LIC Dhan Vriddhi: LIC launches single-premium Dhan Vridhhi (plan no. 869) with guaranteed return; available till September 30, 2023

The Life Insurance Corporation of India (LIC) has launched a new insurance plan — Dhan Vriddhi on June 23, 2023. It is a non-linked, non-participating, individual, savings, single premium life insurance plan which offers a combination of protection and savings, the insurer mentioned in a press release. LIC Dhan Vriddhi plan provides financial support for the family in case of unfortunate death of the life assured during the policy term. It also provides a guaranteed lump sum amount on the date of maturity to the life assured.

LIC Dhan Vriddhi plan features

Under the LIC Dhan Vriddhi plan, the customers will have two options to choose where ‘sum assured on death’ can either be 1.25 times (option 1) or 10 times (option 2) the tabular premium for the chosen basic sum assured subject to certain eligibility conditions, LIC said. LIC Dhan Vriddhi policy term
LIC Dhan Vriddhi plan will be available for 10, 15, or 18 years of the term. The minimum entry age will vary from 90 days to 8 years depending on the term selected. The maximum entry age will vary from 32 years to 60 years depending on the term and option selected by the users.

LIC Dhan Vriddhi plan basic sum assured, guaranteed return

Under the LIC Dhan Vriddhi plan, the minimum basic sum assured will be Rs 1,25,000. The users can further opt for more sum assured in multiples of Rs 5,000. On the death of the life assured, during the policy term after the date of commencement of risk but before the stipulated date of maturity the amount payable will be “sum assured on death” along with accrued guaranteed additions is payable, the insurer said. On the life assured surviving the stipulated date of maturity, he or she will get the basic sum assured along with accrued guaranteed additions.The guaranteed additions will accrue at the end of each policy year, throughout the policy term. It ranges from Rs 60 to Rs 75 under option 1 and Rs 25 to Rs 40 under option 2 per Rs 1,000 basic sum assured depending on the option chosen, the basic sum assured, and the policy term.

LIC Dhan Vriddhi plan riders

LIC’s accidental death and disability benefit rider and LIC’s new term assurance rider are available if opted for. A settlement option is available on maturity/death to avail the claim in monthly/quarterly/half-yearly/yearly intervals for five years. The plan offers liquidity through a loan facility which is available anytime after three months from completion of the policy.

LIC Dhan Vriddhi plan: How to buy
LIC Dhan Vriddhi plan can be purchased offline through the agent/other intermediaries including point of sales persons-life insurance (POSP-LI)/common public service centers (CPSC-SPV) as well as online directly through the website subject to terms and conditions.

LIC Dhan Vriddhi plan will be available for sale from June 23, 2023 to September 30, 2023. As it is a single premium plan there is no future premium obligation and no lapsation.

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