LIC’s Dhan Varsha Policy: By investing once in LIC’s Dhan Varsha policy, you can get double returns. Benefit will also be given at the end of each policy year under the Initial Sum Assured, the option chosen, and the policy term.
LIC’s Dhan Varsha Policy: Life Insurance Corporation (LIC) has brought “LIC Dhan Varsha” policy. This individual savings life insurance plan provides protection and savings and is not linked to any other plan or participants.
LIC Dhan Varsha plan provides financial assistance to the family in the traumatic event that the life insured dies during the term of the policy. According to a statement by LIC, it also guarantees a lump sum payment for the life assured on the date of maturity. This closed-ended plan will be in the market till March 31, 2023.
According to the LIC website, this plan will be available for both non-medical and medical plans depending on the total non-medical limit, age and sum assured chosen.
Highlights of LIC’s Dhan Varsha Policy
Death Benefit:
As per LIC, “Sum Assured on Death” and Guaranteed Additions accrued will be the Death Benefit payable in case the Life Assured dies within the policy term.
Benefit of maturity
“Basic Sum Assured” and Guaranteed Additions accrued shall be payable to the Life Assured surviving to the specified date of maturity.
Guaranteed profit
How much benefit will be given at the end of each policy year under the Initial Sum Assured, the option chosen, and the policy term.
How to pay premium?
Policyholders can pay the premium in single payment mode (Lump sum) only.
Can the policy be cancelled?
- According to LIC, the policyholder can cancel the policy at any time during the entire policy term.
- On surrender of the policy, the Corporation shall pay the Surrender Value equal to the higher of the Surrender Value plus the Special Surrender Value.
The Guaranteed Surrender Value (GSV) payable under the policy will be:
- 75 percent of single premium for the first three policy years 90 percent of single premium after tax, additional premium and rider premium, if applicable, not included in the single premium mentioned above.
- In addition, the surrender value of the Guaranteed Additions earned shall be multiplied by the GSV factor applicable to the Guaranteed Additions earned, LIC said.
- This policy is not available online
- You will not be able to buy LIC’s Dhan Varsha plan online. This plan will be available offline only. You are offered two terms in this plan. One is 10 years old and the other is 15 years old. You can choose any of these.
