LIC’s Digi Term 876
LIC’s Digi Term is a Non-Par, Non-Linked, Individual Life Insurance plan that offers pure risk coverage. It guarantees financial protection to the insured’s family in the event of the insured’s unfortunate death during the policy term. Since this is a non-par product, the death benefits are fixed and guaranteed, regardless of actual experience. As a result, the policy does not provide any discretionary benefits, such as bonuses, or a share in the surplus.
Description
Key Features:
- Two Death Benefit Options:
Choose between Level Sum Assured and Increasing Sum Assured. - Flexible Payment Options:
- Choose from Single Premium, Regular Premium, or Limited Premium Payment options.
- Select the Policy Term/Premium Paying Term.
- Opt for installment-based benefit payments.
- Special Benefits:
- Special rates for women.
- Attractive High Sum Assured Rebate.
- Premium Categories:
- Non-Smoker Rates: Based on the results of the Urinary Cotinine test.
- Smoker Rates: Applicable in all other cases.
Eligibility Conditions and Other Restrictions:
| Eligibility Criteria | Details |
|---|---|
| Minimum Age at Entry | 18 years (Last Birthday) |
| Maximum Age at Entry | 45 years (Last Birthday) |
| Minimum Age at Maturity | 33 years (Last Birthday) |
| Maximum Age at Maturity | 75 years (Last Birthday) |
| Minimum Basic Sum Assured | Rs. 50,00,000/- |
| Maximum Basic Sum Assured | Rs. 5,00,00,000/- (may be considered above this on a case-by-case basis) |
| Sum Assured Multiples | – Rs. 50,00,000/- to Rs. 75,00,000/-: Rs. 1,00,000/- |
| – Rs. 75,00,000/- to Rs. 1,50,00,000/-: Rs. 25,00,000/- | |
| – Rs. 1,50,00,000/- to Rs. 4,00,00,000/-: Rs. 50,00,000/- | |
| – Above Rs. 4,00,00,000/-: Rs. 1,00,00,000/- | |
| Policy Term and Premium Payment Term | – Regular/Single/Limited Premium of 10 years: 15-40 years |
| – Limited Premium of 15 years: 20-40 years | |
| Minimum Premium | Rs. 3,000 for Regular/Limited Premium policies |
| Rs. 30,000 for Single Premium policies |
Benefits:
A. Death Benefit:
The death benefit is payable if the insured dies during the policy term, provided the policy is in force and the claim is admissible.
- For Regular and Limited Premium Payment:
The “Sum Assured on Death” is the highest of the following:- 7 times the Annualized Premium
- 105% of the Total Premiums Paid up to the date of death
- Absolute Amount Assured to be paid on death
- For Single Premium Payment:
The “Sum Assured on Death” is the higher of the following:- 125% of the Single Premium
- Absolute Amount Assured to be paid on death
Death Benefit Option:
- Option I: Level Sum Assured
The death benefit is equal to the Basic Sum Assured, which remains constant throughout the policy term. - Option II: Increasing Sum Assured
- For the first 5 years, the death benefit is equal to the Basic Sum Assured.
- From the 6th to the 15th policy year, it increases by 10% of the Basic Sum Assured each year until it becomes twice the Basic Sum Assured.
- After the 15th year, it remains constant at twice the Basic Sum Assured.
- The Death Benefit Option chosen cannot be changed once selected.
B. Maturity Benefit:
No maturity benefit is payable if the insured survives to the end of the policy term.
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