The Life Insurance Organisation of India (LIC) is the country's largest government-owned life insurance and investment corporation. The company has introduced a number of policies to support the diverse life goals of its clients.
Dhan Sanchay insurance plan is one such new scheme recently launched by the Life Insurance Corporation of India. It is a non-linked, non-participating, individual savings life insurance plan offering both protection and savings. Let us have a detailed view on Dhan Sanchay insurance policy.
According to the LIC news release, the plan offers a guaranteed income benefit (GIB) for the duration of the payout period beginning on the day of maturity and a guaranteed terminal benefit payable with the last instalment of GIB.
Under this plan, the maturity benefit will be payable through guaranteed income benefit and guaranteed terminal benefit. In the situation of an unfortunate death of the life assured, the plan will provide financial support to the family during the term of the policy after the commencement of the risk. Depending on the choice selected by the policyholder/life assured, the death benefit may be paid as a lump amount or in instalments over a period of five-years.
The plan has a period of a minimum 5 years to a maximum 15 years. As per the customer's preference, it offers Increasing Income Benefit, Level Income Benefit, Single Premium Level Income Benefit, and Single Premium enhanced cover with Level Income Benefit.
This plan also provides liquidity needs through a loan facility. Optional riders are also available under the plan on payment of additional premium subject to certain conditions.
Moreover, a settlement option is available under this policy to receive the death benefit in instalments for five years instead of lump-sum under an in-force and paid-up policy.
The minimum sum assured under this plan for options A and B is ₹3,30,000, option C is ₹2,50,000 and option D is ₹22,00,000. The maximum premium has no limit. Depending on the chosen policy term, the minimum age at entry is three years.
Dhan Sanchay insurance plan is accessible both offline and online through agents or other intermediaries like Point of Sales Persons-Life Insurance (POSP-LI) / Common Public Service Centres (CPSC-SPV) and the website www.licindia.in