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LIC’s Digi Credit Life is a non-linked, non-participating individual pure-risk life insurance plan, Plan 878 (UIN 512N358V01), available online directly through LIC. It is designed to provide a financial safety net against loan liabilities if the insured dies during the policy term. The Basic Sum Assured ranges from ₹50 lakh to ₹5 crore; a higher amount may be considered individually subject to underwriting and reinsurer acceptance. The plan uses a decreasing Risk Cover Schedule based on the Basic Sum Assured, selected policy term and a chosen schedule interest rate of 6%, 7%, 8%, 9%, 10%, 11% or 12%. The selected rate is used to calculate the scheduled reduction and does not have to match the interest rate charged by the lender. Premium payment can be Single Premium or Limited Premium for 5, 10 or 15 years, with the permitted policy term depending on the selected option. Entry age is 18 to 45 years, and maturity age must be between 23 and 75 years. The plan does not provide a maturity benefit if the insured survives the term.
Online-only decreasing term cover with a loan-based risk schedule, single or limited premium options, and special rates for women.
Digi Credit Life is most relevant to borrowers who want life cover structured around a substantial loan liability. Its decreasing death-benefit schedule is designed using an assumed yearly repayment pattern and a selected schedule interest rate, so the benefit in a given policy year may be higher or lower than the actual outstanding loan. Buyers should therefore compare the policy schedule with their lender’s repayment structure rather than assuming that the policy automatically settles the exact loan balance. The plan offers Single Premium and Limited Premium options, and the official brochure provides illustrative premiums for a ₹50 lakh Basic Sum Assured at a selected schedule rate. For example, the illustrated annual premium is ₹3,800 for a 20-year-old male non-smoker standard life with a 25-year policy term, an 8% schedule rate and a 15-year Limited Premium Paying Term, before taxes. This is a specific illustration, not a universal starting price. The plan is online-only and pure-risk, with no maturity payout. The official brochure does not list an optional rider.
LIC
Key Insights
Founded
1956
LIC was established 70 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
95.8% CSR, calculated as a 3-year average
LIC settles 95.8% of all claims it receives, demonstrating strong credibility.
Contact Details
022-6827 6827
Headquarters: Jeevan Bima Marg, Nariman Point, P.O. Box No. 19953, Mumbai, Maharashtra 400021, India
The minimum Basic Sum Assured is ₹50 lakh and the standard maximum is ₹5 crore.
A higher amount may be considered case by case subject to underwriting and reinsurer acceptance.
The minimum entry age is 18 years and the maximum entry age is 45 years, measured at the last birthday.
The permitted policy term must also satisfy the maturity-age requirements.
The minimum age at maturity is 23 years and the maximum is 75 years, measured at the last birthday.
Eligibility depends on entry age and selected policy term.
The entire premium can be paid once at policy inception.
The minimum Single Premium is ₹11,000, excluding applicable taxes and underwriting extra premiums.
The plan permits a 5-year premium-paying term for policy terms from 10 to 30 years.
The minimum instalment premium is ₹3,000, subject to the policy terms.
Conditions or treatments that the policy clearly says it will not cover.
Insurer
LIC plans and claim process
It is an online-only, non-linked, non-participating individual pure-risk life insurance plan designed to provide a safety net against loan liabilities.
The minimum Basic Sum Assured is ₹50 lakh.
The standard maximum Basic Sum Assured is ₹5 crore. A higher amount may be considered case by case subject to underwriting and reinsurer acceptance.
Disclaimer: Premium amounts are indicative and may vary based on age, health, and plan selected. Claim settlement ratios are from IRDAI Annual Reports. Finzony is not an insurance broker or agent. Verify all details on the official LIC website before purchasing.
Official Website
licindia.in
Visit the official LIC website for plan brochures, premium quotes and policy services.
The aforementioned ratios have been averaged over three years (FY24-FY26)
The minimum entry age is 18 years and the maximum is 45 years, measured at the last birthday.
The minimum maturity age is 23 years and the maximum is 75 years, measured at the last birthday.
Single Premium policies allow terms from 5 to 30 years. Limited Premium options allow 5-year payments for 10–30-year terms, 10-year payments for 15–30-year terms, and 15-year payments for 25–30-year terms.
The death benefit starts at the Basic Sum Assured and then reduces according to the Risk Cover Schedule calculated from the selected policy term and schedule interest rate.
The available rates are 6%, 7%, 8%, 9%, 10%, 11% and 12%. The selected rate is used to calculate the Risk Cover Schedule and need not match the actual interest rate charged by the lender.
No. The death benefit follows the Risk Cover Schedule, which is based on an assumed yearly repayment basis. It may be higher or lower than the actual outstanding loan.
The plan offers Single Premium and Limited Premium payment for 5, 10 or 15 years, subject to the permitted policy term.
Premium depends on age, smoking status, policy term, premium-paying term, Basic Sum Assured and the selected schedule interest rate. The official brochure gives sample premiums for specific applicant profiles; an individual quote may differ.
For a ₹50 lakh Basic Sum Assured, 8% schedule rate, 25-year policy term, male non-smoker standard life and 15-year Limited Premium Paying Term, the official brochure illustrates an annual premium of ₹3,800 before taxes. This is an illustration, not a universal starting price.
No. The official brochure states that the plan is available online only through LIC’s website.
No. No maturity benefit is payable if the life assured survives until the end of the policy term.
The policyholder may surrender the cover, in which case an Unexpired Risk Premium Value, if any, may be payable under the policy rules, or may continue the policy until the end of its term.
The official Digi Credit Life sales brochure does not list an optional rider for this plan.