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A new guaranteed return single-premium plan referred to as “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 gives a mix of safety and financial savings to policyholders.
The coverage provides a guaranteed lump sum on maturity, in addition to a guaranteed demise profit to members of the family in case of the policyholder’s premature demise. The Dhan Varsha scheme will probably be out there on the market solely till 31 March 2023. For opting the 15-year time period plan, one’s age should be at the very least 3 years. For selecting the 10-year time period plan, the minimal age is 8 years. The coverage provides two choices. Option 1 is “1.25 times of Tabular Premium for the chosen Basic Sum Assured” and choice 2 is “10 times of Tabular Premium for the chosen Basic Sum Assured”.
Tabular Premium shall be primarily based on the age at entry of the life assured, coverage time period and the choice chosen however earlier than permitting for any rebate. It doesn’t embrace any further premiums, taxes and rider premiums.
Here are the advantages provided by this coverage:
Maturity profit:
Basic sum assured, together with accrued guaranteed additions, will probably be payable on life assured surviving the stipulated date of maturity.
Death profit:
Death profit will probably be payable on the demise of the life assured through the coverage time period publish the graduation date of threat however earlier than the date of maturity. The profit will probably be often called the “sum assured on death” and also will embrace accrued guaranteed additions.
Guaranteed additions:
The guaranteed additions shall accrue on the finish of every coverage yr, all through the coverage time period and will probably be primarily based on the choice chosen, primary sum assured and the coverage time period.
How can premiums be paid?
Premiums will be paid by way of single (lump sum) fee mode solely. To get extra particulars in regards to the coverage, see the official brochure of LIC by clicking on this hyperlink https://licindia.in/Products/Insurance-Plan/LIC-s-Dhan-Varsha-(Plan-No-866,-UIN-No-512N349V01).
Can the coverage be surrendered?
The policyholder can give up the coverage at any time through the coverage time period. LIC has acknowledged that on give up of the coverage, the company goes to pay the give up worth “equal to higher of guaranteed surrender value and special surrender value.”
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