LIC Dhan Varsha Plan: Insurer launches new guaranteed return single-premium plan; details here

A new guaranteed return single-premium plan called “Dhan Varsha” has been launched by the Life Insurance Corporation of India (LIC). It is a “non-linked, non-participating, individual, savings life insurance plan” which provides a combination of protection and savings to policyholders. The policy offers a guaranteed lump sum on maturity, as well as a guaranteed death benefit to family members in case of the policyholder’s untimely demise. The Dhan Varsha scheme will be available for sale only until 31 March 2023. For opting the 15-year term plan, one’s age must be at least 3 years. For choosing the 10-year term plan, the minimum age is 8 years. The policy offers two options. Option 1 is “1.25 times of Tabular Premium for the chosen Basic Sum Assured” and option 2 is “10 times of Tabular Premium for the chosen Basic Sum Assured”. Tabular Premium shall be based on the age at entry of the life assured, policy term and the option selected but before allowing for any rebate. It does not include any extra premiums, taxes and rider premiums. Here are the benefits offered by this policy: Maturity benefit: Basic sum assured, along with accrued guaranteed additions, will be payable on life assured surviving the stipulated date of maturity. Death benefit: Death benefit will be payable on the demise of the life assured during the policy term post the commencement date of risk but before the date of maturity. The benefit will be known as the “sum assured on death” and will also include accrued guaranteed additions. Guaranteed additions: The guaranteed additions shall accrue at the end of each policy year, throughout the policy term and will be based on the option selected, basic sum assured and the policy term. How can premiums be paid? Premiums can be paid via single (lump sum) payment mode only. To get more details about the policy, see the official brochure of LIC by clicking on this link https://licindia.in/Products/Insurance-Plan/LIC-s-Dhan-Varsha-(Plan-No-866,-UIN-No-512N349V01). Can the policy be surrendered? The policyholder can surrender the policy at any time during the policy term. LIC has stated that on surrender of the policy, the corporation is going to pay the surrender value “equal to higher of guaranteed surrender value and special surrender value.” Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.