The Life Insurance Company of India has introduced a new LIC Dhan Varsha plan effective October 17, 2022, which is an unlinked, non-participating, individual, savings and group premium life insurance plan that offers a combination of security and ‘ to save.
LIC Dhan Varsha Plan Launched
This plan provides financial support for the family in case of the insured’s accidental death during the contract period.
It also offers guaranteed short-term and maturity packages for life insurers.
This is a closed plan and will be available for sale till the end of the current fiscal year, i.e. March 31, 2023.
The applicant has two options to choose “Summary Sum Assured” (1) 1.25 times the premium table (2) 10 times for the selected sum assured.
The applicant can choose a period of 10 years or 15 years. The minimum age for a group of ten years is 8 years and 3 years for a period of 15 years.
The maximum age at entry varies from 35 to 60 depending on the length of time and the combination of coverage and death option selected.
The minimum sum insured is Rs.125000/- and there is no limit on the sum insured.
Suppose the policy entry age is less than 8 years.
In that case, the risk under the policy shall commence either 2 years from the effective date of the policy or from the date the policy falls on or immediately up to 8 years, each appearing first.
For those 8 years of age or older, the risk starts immediately from the date the order is issued.
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If the insured is alive on the date of receipt and the company has not received a written request to surrender the policy before that date of receipt from the person entitled to the policy, the policy shall be immediately surrendered to the insured entry date.
The sum assured is calculated at the end of each insurance year, for the entire period of the insurance.
The recommended supplement depends on the option selected, the sum insured and the duration of the policy.
The rate varies from 25 to 75 per 1000/- Basic Sum Insurance.
There are two optional riders under this plan, namely (1) LIC Accidental Death Insurance Rider and (2) LIC New Term Insurance Rider.
Loan availability under this scheme is subject to certain conditions.
Check out more about LIC Dhan Varsha plan here
