The LIC Dhan Sanchay policy is a wealth accumulation plan offered by the Life Insurance Corporation of India (LIC), the largest and oldest insurance company in the country. This Non-Linked, Participating, Individual, Saving Plan Life Insurance policy offers a guaranteed income benefit to investors during the policy term before maturity.
The policy is available for a term of 5 to 15 years and offers loan facilities to the policyholder. The policyholder's family is also eligible for death benefit in case of the policyholder's death during the policy term.
Some benefits of the LIC Dhan Sanchay policy includes: Death benefit options include lump sum or 5-year instalments, maturity benefit includes Guaranteed Income and Terminal Benefit. Nominee continues to receive income if policyholder passes during payout period.
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This policy offers four investment options, namely A, B, C, and D. In options A and B, the sum assured is at least Rs 3,30,000, in option C, it is Rs 2,50,000, and in option D, it is Rs 22,00,000. The minimum age to invest in this policy is 3 years, and the maximum age limit varies according to the option, with A and B having a maximum age limit of 50 years, C having a limit of 65 years, and D having a limit of 40 years.
Investors can choose a policy term of 5, 10, or 15 years and will receive returns for the same number of years. The minimum premium for this policy is Rs 30,000 annually. In case of the policyholder's death, the minimum death benefit is Rs 2.50 lakh and the maximum is Rs 22 lakh.
