The Life Insurance Corporation of India (LIC) recently launched its Dhan Varsha plan on October 17 for investors to invest once and get benefits for a long time. It is a single premium, non-linked non-participating, individual, savings, life insurance plan.
The plan promises to give financial support for the family in case of unfortunate death of the life assured during the policy term. The scheme also provides a guaranteed lumpsum amount on the date of maturity for the surviving life assured.
Maturity benefit: On life assured surviving the stipulated date of maturity, basic sum assured along with accrued guaranteed additions shall be payable.
Death benefit: There are two options under this. First one is 1.25 times of tabular premium for the chosen basic sum assured. The second option is 10 times of tabular premium for the chosen basic sum assured.
Guaranteed additions: The guaranteed additions would accrue at the end of each policy year, throughout the policy term and will depend on the option chosen: basic sum assured and the policy term.
|Policy term||10 years & 15 years|
|Mode of premium payment||Single premium|
|Minimum basic sum assured||₹1,25,000|
|Minimum age at maturity||18|
The insurance plan offers two riders also: First is LIC’s accidental death and disability benefit rider, while the second is LIC’s new term assurance rider.
Policyholder can opt for a settlement option to receive maturity benefit in instalments over a period of five years instead of lumpsum amount.
This plan can be bought offline through agent and other intermediaries including point of sales persons-Life Insurance (POSP-LI) / common public service centers (CPSC-SPV) as well as online directly through LIC’s official portal.