Last Update: February 14, 2023, 16:48 IST
If the policyholder dies during the term of the policy, the nominee receives the Sum Assured as well as the accumulated Guaranteed Additional Sum Assured.
If the policyholder dies during the term of the policy, the nominee will receive the Sum Assured as well as the accumulated Guaranteed Additional Sum Assured.
life insurance corporation India Is offering a special policy which combines the features of an insurance policy with long term savings. By paying a lump sum premium, policyholders secure their financial future and that of their family. Every year, LIC is responsible for the guaranteed contribution that the subscribers receive on death or maturity, depending on the preference. These additional benefits made by LIC add up to the ultimate benefit offered to the policyholder.
death benefit: If the policyholder dies during the term of the policy, the nominee receives the Sum Assured as well as the accumulated Guaranteed Additional Sum Assured. Basic Sum Assured can be chosen as the Sum Assured on Death. It can be either 1.25 times the premium amount taken against it, or 10 times the premium amount taken against it.
benefits of maturity: If a policyholder survives the policy term, he/she will receive the Basic Sum Assured and the accumulated Guaranteed Additional Sum Assured as Maturity Benefit.
additional guarantee: Depending on the option selected and the policy term, a specific amount will accrue at the end of each policy year and will be added to the maturity or death benefit. Depending on the term of insurance and the choice selected, the rate of guaranteed increase per Rs. 1000 of the Basic Sum Assured varies.
tax benefitsSection 80C and Section 10(10D) of the Income Tax Act allow the policyholder to avail tax benefits. Now let us understand LIC Dhan Varsha with the help of an example-
Let us imagine that a 35 year old person buys a policy with a principal amount of Rs. 10 lakhs, policy term of 15 years, and policy option 2. The total amount payable for a single premium (excluding taxes) is Rs. 8,74,950. For every Rs. 1000 in the basic sum assured, with a guaranteed additional rate of Rs.
In this example, the nominee gets Rs. 91,49,500 (Rs. 87,49,500 + Rs. 4,00,000) if the policyholder dies in the 10th policy year. The nominee will get Rs 93,49,500 (Rs 87,49,500 + Rs 6,00,000) if the policyholder dies in the 15th policy year. The policyholder will receive Rs. 16,00,000 (Rs. 10,00,000 + Rs. 6,00,000) if he completes the policy term.
how to apply?
LIC Dhan Varsha policy can be purchased by paying a single premium using various payment methods including cash, check demand draft, or online through the LIC portal. Here are the eligibility criteria:-
Minimum Age: 8 Years
Maximum Age: Option 1 (for 10-year policy term, 60 years), Option 2 (for 10-year policy term, 40 years), Option 3 (for 15-year policy term, 55 years) , and Option 4 (for a policy term of 15 years, 35 years).
Policy term for LIC Dhan Varsha: 10-15 years
The Basic Sum Assured ranges between Rs. 1,25,000 and Rs. 99,00
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