The Dhan Vriddhi Plan of LIC, a single premium life insurance plan, will end on September 30, 2023. So, if you are willing to buy this life insurance plan which ensures a combination of protection and savings, you will need to contact your LIC Agent/LIC Branch or Visit https://licindia.in/dhan-vridhi
What is LIC Dhan Vriddhi?LIC Dhan Vriddhi is a non-linked, non-participating, individual, savings, single premium life insurance plan that provides both protection and savings. This plan provides financial assistance to the family in the event of the untimely death of the person assured within the policy term. It also offers a guaranteed lump sum payout on the maturity date to the surviving assured.
The plan was launched on June 23, 2023.
Features of LIC Dhan Vriddhi Plan Customers can select from two options where ‘sum assured on death’ can either be 1.25 times (option 1) or 10 times (option 2) the tabular premium for the chosen basic sum assured subject to certain eligibility conditions, said LIC.
Term of the policyThe LIC Chan Vriddhi policy term will be available for 10, 15 or 18 years.
The minimum entry age will vary from 90 days to 8 years depending on the term selected. The maximum entry age will also vary from 32 years to 60 years depending on the term and option selected by the users.
LIC Dhan Vriddhi Plan: Basic Sum Assured, guaranteed ReturnUnder the LIC Dhan Vriddhi plan, the minimum basic sum assured will be Rs 1,25,000. The users can further opt for more sum assured in multiples of Rs 5,000.
On the death of the person assured, during the policy term after the date of commencement of risk but before the stipulated date of maturity the amount payable will be ‘sum assured on death’ along with accrued guaranteed additions is payable, the insurer said.
On the life assured surviving the stipulated date of maturity, he or she will get the basic sum assured with accrued guaranteed additions.
The guaranteed additions will accrue at the end of each policy year, throughout the policy term. It ranges from RS 60 to Rs 75 under option 1 and Rs 25 to Rs 40 under option 2 per Rs 1,000 basic sum assured, and the policy term.