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LIC New Plan: Term insurance is considered an important option to provide financial security to the family at low cost. of Life Insurance Corporation of India (LIC) Yuva Term Plan There is also a similar term insurance plan, in which eligible customers can choose a larger life cover. The special thing is that depending on certain conditions and the option chosen, the premium can be paid as per one’s convenience.

In an example for a 30 year old, the annual premium for a cover of ₹50 lakh is quoted as ₹8,750. That means if it is distributed over 365 days, the daily expenditure would be around ₹24. However, the actual premium may vary as per age, cover, policy term, premium payment options and other conditions.

People between 18 to 45 years can take the policy

Prescribed entry age for LIC Yuva Term Plan 18 years to 45 years Has been told till now. The policy term can also be chosen as per the options available.

According to the report, the policy term in this plan 10 years to 40 years Could be till. Whereas the maximum maturity age of the policy 75 years Has been told till now.

Cover from ₹50 lakh to ₹5 crore

A major feature of this term plan is its huge insurance cover. eligible person From ₹50 lakh to ₹5 crore Can choose sum assured of Rs.

The main objective of term insurance is not to provide returns on investment, but to provide financial security to the family or nominee in case of death of the insured person during the policy term.

Many options to pay premium

Different options are available for premium payment in LIC Yuva Term Plan. According to customer’s requirement Regular Premium, Limited Premium or Single Premium Can choose option.

In regular premium, the premium has to be paid during the policy term. In the Limited Premium option, the premium liability can be met by paying for less than the total policy term. Whereas in the single premium option, lump sum payment is made.

Understand the example of ₹24 per day (LIC New Plan)

Let’s say a 30 year old person Insurance cover of ₹50 lakh Takes. In the example, the policy term is 20 years and the premium payment term is 10 years.

In this situation the annual premium ₹8,750 It has been told. By dividing the annual amount by 365 days it is approximately ₹24 per day Sits.

Keep in mind that this is just an example. Not every person’s premium will be the same. Before taking the policy, it is important to check the applicable premium and terms in LIC’s official calculator and the policy document.

What will you get in case of death during the policy term?

In a term plan, instead of getting the amount on maturity like a normal investment, the main benefit is linked to the death benefit. If the insured dies during the validity period of the policy, the death benefit is paid to the nominee as per the policy terms.

In the Regular or Limited Premium option, the death benefit is calculated as per the prescribed rules. Whereas for single premium option, different rules apply.

Death benefit can also be received in installments instead of taking it all at once.

Another feature of this plan is that the eligible nominee can get the option to receive the death benefit in installments. according to the available options 5, 10 or 15 years Can be taken in installments over a period of Rs.