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LIC Digi Credit Life
ILM Ratings
ILM Ratings
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Product Benefits:
Introduction to LIC Digi Credit Life
LIC Digi Credit Life is a term insurance policy offered by Life Insurance Corporation of India (LIC), the country’s oldest life insurance company founded in 1956. It is a pure decreasing term assurance plan wherein the death benefit will reduce over the term of the policy. The plan covers outstanding loans if you pass away during the policy term. However, it lacks important customisations such as more limited-pay options, early exit option and riders for enhanced coverage.
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Customer Service:
Product Benefits:
Quick Overview:
What's Good?
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What's Not Good?
- Few Limited Pay options to speed up payments
- No option to automatically increase claim amount, with time
- No option to customize claim payout
- No option to exit the plan while active and get premium refund
- Critical illness rider is not available
- No additional payout option for accidental death
- No premium waiver option available if listed illness is diagnosed
- No premium waiver option available in case of accidental disability
Insurer Track Record
About Life Insurance Corporation of India
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Turnover (GWP)
Number of Policies
Number of Claims
Detailed Product Overview
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Did you know
LIC Digi Credit Life Plan is a term insurance plan offered by the Life Insurance Corporation of India(LIC). A cost-effective way to protect your family's financial future is by investing in a term life insurance policy. If the insured passes away during the coverage period, the insurer provides a death benefit to the family. This financial support can help cover any remaining debts, maintain their standard of living, or address essential needs.
Even though this product is cheaper compared to other insurance plans, it has no key customisations, such as increasing the cover amount, different limited pay options and critical illness coverage. Also, it doesn't give you the flexibility of changing how your family receives the claim amount. However, our research indicates that the insurer has received fewer complaints concerning the settlement of claims and the buying of policies.
Here’s the review of the LIC Digi Credit Life Plan-
Key Product Features of LIC Digi Credit Life Plan
Here are the various features that the LIC Digi Credit Life Plan has to offer-
- Life Cover Option: The LIC Digi Credit Life plan provides a safety net against any loan repayment to the insured’s family in case of his/her unfortunate death during policy term. The customer chooses the Basic Sum Assured, Policy Term and an interest rate to create a Risk Cover Schedule showing the yearly Sum Assured on Death. This schedule is based on an assumed repayment rate, not the actual loan, so the death benefit may be higher or lower than the outstanding loan.
- Early Exit Option: This feature allows you to exit the plan while it’s still active. You can do so within a time set by the insurance company, and you get back all premiums paid to that point. But the LIC Digi Credit Life Plan doesn't give you an early exit option.
- Increasing Cover: In this option, your cover amount increases gradually at regular intervals up to a maximum limit. However, the increasing cover option is not available in the LIC Digi Credit Life Plan for an automatic increase in your cover amount.
- Cover Duration: With LIC Digi Credit Life Plan, you can be covered up to 60 years.
- Limited Pay Option: The Limited Pay option lets you complete your premium payments in larger instalments over a shorter duration before the policy maturity. You can choose to pay off your premiums in 5, 10, or 15 years, with the flexibility to pay either annually or half-yearly. This option is ideal if you prefer to finish payments early while your income remains stable and reliable.
- Claim Payout Options: The LIC Digi Credit Life Plan provides a one-time payment only.
What are the Riders Available with the LIC Digi Credit Life Plan?
Riders or additional benefits can help you customise your term insurance plans for various specific circumstances. However, LIC Digi Credit Life Plan does not provide its customers with any rider options.
Why should you choose the Life Insurance Corporation of India?
Here is a rundown of the claims experience you’ll receive with this insurance company-
- Speed of Claim Settlement: Life Insurance Corporation of India scores well on the grounds of the quality of its claims experience. Here, 97.08% of claims were settled within less than 30 days.
- Claim Settlement Ratio: If you are planning to purchase the LIC Digi Credit Life Plan, you should know that the claim settlement ratio is 97.59%. The Claim Settlement Ratio (CSR) measures the percentage of claims settled out of the total claims received in a financial year.
- Claim Complaints: Our research showed us that Life Insurance Corporation of India has fewer complaints of claims than other insurance companies. 0.05% of customers are unhappy with claims experience.
- Length of the Death Claim Form: Compared to other insurers, the death claim form of this company is short, with few questions to answer. This indicates that your family won't face too many troubles while filling out the form.
What are the Drawbacks of buying from Life Insurance Corporation of India?
Here are a few limitations that you may face while buying a term insurance policy from Life Insurance Corporation of India-
- Personal Relationship Manager: Life Insurance Corporation of India does not offer a personal relationship manager to guide through the claim settlement process, which may result in less individualised support.
- Home Document Pickup: Unlike some insurers, Life Insurance Corporation of India does not provide a home pickup service for claim-related documents.
- Online tracking of claims: Furthermore, Life Insurance Corporation of India does not provide the facility of tracking claims online. This means you cannot monitor the status of your claims.
How is the Customer Service quality of Life Insurance Corporation of India?
We’ve analysed the customer service of Life Insurance Corporation of India using the two metrics-
- Toll-free: Our research revealed that their response via their toll-free number was slow compared to the rest of the insurers.
- X (Twitter) response: Life Insurance Corporation of India has an average response time over its X (Twitter) handle.
- Percentage of Complaints Received for After-Sales Service: According to research, only 0.27% of customers report dissatisfaction with the after-sales service.
About the Insurer - Life Insurance Corporation of India
Life Insurance Corporation of India (LIC), established in 1956, is a government-owned and the nation’s oldest life insurance company. Headquartered in Mumbai, the company is currently led by its Chairman, Mr. Siddhartha Mohanty.
Final Review on LIC Digi Credit Life Plan
After evaluating over 100+ parameters, including product benefits, customer service and claims experience, our in-house research team has rated the LIC Digi Credit Life Plan with an overall MyInsureBuddy⭐Rating of 2.9/5.
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Industry Experts with up to 20 years of experience help you from purchase to claims.