Life Insurance Corporation (LIC) has launched a new scheme LIC Dhan Varsha. LIC’s Dhan Varsha is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance plan which offers a combination of protection and savings, it said. LIC said that Dhan Varsha Plan number 866 not only provides financial support for the family in case of unfortunate death of the life assured during the policy term but also assures to double the investment amount. “LIC Dhan Varsha also provides a guaranteed lump sum amount on the date of maturity for the surviving life assured,” said the corporation.
LIC Dhan Varsha 866 Plan Benefits
Death Benefit: Death benefit payable, on the death of the life assured during the policy term after the date of commencement of risk but before the date of maturity, shall be “Sum Assured on Death” along with accrued Guaranteed Additions.
Maturity Benefit: On Life Assured surviving the stipulated Date of Maturity, “Basic Sum Assured” along with accrued Guaranteed Additions shall be payable.
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Guaranteed Additions: The Guaranteed Additions shall accrue at the end of each policy year, throughout the policy term and shall depend on the Option Chosen, Basic Sum Assured and the Policy Term.
The minimum age for a 15-year policy is 3 years while for the 10-year policy term, the minimum age is 8 years.
Policy Loan: A loan can be availed under this plan at any time during the policy term after three months from completion of the policy (i.e. 3 months from the Date of issuance of policy) or after the expiry of the free-look period, whichever is later.
LIC Dhan Varsha 866 Plan Return Calculator: Suppose a person aged 30 invests in LIC Dhan Varsha and pays a one-time premium of Rs 8,86,750 (Rs 9,26,654 including GST), the sum assured amount will be Rs 11,08,438 while the basic sum assured will be Rs 10,00,000. If the policy tenure is 15 years, he would be getting Rs 21,25,000 on maturity and a minimum Rs 11,83,438 in case of death in the first year and Rs 22,33,438 in case of death in the 15th year.
Under the second option, if a person invests Rs 8,34,642, the basic sum assured would be Rs 10,00,000 and the sum assured on death would be Rs 79,87,000.
In case of surrender of a policy, the accrued Guaranteed Additions shall also include the Guaranteed Additions on a proportionate basis in proportion to the completed months for the Policy Year in which the policy is surrendered.
