LIC Yuva Term Plan 875 Premium Calculator

LIC Yuva Term Plan 875 : If you’re young and looking to plan your financial future, the LIC Yuva Term Policy could be a great place to start.

This policy, introduced by the Life Insurance Corporation of India (LIC), focuses on providing early-life coverage at affordable rates, making it ideal for younger individuals. With this term insurance, you can start your journey toward financial security with peace of mind.

What is the LIC Yuva Term Policy?

The LIC Yuva Term Policy is a life insurance plan designed for young individuals between the ages of 18 and 35. This policy offers a high cover amount at competitive premiums, helping to ensure financial security for your family in case of an unfortunate event. The primary advantage of this policy is its affordability due to your younger age, which generally results in lower premium costs.

Key Features of LIC Yuva Term Policy

Here’s a quick look at some of the main features of this policy:

1. High Coverage, Low Premium: This plan offers a significant cover amount at relatively low premium rates, especially compared to policies available at an older age.
2. Flexibility with Premium Payment: You can choose different payment options to suit your financial situation. These may include single-pay, limited-pay, or regular-pay premiums.
3. Policy Term Options: The policy duration can be customized based on your coverage needs, with options ranging up to a certain age.
4. Optional Riders: LIC provides riders like accidental death or critical illness cover, allowing you to enhance the basic coverage with additional benefits.

Why Choose the LIC Yuva Term Policy?

1. Early Entry Advantage: Buying a term insurance policy at a young age means lower premiums, which can save you money over time.
2. Financial Security for Family: This policy ensures that, in the event of your untimely demise, your family is financially protected.
3. Tax Benefits: Premiums paid under this policy are eligible for tax deductions, as per the prevailing tax laws.

Who is Eligible for LIC Yuva Term Policy?

The LIC Yuva Term Policy is available for individuals aged 18 to 35, making it ideal for young professionals, recent graduates, and even young entrepreneurs.

Feature	Details
Minimum Entry Age	18 years
Maximum Entry Age	35 years
Policy Term	Varies based on coverage needs
Premium Payment Options	Single, Limited, or Regular Pay
Riders Available	Accidental Death, Critical Illness Cover

LIC Yuva Term Policy: Key Benefits

The LIC Yuva Term Policy stands out for its simplicity and practicality. It allows young individuals to secure significant coverage at a fraction of the cost they would pay if they bought a similar policy later in life. Here’s a summary of the benefits:

• Cost-Effective: Premiums are lower for younger policyholders, making it more budget-friendly.
• Comprehensive Coverage: Offers financial protection with additional rider options.
• Flexible Payment Options: Choose the premium payment plan that best suits your income and budget.
• Tax Efficiency: Get tax deductions on premiums under Section 80C.

How to Apply for LIC Yuva Term Policy?

Applying for the LIC Yuva Term Policy is straightforward. You can visit your nearest LIC branch, contact an LIC agent, or apply online through LIC’s official website.

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FAQs

1. What is the minimum age to apply for LIC Yuva Term Policy?

• The minimum age to apply is 18 years.

2. Are there any riders available with the LIC Yuva Term Policy?

• Yes, LIC offers riders such as Accidental Death and Critical Illness Cover, which you can add to your policy.

3. Can I pay the premium for LIC Yuva Term Policy in a single payment?

• Yes, there are single, limited, and regular premium payment options available.

4. Is the LIC Yuva Term Policy renewable after the policy term ends?

• Generally, term policies do not offer renewal after the policy term. You may need to purchase a new policy if you wish to extend coverage.

5. Are the premiums paid for this policy tax-deductible?

• Yes, the premiums are eligible for tax deductions under Section 80C of the Income Tax Act.

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Conclusion

The LIC Yuva Term Policy is an ideal choice for young individuals looking to start their journey toward financial security. With affordable premiums, flexible terms, and optional riders, this policy offers essential life coverage without burdening your budget.