LIC Dhan Varsha Plan: Up to 10x returns possible on paying Rs 10 lakh as single premium, here’s how

LIC Dhan Varsha Plan: The Dhan Varsha Plan from India's insurance behemoth Life Insurance Corporation (LIC) is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance plan that provides both protection and savings. This plan provides financial assistance to the family in the event of the untimely death of the life assured during the policy term. It also offers a guaranteed lump sum amount on the maturity date for the surviving.

It can provide a return of up to 10 times the amount of premiums paid. If you select one of the two options offered by the LIC and begin at a young age, you can pay a single premium of Rs 10 lakh and receive millions of rupees with the LIC Dhan Varsha 866 Plan. Additionally, you will be able to maintain a cushion for your nominee's finances in the unfortunate event of your death.

Details about two options:

Option 1: 1.25 times of Tabular Premium for the chosen Basic Sum Assured- If someone chooses the first option, the Sum Assured will be 1.25 times the premium deposited. It means that if someone pays a single premium of Rs 10 lakh and dies, the nominee will receive Rs 12.5 lakh in addition to the guaranteed addition bonus.

Option 2: The customer will receive 10 times the risk cover of the premium deposited if they choose the second option. If, for instance, a customer had paid a single premium of Rs 10 lakh, his nominee would receive Rs 1 crore with a guaranteed bonus in the event of an untimely death.

Check eligibility for Dhan Varsha Plan:

• This insurance is only available for purchase online and offline both. For offline, you can approach an agent/other intermediaries including Point of Sales Persons-Life Insurance (POSP-LI) / Common Public Service Centers (CPSC-SPV) and buy it, while for online, you can buy directly through website www.licindia.in.
• You can choose to buy it for 10 or 15 years.
• If you select a 15-year term, the legal age to buy insurance is 3 years old. The minimum age requirement for 10-year insurance is 8 years old.
• The maximum age for purchasing insurance under the first option is 60 years old, whereas the maximum age for a policy with ten times the risk is 40 years.
• Only after you attain the age of 35, you are eligible to buy a 15-year policy with a 10 per cent return.
• Under this policy, you will have the option of returning both the loan and the insurance.
• Furthermore, the nominee has the option of receiving the funds in installments.