LIC’s Yuva 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 is a Non-par product where policies are not entitled for any share in surplus (profits) during the term of the policy. This Plan can be purchased Offline through Licensed agents, Corporate agents, Brokers and Insurance Marketing Firms.
Yuva Credit Life Plan Benefits
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”
For Limited premium payment policy, “Sum Assured on Death” is defined as the higher of:
• 105% of “Total Premiums Paid” up to the date of death; or
• Absolute amount assured to be paid on death.
Key Features
• Flexibility to
o Choose from Single Premium and Limited Premium Payment
o 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.
Maturity Benefits
On survival of the life assured to the end of the policy term, no maturity benefit is payable.
Guaranteed Additions:
In case of death under an in-force policy, the Guaranteed Addition in the year of death shall be for full policy year. If the premiums are not duly paid, the Guaranteed Additions shall cease to accrue under a policy.
In case of a paid-up policy or on surrender of a policy, the Guaranteed Addition for the policy year in which the last premium is received will be added on a proportionate basis in proportion to the premium received for that year.
Eligibility Conditions
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: 50,00,000/-.
(However, for eligible lives in the age group with Age at Entry from 21 years (Last Birthday) to 45 years (Last Birthday), Minimum Basic Sum Assured shall be 20,00,000 where the insurance need is based on the approved sanctioned loan from approved Financial Institutions/ NBFCs for specified purpose such as housing loan etc. Differential premium rates shall apply for such age group for Basic Sum Assured from 20,00,000 to 35,00,000 in multiples of 1 lakh for which separate premium rates shall apply.)
f) Maximum Basic Sum Assured: 5,00,00,000 Basic Sum Assured above 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 Conditionsfor acceptance ofsuch cases
The Basic Sum Assured shall be in multiples of amounts specified below:
| Basic Sum Assured Range | Basic Sum Assured Multiple |
| 50,00,000 to 75,00,000 | 1,00,000/- |
| Above 75,00,000 to 1,50,00,000 | 25,00,000/- |
| Above 4,00,00,000 | 50,00,000 |
| Above 4,00,00,000 | 1,00,00,000 |