The LIC Yuva Credit Life Plan-876 is a specially designed insurance plan that caters to the needs of young individuals who have recently taken loans. This plan offers life insurance coverage that ensures your loved ones are financially protected, even if unforeseen circumstances arise. With its affordability and coverage flexibility, it is an ideal choice for securing your financial commitments.
What is LIC Yuva Credit Life Plan-876?
The LIC Yuva Credit Life Plan-876 is a group insurance plan targeted at young borrowers. Its primary aim is to provide life insurance coverage equivalent to the outstanding loan amount, ensuring that your family doesn’t face financial hardships in case of your untimely demise.
This plan is particularly suitable for those who have availed of personal, educational, or home loans and want peace of mind knowing that their debts will not become a burden on their family.
Key Features of LIC Yuva Credit Life Plan-876
- Debt Protection: Covers the outstanding loan amount, offering financial security for your family.
- Flexible Coverage Term: Coverage matches the loan repayment tenure.
- Group Insurance Plan: Affordable premiums due to the group insurance model.
- Streamlined Process: Easy enrollment for borrowers via participating lending institutions.
- Life Insurance Coverage: Provides financial protection during the coverage period.
- No Medical Examination: Simplified issuance process for eligible borrowers.
- Tax Benefits: Premiums paid are eligible for tax deductions under prevailing tax laws.
Why Choose LIC Yuva Credit Life Plan-876?
- Affordable Coverage: Designed to offer cost-effective insurance for loan borrowers.
- No Worries About Debt: Ensures that outstanding loans are not passed on to your family.
- Customizable Term: Matches the tenure of your loan for precise coverage.
- Peace of Mind: Helps you focus on achieving your goals without financial stress.
- Trust of LIC: Backed by one of India’s most reliable and trusted insurers.
Plan Details
| Feature | Details |
|---|---|
| Eligibility | Borrowers aged 18–50 years |
| Policy Term | Matches the loan repayment tenure |
| Minimum Sum Assured | Based on the loan amount |
| Premium Payment | Single or Regular Pay (based on lender agreement) |
| Coverage Type | Reducing Sum Assured to match outstanding loan amount |
Benefits of LIC Yuva Credit Life Plan-876
1. Loan Protection
The plan ensures that your family is not burdened with loan repayment in case of your untimely demise. The insurer settles the outstanding loan amount with the lending institution directly.
2. Simplified Process
Borrowers are automatically enrolled through participating lending institutions, making it hassle-free.
3. Affordable Premiums
As a group insurance plan, premiums are significantly lower than individual plans.
4. No Medical Examination
In most cases, eligible borrowers are not required to undergo a medical check-up.
5. Tax Benefits
- Premiums paid are deductible under Section 80C of the Income Tax Act.
- Death benefits received by the nominee are tax-exempt under Section 10(10D).
How to Enroll for LIC Yuva Credit Life Plan-876
- Loan Application: Apply for a loan through a participating financial institution.
- Plan Inclusion: Opt for LIC Yuva Credit Life Plan during loan approval.
- Premium Payment: The premium is either included in the loan amount or paid separately.
- Policy Issuance: Receive the policy details and enjoy coverage for the loan tenure.
FAQs
1. Who is eligible for LIC Yuva Credit Life Plan?
Borrowers aged 18 to 50 years who take loans through participating lenders are eligible.
2. Does this plan cover all types of loans?
Yes, it primarily covers personal, educational, and home loans, but coverage may vary by lender.
3. How is the sum assured calculated?
The sum assured is equal to the outstanding loan amount and reduces as you repay the loan.
4. Can I buy this plan individually?
No, it is a group insurance plan and is available only through lending institutions.
5. What happens if I prepay my loan?
If you prepay your loan, the coverage may cease or reduce based on the lender’s policy terms.
Conclusion
The LIC Yuva Credit Life Plan-876 is a thoughtful solution for young borrowers who want to ensure their loved ones are not burdened with loan repayments in their absence. It’s affordable, convenient, and tailored to match your loan tenure, offering peace of mind as you work toward your financial goals. Secure your future today with LIC Yuva Credit Life Plan and enjoy a worry-free borrowing experience!
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