Life Insurance Plan recently launched a new life insurance policy — Dhan Sanchay — which provides a combination of protection and savings to the family of the policyholder.
The LIC Dhan Sanchay is a non-linked, non-participating, individual, savings, life insurance plan.
This plan provides financial support to the family in case of unfortunate death of the life assured during the policy term. It also provides a guaranteed income stream during the payout period from the date of maturity
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The policy gives guaranteed income benefits during the pay-out period from the date of maturity and guaranteed terminal benefits.
Policy benefits options:
The LIC Dhan Sanchay policy provides four options of benefits depending on regular or annualised premium payments. The following benefit options are available at inception:
In case of Regular/ Limited premium payment:
Option A: Level Income Benefit
Option B: Increasing Income Benefit
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In case of Single premium payment:
Option C: Single Premium Level Income Benefit
Option D: Single Premium enhanced cover with Level Income Benefit The benefit option once chosen at inception cannot be altered.
Premium
Your minimum annualized or single premium under option A and option B will be Rs. 30,000, and under option C and option D it will be Rs. 2,00,000.
There is no limit on the maximum premium.
You can choose the Annualized Premium / Single Premium in multiples of `Rs 1,000.
Annualized premium
It shall be the premium amount payable in a year chosen by the policyholder excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.
Single premium
It shall be the premium amount chosen by the policyholder excluding the taxes, rider premiums, underwriting extra premiums, if any.
Minimum sum assured
In cases of options A and B, the minimum sum assured on death of the policyholder under the LIC Dhan Sanchay Policy is Rs 3.30 lakh, while for Option C, it is Rs 2.50 lakh.
For option D, which is the Single Premium enhanced cover with Level Income Benefit, the minimum sum assured on death is as much as Rs 22 lakh.
Policy term
The policy term for option A and option B is 10 years and 15 years
For option C and option D it will be 5, 10, and 15 years.
The premium paying term for the Regular or Limited premium will be 5 and 10 years for 10 years policy term, while it will be 5, 10, and 15 years for 15 years policy term.
You will also have different payout periods. For the payout period option A & option B it will be equal to the premium paying term, and for option C and option D it will be equal to the policy term.
