Mumbai: Life Insurance Corporation of India (LIC) introduced a new plan called “Dhan Sanchay “with effect from June 14, 2022.
It is an Individual Savings Life Insurance Plan that is non-linked, non-participating, and provides both protection and savings. It provides Guaranteed Income Benefit from the date of Maturity to the end of the Payout Period, as well as Guaranteed Terminal Benefit payable with the last GIB installment.
The plan is offered for a minimum of five years and a maximum of fifteen years. As per the customer's preference, the plan offers Level Income Benefit, Increasing Income Benefit, Single Premium Level Income Benefit, and Single Premium enhanced cover with Level Income Benefit. Guaranteed Income Benefit and Guaranteed Terminal Benefit will be paid as part of the maturity benefit.
The plan provides financial assistance to the family in case of the Life Assured's untimely death within the policy's term after the risk begins. The Death Benefit will be paid in a lump sum or in installments over a 5-year period, according on the Policyholder's/Life Assured's preference. The strategy also includes a lending facility to meet liquidity requirements. Optional riders are available under this plan for a fee, subject to certain criteria. Under an in-force and paid-up policy, a settlement option is available to receive death benefits in payments over a 5-year period instead of lump sum under an inforce as well as paid up policy.
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