What is LIC Dhan Varsha?
LIC Dhan Varsha is a Non-Linked, Non-Participating, Individual, Savings, Single Premium Life Insurance plan that combines protection and savings.
In the terrible event that the life assured passes away during the policy term, this plan offers cash assistance to the family. Additionally, it guarantees a lump sum payment for the remaining insured life on the maturity date.
According to the LIC tweet, “Last few days left for this limited plan ‘Dhan Varsha’. Plan available for purchase up to 31st March 2023. To purchase, visit www.https://licindia.in/Home/buypoliciesonline#… or contact your nearest LIC Branch Office or LIC Agent today. “
Last few days left for this limited plan ‘Dhan Varsha’. Plan available for purchase up to 31st March 2023. To purch… https://t.co/i0MksXemLk
— LIC India Forever (@LICIndiaForever) 1679977786000
How to buy
This plan can be purchased through online channel directly through website www.licindia.in.
Step 1: Login to LIC’s website https://www.licindia.in/ and click “BUY POLICY ONLINE”
Step 2: Select “Dhan Varsha plan ” and click on “CLICK TO BUY ONLINE”
Step 3: Fill contact details i.e. Name, Date of birth, mobile no, email ID and nearest City to create access id and OTP.
Step 4: Enter captcha and submit. You will receive a 9 digit access id and OTP on your mobile no and email.
Step 5: Enter OTP and proceed further.
> Give sum assured and term to calculate premium, click in radio button yes and proceed for filling the form.
Step 6: After successful submission of proposal, confirm the details and proceed for payment.
Step 7: Upload all required documents. Link will be shared to you. Non-medical cases will completed based on submitted documents.
Step 8: You have to do your self-video verification online.
The sum assured on death and accrued guaranteed additions will be paid as the death benefit in the event that the Life Assured passes away within the policy term following the date on which the risk first became apparent but prior to the specified date of maturity.
The basic amount assured as well as accrued guaranteed additions will be paid upon the Life Assured surviving the specified date of maturity.
The Policyholder will have the choice to receive the Maturity Benefit in installments (Settlement Option) or in the lump sum.
Guaranteed additions will accrue at the end of each policy year, throughout the policy term. The guaranteed additions will depend on the Option Chosen, Basic Sum Assured and the Policy Term and shall be as under:
In the event of death, the guaranteed additions for the policy year in which the death occurred will be payable. According to LIC Dhan Varsha policy brochure, “In case of surrender of a policy, the accrued Guaranteed Additions shall also include the Guaranteed Additions on proportionate basis in proportion to the completed months for the Policy Year in which the policy is surrendered.”
Settlement Option for maturity benefit
The settlement option allows you to choose to receive your maturity benefit over the course of five years in equal payments rather than all at once. The Policyholder can take this option for all or a portion of the maturity profits payable under the policy while the Life Assured is still a minor or until the Life Assured is 18 years of age or older.
The policyholder may select a sum in either absolute value or as a percentage of the entire claim proceeds payable (i.e., Net Claim Amount).
The instalments must be paid in advance at intervals of annually, half-yearly, quarterly, or monthly, as chosen, with the minimum instalment amount for each form of payment being as specified.
Option to take death Benefit in instalment
Instead of getting the death benefit all at once, you can choose to get it in five-year installments. The policyholder can exercise this option while the life assured is a minor or, if the life assured is 18 years of age or older, throughout the life assured’s lifetime, for all or a portion of the death benefits payable under the Policy.