The LIC Yuva Credit Life Plan (Plan 877) is a special loan protection plan for your family. This plan makes sure your family never has to worry about loan payments if something happens to you.
LIC Yuva Credit Life Maturity Calculator
The plan works in a smart way. As your loan amount keeps getting less with time, the plan amount also adjusts accordingly. Your family stays tension-free about any remaining loan payments.
Let’s look at all the good things this plan brings for you and your family:
Key Features
- Pure Risk Protection: Designed to cover loans with decreasing term assurance.
- Flexible Payment Options: Choose between:
- Single Premium: Pay once at the start.
- Limited Premium: Pay over 5, 10, or 15 years.
- Loan-Specific Customization: Tailor your policy based on loan terms, interest rates, and repayment schedule.
- Special Rates:
- Reduced premiums for women.
- Non-smoker rates based on urinary cotinine tests.
- High Sum Assured Rebates: Discounts on premiums for higher coverage.
- Custom Interest Rates: You can pick any rate from 6% to 12% for your plan. This helps fix how your protection amount will change yearly.
Are you looking to explore more LIC plans and calculate their benefits? Check out our range of LIC Premium Calculators below to find the perfect plan for your needs:
- LIC Jeevan Umang Premium Calculator
- LIC Jeevan Utsav Premium Calculator
- LIC Bima Shree Premium Calculator
- LIC Jeevan Tarun Premium Calculator
- LIC Money Back Policy Calculator
- LIC Yuva Term Premium Calculator
Eligibility Criteria
| Criteria | Details |
|---|---|
| Minimum Age at Entry | 18 years (Last Birthday) |
| Maximum Age at Entry | 45 years (Last Birthday) |
| Minimum Age at Maturity | 23 years (Last Birthday) |
| Maximum Age at Maturity | 75 years (Last Birthday) |
| Minimum Sum Assured | ₹50,00,000 (Loan-based: ₹20,00,000) |
| Maximum Sum Assured | ₹5,00,00,000 (Higher on approval) |
| Policy Term | 5 to 30 years |
| Premium Payment Terms | Single or 5/10/15 years |
Benefits
1. Death Benefit
Your family gets money that matches your remaining loan amount. The protection amount becomes less each year as your loan amount also becomes less. The money your family will get:
- Single Premium Policies: As per the Risk Cover Schedule.
- Limited Premium Policies: Higher of:
- 105% of total premiums paid (excluding taxes and extras).
- Sum assured specified in the Risk Cover Schedule.
2. Surrender Value
- Single Premium Policies: Unexpired Risk Premium Value is payable anytime.
- Limited Premium Policies: Payable if premiums have been paid for:
- At least 2 years (5-year terms).
- At least 3 years (10- or 15-year terms).
3. High Sum Assured Rebates
Encourages higher coverage with attractive discounts:
| Sum Assured Bands | Limited Premium Rebate | Single Premium Rebate |
|---|---|---|
| ₹1 Crore to ₹2 Crore | 17% | 15% |
| ₹2 Crore to ₹5 Crore | 27% | 25% |
| Above ₹5 Crore | 37% | 33% |
Year-Wise Risk Cover Schedule (Illustrative Example)
Below is a year-wise breakdown for a 25-year policy term, 8% interest rate, and ₹50 lakh sum assured:
| Policy Year | Sum Assured on Death (₹) |
|---|---|
| 1 | 50,00,000 |
| 2 | 48,63,200 |
| 3 | 47,15,500 |
| 4 | 45,55,900 |
| 5 | 43,83,600 |
| 6 | 41,97,500 |
| 7 | 39,96,500 |
| 8 | 37,79,500 |
| 9 | 35,44,900 |
| 10 | 32,90,700 |
| 11 | 30,17,800 |
| 12 | 27,23,100 |
| 13 | 24,04,200 |
| 14 | 20,58,300 |
| 15 | 16,83,700 |
| 16 | 12,77,400 |
| 17 | 8,36,800 |
| 18 | 3,58,000 |
Sample Premiums (Exclusive of Taxes)
| Age | Policy Term | Single Premium (₹) | Limited Premium (5 Years) (₹) | Limited Premium (10 Years) (₹) | Limited Premium (15 Years) (₹) |
|---|---|---|---|---|---|
| 20 | 20 years | 40,900 | 10,100 | 6,100 | 4,850 |
| 30 | 25 years | 53,550 | 13,150 | 7,900 | 6,200 |
| 40 | 30 years | 1,03,450 | 25,100 | 14,900 | 11,650 |
How to Buy LIC’s Yuva Credit Life Plan
- Assess Your Loan Details: Know your loan amount, term, and interest rate.
- Calculate Premium: Use LIC’s calculator or consult an agent.
- Submit Documents: Provide proof of identity, loan, and income.
- Choose Coverage: Decide your sum assured and payment mode.
- Purchase the Policy: Complete the payment and receive your policy document.
Conclusion
You can safeguard your family’s financial future with LIC’s Yuva Credit Life Plan – a budget-friendly solution against loan liabilities. The plan offers flexible payments, and you can benefit from decreasing term coverage along with attractive discounts on higher amounts.
You can start securing your family’s future today by visiting any LIC branch or connecting with an LIC agent for more details.
