
Note: Policybazaar also provides door-to-door advisors to resolve your queries.
†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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