LIC Introduces 'Dhan Vriddhi' Plan: Check Eligibility, Policy Terms, and Other Details

Life Insurance Corporation of India (LIC), the country's largest insurance provider, has launched a new savings and investment plan called 'Dhan Vriddhi.' This comprehensive plan offers individuals an opportunity to secure their financial future by combining insurance coverage with attractive investment options.

In a recent regulatory filing, the insurer stated that this individual savings plan, which is non-linked and non-participating, is specifically designed to cater to the domestic market.

The primary objective of this plan is to offer financial assistance to the family in the event of the life assured's untimely demise within the policy term. Additionally, it ensures that the life assured receives a guaranteed lump sum amount upon maturity. Notably, as a single premium plan, there is no requirement for future premium payments, eliminating the risk of policy lapsation.

What is the LIC Dhan Vriddhi Plan?

The LIC Dhan Vriddhi Plan is an endowment insurance policy with deposits that offers guaranteed returns for a single premium paid at the beginning of the term.

It is a single premium Non-Linked, Non-Participating, Individual Savings, Life Insurance policy that provides protection and savings during the policy period. The Dhan Vriddhi policy guarantees a guaranteed addition of up to Rs. 75 for every Rs. 1,000 of the money assured.

The policyholder receives the returns at the conclusion of the policy term or to the nominee in the event of the policyholder's death under this plan, which requires a lump sum amount of premium payment in the beginning of the policy.

Benefits-

Maturity Benefit:

"Basic Sum Assured" and accumulated Guaranteed Bonus" Additions will be payable if the policy bearer lives to the date of maturity.

Death Benefit-

Following Risk Initiation:

The Policy's Nominee will receive the death benefit if the Insured passes away within the Policy Term following the Initiation of the Risk.

Before Commencement of Risk:

If the Insured passes away during the Policy Term prior to the start of Risk, the Single Premium that he paid, excluding taxes and any additional premium, will be handed to the Policy's Nominee without interest.

Eligibility

The entry age for the plan ranges from 90 days to 8 years, depending on the chosen policy term.
On the other hand, the maximum entry age varies from 32 years to 60 years, depending on the selected term and policy option.

LIC has set the minimum basic sum assured at Rs 1.25 lakh, with the option to increase it in multiples of Rs 5,000.

Loan facility

The plan provides liquidity through a borrowing facility that is available at any moment following the policy's completion for three months.

How to purchase a plan?

This policy may be acquired offline through representatives or other middlemen, such as Point of Sales Persons-Life Insurance (POSP-LI) or Common Public Service Centers-SPV, or online through the website www.licindia.in. according to terms and conditions, according to LIC.