Life Insurance Corporation of India (LIC) announced a new plan on Tuesday, effective from the same date. It is a non-linked, non-participating, individual, savings life insurance plan that offers a combination of protection and savings.
The corporation stated that the plan provides guaranteed income benefit during the payout period from the date of maturity, and guaranteed terminal benefit payable with the last instalment of GIB.
The Dhan Sanchay plan is available for a term of minimum 5 years to maximum 15 years. It provides level income benefit, increasing income benefit, single premium level income benefit and single benefit.
The maturity benefits will be payable in the form of guaranteed income benefit and guaranteed terminal benefit. In case of an unfortunate death of the policyholder, the plan will provide financial support to the family during the term of the policy after the commencement of the policy. The death benefits will be paid in a lump sum and/or in instalments over a period of 5 years, as opted by the policyholder.
The plan takes care of liquidity through loan facilities. Optional riders are available with additional payment.
The minimum sum assured for the plan for Options A & B is Rs 3,30,000, Option C is Rs 2,50,000, and Option D is Rs 22,00,000. There is no limit for maximum premium. The minimum age at entry is 3 years, depending on the chosen option.
The Dhan Sanchay plan can be purchased offline through agents, as well as online.
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