LIC Dhan Varsha: Invest Rs 1597 PD for 10 years and get returns of up to Rs 93,49,500 at maturity

The LIC Dhan Varsha Policy is a unique offering from Life Insurance Corporation of India that combines the benefits of a life insurance policy with long-term savings. It offers policyholders a chance to secure their future and their family’s financial stability by paying a single lump sum premium amount. The policy comes with guaranteed additions made by LIC every year, which significantly increases the final payouts on death or maturity.

Benefits of LIC Dhan Varsha:

Death benefits: In the event of the life assured's death during the policy term, the nominee will receive the Sum Assured on Death along with the accumulated guaranteed additions. The Sum Assured on Death can be chosen as 1.25 times the premium amount charged against the basic sum assured or 10 times the premium amount charged against the basic sum assured.

Maturity benefits: On outliving the policy term, the policyholder will receive the Basic Sum Assured along with the accumulated guaranteed additions as the maturity benefit.

Guaranteed additions: A certain amount will accumulate at the end of each policy year and be added to the maturity or death benefit, depending on the option and policy term chosen. The rate of guaranteed addition per Rs. 1000 of the Basic Sum Assured varies based on the policy term and option chosen.

Tax benefits: The policyholder can avail tax benefits under Section 80C and Section 10(10D) of the Income Tax Act.

Example:

Suppose a 35-year-old person purchases a policy with a Basic Sum Assured of Rs 10 Lakhs, policy term of 15 years, and policy option 2. The single premium payable (excluding taxes) would be Rs 8,74,950. The rate of Guaranteed Addition is Rs 40 per Rs 1000 Basic Sum Assured.

In this case, if the policyholder dies in the 10th policy year, the nominee will receive Rs. 91,49,500 (Rs. 87,49,500 + Rs. 4,00,000). If the policyholder dies in the 15th policy year, the nominee will receive Rs. 93,49,500 (Rs. 87,49,500 + Rs. 6,00,000). If the policyholder survives the policy term, he/she will receive Rs. 16,00,000 (Rs. 10,00,000 + Rs. 6,00,000).

How to apply:

 One can buy the LIC Dhan Varsha Policy by paying a single premium through various modes of payment like cash, cheque, demand draft, or online through the LIC portal.

Who can apply:

The eligibility criteria for the LIC Dhan Varsha Policy include the following parameters:

Minimum entry age:

8 years

Maximum entry age:

Option 1 (for policy term of 10 years) - 60 years, Option 2 (for policy term of 10 years) - 40 years, Option 1 (for policy term of 15 years) - 55 years, Option 2 (for policy term of 15 years) - 35 years

Policy term:

10 years or 15 years

Basic sum assured:

Rs. 1,25,000 to Rs. 99,00,000

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