LIC unveils New Dhan Varsha Life Insurance Plan: Life Insurance Corporation of India Limited (LIC) has launched new Dhan Varsha life insurance plan with effect from October 17.  Notably, this is a non-linked, non-participating, individual, savings, and single premium life insurance plan.

The plan brings a combination of protection and savings by providing financial assistance for the family in case of the death of the life assured during the policy term. The plan also provides a guaranteed lumpsum amount on the date of maturity for the surviving life assured.

The plan is close ended and is available for sale up to March 31, 2023. The proposer can select the term either for 10 years or 15 years. The minimum age of entry for the 10 & 15 year term is 8 years and 3 years respectively. The maximum age at entry varies from 35 to 60 years depending on the term and option of sum assured on the event of death.

The minimum basic sum assured is Rs.1,25,000 and there is no limit for maximum basic sum assured. The insured can apply for a loan if certain conditions are met. Guaranteed additions shall accrue at the end of each policy year, all through the policy term. The guaranteed additions will depend upon the option availed, basic sum assured and the policy term.

Death benefit is also payable, on the death of the life assured during the policy term after the date of bengening of risk but before the date of maturity, shall be “Sum Assured on Death” along with accrued Guaranteed Additions.

IN terms of Maturity Benefit, on Life Assured surviving the stipulated Date of Maturity, “Basic Sum Assured” together with accrued Guaranteed Additions shall  also be payable.

A Guaranteed Additions shall accrue at the end of each policy year, all through the policy term and shall depend on the Option selected, Basic Sum Assured and the Policy Term.

The minimum age for a 15-year policy is  three years while for the Ten-year policy term, the minimum age is 8 years.

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