LIC Digi Term Plan-876 Plan is a straightforward, digital term insurance policy by LIC (Life Insurance Corporation of India), crafted to give you peace of mind and secure your family’s future.
Designed for easy online access, this plan ensures financial protection for your loved ones in case of an unexpected event. As a pure term plan, it offers high coverage at a very affordable premium, making it an ideal choice if you’re looking to prioritize your family’s financial security without complicated processes or hidden costs.
What is LIC Digi Term Plan?
LIC Digi Term is a pure life term insurance plan, meaning it offers a high sum assured but does not provide a maturity benefit if the policyholder survives the term. This plan is solely focused on providing your family with financial protection if something unfortunate happens. Since it’s digital, you can apply for the plan online quickly and without paperwork, making it convenient for busy lives. Plus, you can choose from various coverage options to tailor the policy to your needs.
Key Features of LIC Digi Term Plan
- Pure Protection Plan: Designed purely for life coverage, with no investment or maturity benefits.
- High Coverage at Low Premiums: This plan provides substantial life cover for affordable premiums.
- Multiple Benefit Options: Choose from various payout options for your nominee to receive the death benefit in a way that best suits them.
- Simple Online Process: You can apply for the plan entirely online, saving you time and eliminating the hassle of paperwork.
- Flexible Policy Term: Choose a term length that aligns with your financial responsibilities, so you can provide protection when it’s most needed.
Why Choose LIC Digi Term Plan?
- Affordable Premiums for Maximum Coverage: Digi Term offers life cover at an affordable price, giving you peace of mind without stretching your budget.
- Easy Application: No need for agent visits or lengthy forms. The entire process is online, making it fast and convenient.
- Customizable Payout Options: Select a death benefit payout method that works best for your family’s needs, whether in a lump sum or monthly installments.
- Simple but Effective: This is a straightforward term plan focused purely on life cover, making it easy to understand without the complexities of investment-linked plans.
Eligibility for LIC Digi Term Plan
| Feature | Details |
|---|---|
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 60 years |
| Policy Term | 10 to 40 years |
| Sum Assured | Starts from ₹50 lakh |
| Premium Payment Mode | Annual, Half-Yearly, Quarterly, Monthly |
Benefits of LIC Digi Term Plan-876
The LIC Digi Term Plan offers multiple benefits focused on securing your family’s financial future:
- Comprehensive Life Cover: Digi Term provides financial protection for your family by offering high coverage, ensuring they are cared for in case of an unfortunate incident.
- Flexible Death Benefit Options: Choose how the nominee receives the death benefit, with options like a lump sum or regular payouts.
- Affordability: Premiums are low, making it budget-friendly while still providing significant coverage.
- Ease of Access: With a 100% digital process, applying for LIC Digi Term is quick, easy, and hassle-free.
- Tax Benefits: Enjoy tax deductions on premium payments under Section 80C, and the death benefit is tax-free under Section 10(10D), making it a tax-efficient option.
How to Apply for LIC Digi Term Plan-876?
Applying for the LIC Digi Term Plan is simple:
- Visit the official LIC website and navigate to the LIC Digi Term Plan-876 section.
- Complete the online application form and select your desired policy options.
- Submit necessary documents, such as proof of identity and income.
- Make your premium payment online.
- Your policy will be issued digitally once the application is processed.
FAQs
1. What makes LIC Digi Term Plan a pure protection plan?
- LIC Digi Term is a pure protection plan, meaning it offers no maturity benefits. Instead, it focuses solely on providing life cover to financially protect your family.
2. Can I choose how my family receives the payout?
- Yes, LIC Digi Term allows you to customize the death benefit payout method. You can choose a lump-sum payout or monthly installments to suit your family’s needs.
3. What happens if I outlive the policy term?
- Since it’s a term plan, there is no maturity benefit or payout if you survive the policy term. The policy is purely for life cover during the policy term.
4. Are there tax benefits with LIC Digi Term?
- Yes, premiums are eligible for tax deductions under Section 80C, and the death benefit is tax-free under Section 10(10D), making the plan a tax-efficient choice.
5. Can I increase the coverage amount later?
- Generally, term policies have fixed coverage, so it’s best to choose a sum assured that meets your current and future financial needs. For additional coverage, you might consider taking a new policy.
Conclusion
The LIC Digi Term Plan-876 Plan is a straightforward and affordable way to secure your family’s future. With its simple online application, affordable premiums, and flexibility in death benefit options, it’s an ideal choice for those seeking peace of mind.
While it doesn’t offer a maturity benefit, LIC Digi Term is a pure protection plan focused on ensuring your family has financial security if something happens to you. It’s a reliable, hassle-free plan that combines ease of use with essential protection, so you can safeguard your loved ones without complications.
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