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LIC Yuva Term Plan 875 – Complete Overview
The LIC Yuva Term Plan 875 is a specially crafted term insurance policy offered by the Life Insurance Corporation of India for young individuals seeking dependable financial protection. This plan is mainly aimed at providing pure life risk coverage and is considered a suitable choice for people who are beginning their careers or planning long-term financial security for their families.
Understanding LIC Yuva Term Plan 875
LIC Yuva Term Plan 875 is a pure protection insurance policy that provides a large life cover at a reasonable premium amount. Unlike traditional savings or endowment policies, this plan focuses only on financial protection and generally does not provide maturity benefits, except under specific circumstances. The policy is mainly designed for individuals between 18 and 35 years of age, making it suitable for students, young working professionals, and newly married couples.
Main Highlights of LIC Yuva Term Plan 875
Budget-Friendly Premiums
The policy offers economical premium rates, making it easier for young individuals to secure life insurance coverage.
Flexible Coverage Amount
Policyholders can select the sum assured according to their financial needs, generally starting from ₹25 lakh.
Flexible Policy Duration
The plan offers policy terms ranging from 10 years to 40 years depending on the age at entry.
Financial Protection for Family
In case of the policyholder’s unfortunate death during the policy term, the nominee receives the chosen sum assured as a lump sum amount.
Pure Risk Coverage
The policy mainly provides life protection and does not include survival or maturity benefits unless additional riders are selected.
Optional Rider Benefits
Extra protection can be added through riders such as Accidental Death Benefit and Critical Illness Cover.
Easy Purchase Options
The plan can be purchased online through the official LIC website as well as offline through LIC branch offices and agents.
Tax Saving Benefits
Premiums paid under the policy may qualify for tax deductions under Section 80C, while claim benefits may receive tax exemption under Section 10(10D) as per applicable tax laws.
Eligibility Criteria for LIC Yuva Term Plan 875
| Parameter | Eligibility Details |
|---|---|
| Entry Age | 18 to 45 years (last birthday) |
| Minimum Maturity Age | 33 years (last birthday) |
| Maximum Maturity Age | 75 years (last birthday) |
| Policy Term | 15 to 40 years |
| Premium Payment Term | Regular pay, limited pay (10/15 years), or single premium |
| Minimum Sum Assured | ₹50 lakh |
| Maximum Sum Assured | ₹5 crore |
How the LIC Yuva Term Plan 875 Calculator Functions
The LIC Yuva Term Plan 875 Calculator is an easy-to-use online tool that helps users estimate insurance premiums and coverage details according to different inputs such as age, policy duration, sum assured, and selected riders.
Details Needed for Calculation
- Age of the applicant
- Desired sum assured amount
- Policy duration
- Gender and smoking status
- Additional riders like accidental cover or critical illness benefit
Results Provided by the Calculator
- Estimated yearly premium amount
- Death benefit payable to the nominee
- Rider-wise premium details (if riders are chosen)
- Available premium payment modes such as yearly, half-yearly, quarterly, or monthly
How to Use the LIC Yuva Term Plan 875 Calculator
1. Enter Personal Information
Provide basic details including age, gender, and smoker or non-smoker status.
2. Select Coverage Amount
Choose the required life cover amount, such as ₹25 lakh or more.
3. Choose Policy Duration
Select a policy tenure according to your financial planning goals or retirement timeline, for example 30 years.
4. Add Extra Benefits
Include optional riders if you want additional financial protection.
5. View Premium Estimate
The calculator instantly displays the estimated premium amount and shows separate rider charges if applicable.
6. Compare Different Options
You can modify the policy term or sum assured to compare premium variations under different scenarios.
Sample Calculation
For example, if a 25-year-old non-smoking male chooses a ₹50 lakh life cover for a 30-year policy term without any riders:
- Estimated Annual Premium: Around ₹5,500 (illustrative only; actual premium may vary as per LIC rates)
- Death Benefit: ₹50 lakh payable to the nominee
If an accidental death benefit rider is added, the premium could increase to approximately ₹6,200 annually.
Advantages of Using the LIC Yuva Term Plan 875 Calculator
Quick Premium Estimation
The calculator provides instant premium estimates without requiring manual calculations or waiting for insurance quotations.
