The Life Insurance Company (LIC) has come up with a new plan named Dhan Sanchay. It is considered a non-participating and unrelated individual savings life insurance plan. The plan includes both the protection and savings of an individual and allocates financial assistance to a family. It also ensures a guaranteed income stream from the maturity date to the end of it.
The unfortunate death of a person is covered by the duration of the policy which includes financial assistance for the family. The policy is available online and offline. The entry age is three years and depends on the selected policy term.
The scheme also includes a guaranteed income benefit (GIB) according to the payment period from the due date and the guaranteed terminal payable with the last payment of the guaranteed income benefit.
LIC DHAN SANCHAY POLICY: ADVANTAGES
Benefits are available in two stages: regular/limited payment and single premium payment for a period of 5 to 15 years.
Under regular or limited premium, there are two options:
- Option A: Level Income Benefit
- Option B: increase in the income benefit.
In the case of a single premium payment, he has two options.
- Option C is the income benefit at the single premium level.
- Option D is the single premium plus the level income benefit.
The Direct Income Benefit is provided during the payment period from the Maturity Date and the Guaranteed Terminal Benefit is payable with the final Guaranteed Income Benefit payment.
LIC DHAN SANCHAY POLICY: ELIGIBILITY
And the maximum entry age for options A and B is around 50 years old. With 65 for option C and 40 for option D.
The minimum mature age is considered to be 18. For options A and B their mature age is 65 and for C it is 80 and for D it is 55.
LIC DHAN SANCHAY POLICY: DEATH BENEFIT
The insurer will cover the death benefit in a lump sum.
Policyholders can carry the death benefit in installments for a period of five years depending on the options chosen.
LIC DHAN SANCHAY POLICY: MATURITY BENEFIT
The maturity takes effect from the guaranteed income benefit and the guaranteed terminal benefit.
The plan involves the financial support of the family in the event of an unfortunate death of a person.
LIC DHAN SANCHAY POLICY: LOAN OPTION
Loan facility is also provided and consists of loan facility to link liquidity requirements.
There is also an availability of optional riders which have a plan for a fee subject to certain limitations.
An in-force, paid-up policy has a settlement option to obtain death benefits in installments over a 5-year period, rather than a single payment.
During the payment period, the policyholder must have a loan facility.
The maximum loans to be provided are as follows:
- Option A & Option B: – For in-force policies: up to 90% of cash surrender value.
- For paid-up policies: up to 80% of cash surrender value.
- Option C & Option D: up to 75% of cash surrender value.
LIC DHAN SANCHAY POLICY: POLICY TERM
Options A and B have policy terms of 10 years and 15 years respectively.
In the case of options C and D, this will continue for 5, 10 and 15 consecutive years.
LIC DHAN SANCHAY POLICY: PREMIUMS
The minimum amount for options A and B will be Rs 30,000 and options C and D will be Rs 2,00,000.
There is no limit to the maximum bonus.