LIC Dhan Varsha Plan: India's largest insurance provider is the Life Insurance Corporation of India. A brand-new insurance plan was recently introduced by LIC. The name of the policy is LIC Dhan Varsha Plan. This insurance policy is unique as it offers a return that can be up to 10 times the amount of premiums paid. A single premium deposit is required from the investor for this policy. The trouble of making repeated premium deposits is eliminated in this circumstance. Also, the Sum Assured is up to 10 times.
Dhan Varsha Plan: What is it?
The Dhan Varsha plan from LIC is a non-participating, personal insurance plan with a single premium that promotes saving. This LIC policy is only available offline. If a policyholder passes away before maturity, his family will be able to benefit from the death benefit. This death benefit is equal to two times the sum assured.
There are 2 options in the Dhan Varsha plan:
First option: The Dhan Varsha plan's first option offers a return of up to 1.25 times the invested premium. If you pay a single premium of Rs. 10 lakh in such a scenario, the investor's family will receive a guaranteed bonus of Rs. 12.5 lakh as a sum assured in the case they pass away before maturity.
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Second option: On the other hand, investors receive a risk cover of up to 10 times under the Dhan Rekha plan's second option. A refund of up to 10 times is given in this case if the person dies after purchasing the insurance coverage. People who invest Rs. 10 lakh, in this case, are guaranteed to receive a bonus of Rs. 1 crore. You can select any option in this case based on your needs and risk.
Know other details about the Dhan Varsha Plan:
1. This insurance can only be purchased offline.
2. You can purchase it for either 10 or 15 years.
3. The minimum age to purchase insurance coverage is 3 years if you choose a 15-year term. At the same time, 10-year insurance requires a minimum age of 8 years.
4. The first option's maximum age for purchasing insurance is 60 years old, while the maximum age for a policy with 10 times the risk is 40 years.
5. 15-year coverage with a 10 times return can only be purchased at age 35.
6. You will have the option to return both the loan and the insurance under this policy.
7. In addition, the nominee may choose to receive the money in instalments.
