LIC Dhan Varsha 866 Plan: Life Insurance Corporation of India (LIC) has come up with a new scheme ‘LIC Dhan Varsha’. The premium policy not only provides financial support to the insured’s family in case of tragic death but also allows almost double payout in case of survival.
LIC’s Dhan Varsha Policy is a non-participating, individual, savings, single premium life insurance policy that offers protection as well as savings.
The benefits of the policy
Death Benefit: In this, death benefit is available till the date of taking the policy and before maturity. Or the family will get the sum assured on the tragic death of the insured person.
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Maturity Benefit: Apart from this, Basic Sum Assured with guaranteed additions will be available on maturity.
Guaranteed Additions: Guaranteed Additions will continue to accrue every year during the policy term. It will depend on the option chosen, Basic Sum Assured and Policy Term.
Breaking down the policy for you
Option 1: Selecting this option will get Sum Assured at 1.25 times the premium deposited. It means someone has paid 10 lakh single premium and dies, then the nominee will get 12.5 lakhs along with the guaranteed addition bonus.
Second option: If you choose the second option in this plan, you will get 10 times the risk cover of the premium deposited. That is, 10 times cash support will be available in the event of death. That is, if 10 lakh single premium was paid, his nominee would get Rs 1 crore with guaranteed bonus.
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Which term should you buy?
In both the options in LIC Dhan Varsha policy, if you opt for a term of 15 years, then the minimum age to take the policy will be 3 years. If you opt for a term of 10 years then the minimum age will be 8 years.
If you decide to go with the first option then the maximum age to take the policy will be 60 years and in case you are taking 10 times risk cover then you will be able to join this plan only till the age of 40 with a term of 10 years. In the second option, if you take a term of 15 years, then the maximum age will be 35 years.
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