LIC's latest offering, the LIC Dhan Vriddhi scheme, has become the talk of the town due to its numerous advantages for investors seeking a single premium policy.
This plan comes with a policy term of 10 years and falls under the category of a close-ended plan. Investors have the flexibility to invest in this scheme for a period of 10 to 18 years. The window to avail this attractive plan is open from June 23 to September 30, so those interested in making a smart investment should act quickly.
The LIC Dhan Vriddhi scheme is a non-linked, non-participating individual savings plan, designed to offer a combination of savings and protection during the policy term.
According to the official Life Insurance of India website, this policy provides an additional guarantee of up to Rs 75 per Rs 1000 sum assured. Additionally, investors can enjoy tax exemption under section 80-C, making it even more appealing. Eligible policyholders can claim a discount of up to Rs 1.5 lakh through this tax benefit.
In the unfortunate event of the policyholder's death, LIC offers two options for the beneficiaries. The first option grants the policyholder 1.25 times the sum assured, while the second option provides 10 times the sum assured.
The LIC Dhan Vriddhi Scheme is available to individuals between 90 days to 8 years of age or between 32 to 60 years of age. Furthermore, investors can avail of a loan facility after 3 months of the policy's issuance.
Upon maturity or death, the policyholder can choose a settlement option that provides monthly, quarterly, half-yearly, or yearly intervals for five years under the money growth scheme. For those seeking longer-term wealth growth, plans are available for 10, 15, or 18 years.
One of the standout features of this scheme is its surrender option, allowing the policyholder to exit the policy at any time during the policy term. Upon policy maturity, the insured receives a lump sum amount along with the guaranteed benefits.
The LIC Dhan Vriddhi Scheme is an excellent opportunity for investors to secure their financial future with a single premium policy offering a perfect blend of savings and protection.
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