Excelsior Correspondent
JAMMU, June 27: Life Insurance Corporation (LIC) of India has introduced a new closed ended plan ‘Dhan Vriddhi’, which will be available for sale from 23-06-2023 to 30-09-2023. The Unique Identification Number (UIN) for LIC’s Dhan Vriddhi plan is 512N362V01.
‘Dhan Vriddhi’ is LIC’s non-linked, non-participating, individual, savings, single premium life insurance plan that provides a combination of protection and savings. The plan provides financial support to the family in the event of the unfortunate death of the life assured during the policy term. It also guarantees a lump sum amount to the life assured on the date of maturity.
The proposer will have two options to choose from where the “Sum Assured on Death” can be 1.25 times (Option 1) or 10 times (Option 2) the tabulated premium for the chosen Basic Sum Assured subject to certain eligibility conditions. The plan is available for a term of 10, 15 or 18 years.
The minimum age at entry varies from 90 days to 8 years depending on the term selected while the maximum age at entry varies from 32 years to 60 years depending upon the term and option selected. One can opt to choose a minimum basic sum assured of Rs 1,25,000 and higher amounts in multiples of Rs 5000.
On death of the Life Assured during the policy term after the date of commencement of risk but before the stipulated date of maturity, the “Sum Assured on Death” plus accrued Guaranteed Additions shall be payable.
On survival of the Life Assured till the stipulated date of maturity, along with the “Basic Sum Assured” earned Guaranteed Additions will be payable. Guaranteed Additions will accrue at the end of each policy year throughout the policy term.
Depending on the option chosen, Basic Sum Assured and policy term, the Guaranteed Additions are Rs 60 to Rs 75 (Option 1) and Rs 25 to Rs 40 (Option 2) per Rs 1000 of Basic Sum Assured. Guaranteed Additions are higher for higher Sum Assured.
Policyholders have the option to enhance their base life insurance policy by adding riders such as accidental death and disability benefit riders, as well as new term assurance riders.
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