Life Insurance Corporation of India (LIC) is the largest and oldest company in the Indian insurance sector, known for offering a range of policies to suit the diverse needs of customers. Recently, LIC Chairman MR Kumar announced that the company will soon be discontinuing one of its special policies, the LIC Dhan Varsha Scheme. The policy will be available until March 31, 2023, after which it will end. In this article, we will delve into the details of the scheme and its features.
Overview of LIC Dhan Varsha Scheme
The LIC Dhan Varsha Scheme is a non-linked, individual, saving, and single premium insurance plan that provides both savings and security. The scheme offers a death benefit in case of the policyholder's untimely death. The plan also eliminates the need to deposit premiums repeatedly. There are two investment options available in this scheme.
Investment options
Under the LIC Dhan Varsha Scheme, investors can choose from two options. The first option provides a return of up to 1.25 times the premium amount, with the nominee receiving Rs. 12.5 lakh as a death benefit on a single premium deposit of Rs. 10 lakh. In the second option, investors receive a return of up to ten times the premium amount. With a single premium deposit of Rs. 10 lakh, investors can get a return of Rs. 1 crore on death.
Returns on maturity
In case the policyholder survives till the completion of the plan, they receive the benefit of Guaranteed Additions, along with the Basic Sum Assured. These guaranteed returns are deposited in the policy at the end of every year and are available to the policyholder on maturity.
Special features of the policy
The LIC Dhan Varsha Scheme can be purchased for ten or fifteen years. The policy can be bought through both online and offline modes, and the minimum age requirement to purchase the policy is three years, with a maximum age of 60 years for a term of 15 years. For a term of ten years, the minimum age is eight years, with a maximum age of 40 years.
