LIC Digi Credit Life (Plan No. 878)

Here are some of the most important features and benefits of the plan:

Death Benefit:

If the person covered by the policy dies during the policy term, but before the policy ends, and if the policy is active and the claim is valid, the death benefit will be the “Sum Assured on Death”.

For policies where you pay premiums for a limited time, the “Sum Assured on Death” is the higher of:

• 105% of the total premiums paid up to the date of death, or

• The fixed amount promised to be paid on death.

“Total Premiums Paid” means all the premiums paid for the policy, not including any extra charges or taxes.

For policies where you pay a single premium, the “Sum Assured on Death” is simply the fixed amount promised to be paid on death. This single premium amount also does not include taxes or extra charges.

Option to Pay-Off Loan Early:

If the person covered by the policy pays off the loan before the policy term ends, they have two choices:

• Cancel the Insurance: They can give up their insurance coverage. If they do this, they will get back an amount called the Unexpired Risk Premium Value, if there is any.

• Keep the Policy: They can keep the policy active until it ends. If the person covered by the policy dies during this time, the death benefit will be paid to the nominee as described in the ‘Risk Cover Schedule’.

Paying Premiums:

You can pay premiums in two ways with this plan:

• Limited Premium: Pay premiums regularly for a set period. You can choose to pay them yearly or every six months.
• Single Premium: Pay all premiums in one lump sum.

The amount you need to pay depends on factors like the person’s age when they start the policy, whether they smoke, the length of the policy, how long you will pay premiums, the basic amount promised, and the interest rate you choose.

Grace Period for Limited Premium Payment:

If you miss paying your yearly or half-yearly premium, you have a 30-day grace period to make the payment. During this time, your policy will still be active and provide coverage as usual. If you don’t pay within these 30 days, the policy will end.

Higher Sum Assured Rebate:

LIC Digi Credit Life not only provides flexible insurance options but also rewards policyholders with a higher sum assured rebate. This means that if you choose a higher coverage amount, you can benefit from reduced premiums.

Essentially, the more coverage you select, the better the rebate you receive, lowering your overall cost while ensuring robust protection. This feature encourages policyholders to opt for more comprehensive coverage without worrying about high premiums.

Free Look Period:

If you are not happy with the policy’s terms and conditions, you can return it to the company within 30 days of receiving it, whether electronically or as a physical document. When you return the policy, explain why you are not satisfied.

LIC will then cancel the policy and give you back the premium you paid, minus the cost of the coverage period, any medical exam fees (including special reports), and stamp duty charges.

Special Rates for Women:

The LIC Digi Credit Life policy has special rates for women. If you are female, you can enjoy lower premiums than the standard rates. This means the policy will be more affordable for you while still offering the same coverage. These special rates help ensure that women can get financial protection at a lower cost.