Better Transparency
Users can clearly view the breakdown of the base premium along with the additional charges for optional riders.
Customized Planning
The tool allows users to try multiple combinations of policy term, sum assured, and riders according to their financial budget and protection needs.
Easy Policy Comparison
It becomes simpler to compare different insurance plans and choose the most suitable option based on coverage and affordability.
Eligibility Conditions for LIC Yuva Term Plan 875
To purchase this plan, applicants must fulfill certain eligibility requirements.
- Entry Age: 18 to 35 years
- Maximum Maturity Age: Between 50 and 75 years depending on the selected policy term
- Minimum Sum Assured: Usually starts from ₹25 lakh (subject to LIC guidelines)
- Maximum Sum Assured: Can extend up to ₹2 crore or more depending on income proof and LIC rules
For higher coverage amounts, medical examinations may be required according to LIC underwriting policies.
Exclusions and Additional Rider Benefits
Policy Exclusions
Certain standard exclusions apply under the plan, including:
- Suicide during the initial policy period
- Fraudulent or misleading claims
- Non-disclosure of existing medical conditions
Optional Rider Benefits
Accidental Death Benefit Rider
An extra sum assured is provided if the insured person dies due to an accident.
Critical Illness Rider
A lump sum payout is given if the policyholder is diagnosed with specified critical illnesses covered under the rider.
Although riders increase the premium amount, they provide enhanced financial protection.
Important Points to Consider Before Buying LIC Yuva Term Plan 875
- Compare premium amounts for different policy durations before finalizing the plan.
- Choose riders only according to genuine financial needs.
- Use the online calculator to test different premium and coverage combinations.
- Ensure nominee information is accurate and updated for smooth claim processing.
Tax Benefits Under LIC Yuva Term Plan 875
Premiums paid under the policy may qualify for tax deductions under Section 80C of the Income Tax Act up to the prescribed annual limit. Additionally, claim amounts received by the nominee are generally exempt from tax under Section 10(10D), subject to prevailing tax regulations.
Why the LIC Yuva Term Plan 875 Calculator Is Useful
The calculator helps users estimate the exact premium required for their selected coverage without confusion or guesswork. This makes financial planning easier, especially for young earners and first-time insurance buyers.
Process to Purchase LIC Yuva Term Plan 875
The policy can be purchased both online and offline through LIC.
Steps for Online Purchase
- Visit the official LIC website.
- Register or log in to your account.
- Fill out the insurance proposal form.
- Upload the necessary documents.
- Make the premium payment and complete medical tests if required.
Steps for Offline Purchase
- Visit the nearest LIC branch office.
- Collect and complete the proposal form.
- Submit the required documents.
- Undergo medical screening if applicable.
- Pay the premium amount.
Common Errors to Avoid While Buying the Plan
- Choosing inadequate coverage without considering inflation and future expenses
- Forgetting to update nominee details regularly
- Hiding medical history or health conditions during application
- Ignoring rider options that may provide useful protection during emergencies
Frequently Asked Questions About LIC Yuva Term Plan 875
What is the entry age for LIC Yuva Term Plan 875?
The plan is available for individuals between 18 and 45 years of age at the time of entry.
Is LIC Yuva Term Plan 875 available for online purchase?
The policy is generally sold through authorized LIC agents, brokers, and LIC branch offices.
Does this plan provide maturity benefits?
No, it is a pure term insurance policy and mainly provides death benefit protection without maturity or survival benefits.
What is the available sum assured range?
The minimum sum assured starts from ₹50 lakh, while the maximum coverage can go up to ₹5 crore.
What premium payment options are available?
Policyholders can choose single premium, regular premium, or limited premium payment modes such as 10-year or 15-year payment terms.
Are rider benefits available with this policy?
Yes, optional riders like accidental death benefit and critical illness cover can be added for extra protection.
What death benefit choices are available?
Policyholders may select either a fixed level sum assured or an increasing sum assured option that gradually increases during the policy period.
Final Overview
LIC Yuva Term Plan 875 provides a strong financial safety net for young earning individuals who want affordable and flexible life insurance protection. The policy offers simple coverage options, optional rider benefits, and long-term security for family members. Using the LIC calculator further helps users make informed decisions by clearly understanding premium amounts and coverage details.
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