The LIC Yuva Term Plan (Plan No. 875) is a term insurance plan offered by the Life Insurance Corporation of India (LIC). As it is set to become effective from November 1, 2024, here are the essential features and details regarding this plan:
Key Features of LIC Yuva Term Plan (Plan No. 875)
Product Type:
This is a pure term insurance plan that provides life cover to the policyholder for a specified term.
Effective Date:
The plan will be effective from November 1, 2024.
Eligibility:
Age: The plan typically caters to younger individuals, usually starting from ages 18 to 45 years.
Maximum Age at Maturity: The maximum age of maturity can go up to around 80 years, depending on the policy term selected.
Policy Term:
The policy may offer various policy term options, typically ranging from 10 to 40 years, allowing the policyholder flexibility in choosing the coverage period.
Sum Assured:
The minimum sum assured is commonly set at ₹50 lakhs (50,00,000) or more, with no upper limit allowing flexibility based on the policyholder's needs.
option to choose: Male, Female, Level SA, Increasing SA, NonSmoker, Smoker
Premium Payment Options:
The premiums can generally be paid through various modes like single premium, limited premium payment (15 years, 40 years), or regular premium payment modes.
Premium payment frequency can range from annually to monthly or quarterly, based on policyholder preference.
Death Benefit:
In the event of the policyholder's demise during the policy term, the nominee receives the sum assured as the death benefit, which is paid in a lump sum.
Maturity Benefit:
As it is a pure term insurance plan, there is no maturity benefit if the policyholder survives the term of the policy.
Tax Benefits:
Premiums paid for this policy may be eligible for tax deductions under Section 80C of the Income Tax Act, and the death benefit could also be tax-free under Section 10(10D).
Rider Options:
LIC Yuva Term Plan (Plan No. 875, plan may allow for additional riders or benefits, such as accidental death benefit and critical illness cover, enhancing the policy's coverage.
Additional Considerations:
Medical Underwriting: Depending on the age and health status of the applicant, medical tests may be required to determine eligibility for the policy.
Nomination: Policyholders can nominate one or more beneficiaries to receive the death benefits in the event of their demise.
Important Notes:
Always read the policy document thoroughly to understand terms, exclusions, and conditions before opting for the policy.
It is advisable to consult a LIC agent or financial advisor to gain clarity on the policy features and how they align with your individual needs.
This overview provides a summary of the LIC Yuva Term Plan (Plan No. 875. Be sure to check for the latest and most accurate details starting from the effective date, as conditions may change or be updated.
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