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Insurance
23-Jun-23
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LIC launches its new single premium guaranteed endowment policy ‘Dhan Vriddhi'
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The Life Insurance Corporation of India (LIC) has announced the launch of its new insurance plan - Dhan Vriddhi – It is a Non-Linked, Non-Participating, Individual, Savings, single premium Life Insurance Plan.
This plan provides financial support for the family in case of unfortunate death of the life assured during the policy term. It also provides a guaranteed lump sum amount on the date of maturity to the life assured.
The customers will have two options to choose, between sum assured options of 1.25 times (option 1) or 10 times (option 2) the tabular premium for the chosen basic sum assured subject to certain eligibility conditions.
The minimum age at entry is between 90 days and 8 years, while the upper limit varies from 32 years to 60 years.
The single premium policy comes with 10, 15 or 18 years of policy term.
Under this 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 life 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, along with accrued guaranteed additions. In case of death mid-term, the sum assured amount, along with guaranteed additions, will be handed over to the nominees.
The guaranteed additions will accrue at the end of each policy year, throughout the policy term. These can range from Rs 60 to Rs 75 under option 1 and Rs 25 to Rs 40 under option 2 per Rs 1,000 of the basic sum assured. The quantum of guaranteed additions will depend on the option chosen, basic sum assured and the policy term.
Policyholders can also choose to add accidental death and disability benefit rider and New Term Assurance rider to the base life insurance policy. It can be purchased through the online route as well as through agents/other intermediaries.
At maturity or death, the beneficiary will have the option to choose disbursal of the claim amount in monthly, quarterly, half-yearly and annual intervals for five years.
The plan offers liquidity through a loan facility which is available anytime after three months from completion of the policy.
This policy will remain open for purchase until September 30, 2023.
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