LIC Dhan Sanchay Policy: The Life Insurance Corporation, or LIC, of India is one of the go-to options for Indians when it comes to buy insurance policies. The LIC, has for this reason, curated specific plans for a specific group of individuals. The corporation, backed by the government has an array of insurance plans for people of almost all ages and categories. LIC policies are loved among Indians who like investing in risk-free assets, and after bank FDs and post office savings schemes these LIC policies are a favourite among them due to is comparatively high returns. To make the lives of the family of the policyholder after his or her death easier, the LIC has recently launched its Dhan Sanchay Policy.
LIC Dhan Sanchay Policy: What is It?
The LIC Dhan Sanchay policy is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance Plan which offers a combination of protection and savings. This plan provides financial support to the family in case of unfortunate death of the life assured during the policy term. It also provides guaranteed income stream during the Payout Period from the date of maturity.
The LIC Dhan Sanchay policy gives guaranteed income benefit during the pay-out period from the date of maturity and guaranteed terminal benefit.
Annualized Premium shall be the premium amount payable in a year chosen
by the policyholder excluding the taxes, rider premiums, underwriting extra
premiums and loadings for modal premiums, if any. Single Premium shall be the premium amount chosen by the policyholder excluding the taxes, rider premiums, underwriting extra premiums, if any. You can choose the Annualized Premium / Single Premium in multiples of `Rs 1,000
LIC Dhan Sanchay Policy Benefits
The LIC Dhan Sanchay policy provides four options of benefits depending on regular or annualised premium payments. Check them out below:
– In case of Regular/ Limited premium payment:
Option A: Level Income Benefit
Option B: Increasing Income Benefit
– In case of Single premium payment:
Option C: Single Premium Level Income Benefit
Option D: Single Premium enhanced cover with Level Income Benefit
LIC Dhan Sanchay Policy: Minimum Sum Assured
In cases of Options A and B, the minimum sum assured on death of the policyholder under the LIC Dhan Sanchay Policy is Rs `3.30 lakh, while for Option C, it is Rs 2.50 lakh. For option D, which is the Single Premium enhanced cover with Level Income Benefit, the minimum sum assured on death is as much as Rs 22 lakh. “Death benefit payable on death of Life Assured during the policy term after the date of commencement of risk but before the stipulated date of maturity shall be Sum Assured on Death,” said the LIC in its policy document.
The LIC Dhan Sanchay plan can be purchased Offline through agents/other intermediaries including Point of Sales Persons-Life Insurance (POSP-LI)/Common Public Service Centers (CPSC-SPV) as well as Online directly through website www.licindia.in.
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