LIC Yuva Credit Life Plan
Non-Participating, Non-Linked, Pure Risk Individual Life Insurance Plan
LIC Yuva Credit Life Plan Purpose:
Provides financial protection to insured’s family in case of death during policy term, especially for covering loan liabilities.
LIC Yuva Credit Life Plan Availability:
Offline via LIC Agents, Corporate Agents, Brokers, Insurance Marketing Firms
Nature: Decreasing Term Assurance Plan (Sum Assured decreases annually based on chosen risk cover schedule)
1. Key Features Feature Details
Premium OptionsSingle Premium & Limited PremiumPolicy TermFlexible (5 to 30 years)Premium Paying TermChoice-based (depends on policy term)Gender-Based BenefitSpecial rates for womenHigh SA RebateAvailable on large sum assured valuesSmoker vs Non-Smoker RatesBased on Urinary Cotinine TestInterest Rate Options6% to 12% (7 options) regardless of loan rate
2. Eligibility & Restrictions Condition
DetailsMin Age at Entry18 years (LBD)Max Age at Entry45 years (LBD)Min Age at Maturity23 years (LBD)Max Age at Maturity75 years (LBD)Min Basic Sum Assured₹ 50,00,000*Max Basic Sum Assured₹ 5,00,00,000 (more possible with underwriting approval)
Special Case: For ages 21-45, minimum BSA can be ₹ 20,00,000 if linked to specific loan purposes.
Basic Sum Assured RangeSA Multiple₹ 50L – 75L2. Eligibility & RestrictionsConditionDetailsMin Age at Entry18 years (LBD)Max Age at Entry45 years (LBD)Min Age at Maturity23 years (LBD)Max Age at Maturity75 years (LBD)Min Basic Sum Assured₹ 50,00,000*Max Basic Sum Assured₹ 5,00,00,000 (more possible with underwriting approval)
₹ 1L> ₹ 75L – 1.5Cr₹ 25L> ₹ 1.5Cr – 4Cr₹ 50L> ₹ 4Cr₹ 1CrPolicy TermPremium Payment Term5 – 30 yearsSingle10 – 30 years5 Years15 – 30 years10 Years25 – 30 years15 YearsPremium TypeMin Premium AmountSingle Premium₹ 13,000 (or ₹ 8,040 if SA < ₹ 50L)Limited Premium₹ 3,000 (or ₹ 2,400 if SA < ₹ 50L)
3. Benefits
A. Death Benefit Type Benefit Single Premium
Absolute Sum Assured on Death (as per risk schedule)Limited PremiumHigher of:• 105% of Total Premiums Paid• Absolute Sum Assured on Death (as per schedule)Note: Death benefit is as per Risk Cover Schedule; may not equal loan outstanding.
B. Maturity BenefitNot applicable.
No maturity benefit payable.
4. Early Loan Repayment
OptionsOptionDescriptionCancel PolicyGet Unexpired Risk Premium Value on surrenderContinue PolicyFull cover till term; nominee receives benefit on death as per schedule
5. Premium Payment OptionsModeAvailable
TermsSingleOne-timeLimitedYearly / Half-yearly (Min ₹ 3,000 or ₹ 2,400 based on SA)
6. Grace Period (Limited Premium Only)
30 days from the due date
Policy remains in-force during grace
If premium unpaid after grace, policy lapses
7. Sample Premium Illustration (BSA ₹ 50L, Policy Term: 25 yrs, Rate:
8%)AgeSingle Premium (₹)Annual Premium for 5 yrs10 yrs15 yrs2040,90010,1006,1004,8503053,55013,1507,9006,200401,03,45025,10014,90011,650
8. Sample Risk Cover Schedule (in Lakh, for BSA 1000, Rate:
8%)YearSA on DeathYearSA on DeathYearSA on Death11000.0011801.8421374.032986.3212772.3122310.283971.5513740.4223241.424955.5914705.9724167.055938.3615668.772586.746919.7516628.59–7899.6517585.20–8877.9518538.34–9854.5019487.73–10829.1920433.07–
9. Rebate on High Sum AssuredLimited Premium (as % of tabular annual premium)
Age Band20L-1Cr1Cr-2Cr2Cr-5Cr>5Cr≤30 yrsNil17%27%37%31-45 yrsNil15%25%35%
Single Premium (as % of single premium)Age Band20L-1Cr1Cr-2Cr2Cr-5Cr>5Cr≤30 yrsNil15%25%33%31-45 yrsNil14%24%31%
10. Premium Mode Factor (Limited Premium)
Mode Factor Yearly 1.00 Half-Yearly0.51
11. Revival of Lapsed Policy (Limited Premium)
Can be revived within 5 years from First Unpaid Premium
Subject to:• All unpaid premiums + interest• Evidence of insurability
12. Tax ImplicationTaxes are extra and as per prevailing laws
Not included in benefit calculation
Consult tax advisor for deductions/benefits
13. Free Look Period30 days to cancel from policy receipt date
Refund = Premium − proportionate risk premium − stamp duty − medical charges (if any)
14. Suicide Clause Type Clause Limited Premium
80% of premiums paid (within 12 months)Single Premium80% of premium paid (within 12 months)
