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LIC’s Digi Term is a non-participating, non-linked individual pure-risk life insurance plan available online directly through LIC. It provides financial protection to the insured’s family if the insured dies during the policy term and the claim is admissible. Applicants can choose between Level Sum Assured, which keeps the absolute death-benefit amount assured constant, and Increasing Sum Assured, under which the absolute amount assured increases after the fifth policy year. The plan offers single-premium, regular-premium and limited-premium options of 10 or 15 years, subject to the permitted policy-term conditions. The standard Basic Sum Assured range is ₹50 lakh to ₹5 crore; higher cover may be considered case by case under LIC’s underwriting rules.
Online-only term plan with Level or Increasing Sum Assured, flexible premium-payment options and death-benefit instalments.
Digi Term is best suited to applicants who are comfortable completing a life-insurance purchase online and want a pure death-protection policy without a maturity payout. Its key strengths are the choice between level and increasing cover, several premium-payment options, instalment-based death-benefit payments and rebates for eligible policyholders. The sample premium of ₹3,600 per year applies only to a specific illustration: a 20-year-old male non-smoker with standard health, ₹50 lakh cover, a 20-year policy term, regular annual premiums and the Level Sum Assured option, excluding taxes. It is not a universal starting price. Premiums vary by age, gender, smoking status, policy term, payment term, sum assured and benefit option. The official sales brochure does not list an optional rider for this plan. There is no maturity benefit, paid-up value or policy loan, and surrender proceeds are restricted to the Unexpired Risk Premium Value, if any, under the stated conditions.
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.
Contact Details
022-6827 6827
Headquarters: Jeevan Bima Marg, Nariman Point, P.O. Box No. 19953, Mumbai, Maharashtra 400021, India
The standard Basic Sum Assured ranges from ₹50 lakh to ₹5 crore.
Higher amounts may be considered case by case, subject to LIC underwriting and reinsurer acceptance. Permitted sum-assured multiples vary by cover band.
Under this option, the absolute amount assured to be paid on death remains equal to the Basic Sum Assured throughout the policy term.
The death-benefit calculation also remains subject to the policy definition of Sum Assured on Death.
The absolute amount assured remains equal to the Basic Sum Assured through the fifth policy year. It then increases by 10% of the Basic Sum Assured each year from policy year six through year 15, reaching twice the Basic Sum Assured.
From policy year 16 onward, the absolute amount assured remains at twice the Basic Sum Assured. The option cannot be changed after selection.
For regular and limited premium policies, the Sum Assured on Death is the highest of 7 times the annualised premium, 105% of total premiums paid up to death, or the absolute amount assured to be paid on death.
Premium calculations exclude applicable taxes and other amounts as defined in the policy document.
For a single-premium policy, the Sum Assured on Death is the higher of 125% of the single premium or the absolute amount assured to be paid on death.
The single premium used in this calculation excludes taxes and other amounts specified in the policy terms.
The official sales brochure does not specify a separate general illness waiting period. Cover is subject to commencement of risk, the policy being in force and the policy terms. A suicide exclusion applies during the first 12 months, with different refund provisions depending on premium-payment type.
Conditions or treatments that the policy clearly says it will not cover.
Digi Term is life insurance, not health insurance. It does not pay for hospitalisation, medical treatment or diagnosis of an illness. Its core benefit is an admissible death benefit during the policy term.
Insurer
LIC plans and claim process
LIC’s Digi Term is an online-only, non-participating, non-linked individual pure-risk life insurance plan that provides an admissible death benefit during the policy term.
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 LIC 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.
The minimum entry age is 18 years and the maximum entry age is 45 years, measured at the last birthday.
The minimum maturity age is 33 years and the maximum maturity age is 75 years. The permitted term also depends on the entry age, sum-assured band and selected death-benefit option.
LIC’s official brochure illustrates an annual regular premium of ₹3,600 for a 20-year-old male non-smoker with standard health, ₹50 lakh cover, a 20-year policy term and the Level Sum Assured option. Taxes are extra. This is a sample illustration, not a universal premium quote.
The plan offers single premium, regular premium and limited premium payment for 10 or 15 years. Regular and limited premiums can be paid yearly or half-yearly.
Under Level Sum Assured, the absolute amount assured on death stays equal to the Basic Sum Assured. Under Increasing Sum Assured, it stays at the Basic Sum Assured through policy year five, increases by 10% of the Basic Sum Assured each year from year six to year 15, and remains twice the Basic Sum Assured from year 16 onward.
For regular and limited premium policies, the Sum Assured on Death is the highest of 7 times the annualised premium, 105% of total premiums paid up to death, or the absolute amount assured on death. For a single-premium policy, it is the higher of 125% of the single premium or the absolute amount assured on death.
Yes. The policyholder can choose instalments over 5, 10 or 15 years for all or part of the eligible death benefit. Payment may be yearly, half-yearly, quarterly or monthly, subject to the minimum instalment amount and policy conditions.
The official Digi Term sales brochure reviewed for this plan does not list an optional rider. Do not assume that a rider available with another LIC plan is also available with Digi Term.
No. This is a pure-risk term plan, and no maturity benefit is payable if the insured survives to the end of the policy term.
Regular and limited premium policies have a 30-day grace period for yearly or half-yearly premiums. If the premium is not paid before the grace period expires, the policy lapses.
A lapsed regular- or limited-premium policy may be revived within five consecutive complete years from the first unpaid premium and before maturity. Revival requires outstanding premiums and applicable interest to be paid and is subject to LIC’s underwriting decision.
No policy loan is available. No standard surrender value is available, although an Unexpired Risk Premium Value, if any, may be payable in specified single-premium and limited-premium situations. Regular-premium policies do not receive a surrender value.
Yes. Eligible policies may receive high-sum-assured rebates, and the plan offers special rates for women. The actual rebate depends on the sum-assured band, age, benefit option and premium-payment type.