- Date : 26/06/2023
- Read: 3 mins
Are you looking for a single premium guaranteed endowment policy? Explore LIC's Dhan Vriddhi for a secure future and the assurance of lifelong prosperity. Click to learn more!
- Sum assured: 1.25x or 10x (based on eligibility conditions)
- Policy terms: 10, 15, or 18 years
- Basic sum assured: Rs 1,25,000 onwards
- Loan facility: Available after 3 months
- Availability: June 23-September 30, 2023
Life Insurance Corporation of India has recently launched an innovative life insurance plan called LIC Dhan Vriddhi. This non-participating, non-linked individual savings plan offers a unique combination of savings and protection, providing individuals with a secure financial future. With Dhan Vriddhi, policyholders are presented with two enticing options for the 'sum assured on death' – it can either be 1.25 times or 10 times the tabular premium, depending on the chosen basic sum assured. This flexible feature ensures that customers can tailor the plan to suit their specific needs and eligibility conditions.
Highlights of LIC’s Dhan Vriddhi are given below:
Can sum assured be customised?
Under this LIC Dhan Vriddhi policy, policyholders can choose between two alternatives for the sum assured on death. Alternative 1 provides a sum assured that is 1.25 times the premium paid, while alternative 2 provides a sum assured that is 10 times the premium paid. The amount of the sum assured will depend on the basic sum assured chosen by the customer and the eligibility conditions they meet.
Also Read: Term insurance vs traditional life insurance: Know the basic differences
What are the policy terms?
The LIC Dhan Vriddhi plans are available for 10, 15, or 18 years. The minimum age to apply will depend on the term you choose, from 90 days to 8 years. The maximum age to apply will also depend on the term and option you choose, from 32 to 60 years.
Explanation: Basic sum assured and guaranteed additions
Sum Assured: Under the LIC Dhan Vriddhi plan, policyholders are provided with a minimum basic sum assured of Rs 1,25,000. However, users have the flexibility to opt for a higher sum assured in multiples of Rs 5,000, depending on their individual requirements.
Guaranteed Additions: Throughout the policy term of LIC Dhan Vriddhi, guaranteed additions accumulate at the end of each policy year. The specific amount of guaranteed additions is dependent on the option chosen (option 1 or option 2), the basic sum assured, and the policy term.
Are plan riders available?
The LIC Dhan Vriddhi plan offers two riders, the accidental death and disability benefit rider and the new term assurance rider. The plan also offers a loan facility, which is available anytime after three months of completion of the policy.
Are LIC Dhan Vriddhi plan available?
LIC Dhan Vriddhi plan will be available for sale from June 23, 2023 to September 30, 2023.
Also Read: How to choose the best Life Insurance policy? All your questions on life insurance answered
The LIC Dhan Vriddhi plan is an attractive option for a wide range of customers due to its customisable sum assured, flexible policy terms, guaranteed additions, plan riders, and a loan facility. However, the limited availability for purchase is a potential drawback.
Disclaimer: This article is intended for general information purposes only and should not be construed as investment or tax advice.
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