LIC Dhan Rekha: This plan also takes care of liquidity needs through loan facilities.
LIC is the largest insurance company in India. LIC offers various insurance policies to cater to different needs and requirements of individuals, including term insurance, endowment plans, money-back policies, whole life plans, and unit-linked insurance plans (ULIPs). It also provides specialised plans such as child plans, retirement plans, and group insurance schemes. Today, this article brings to you details about LIC’s Dhan Rekha policy.
LIC Dhan Rekha is a non-linked, non-participating, individual, savings, life insurance plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder during the policy term.
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Periodic payments can also be made on survival of the policyholder at specified durations during the policy term and guaranteed lump sum payments to the surviving policyholder at the time of maturity. This plan also takes care of liquidity needs through loan facilities.
It must be noted that investors should read all the scheme related document from the official website of LIC and seek expert advice for a clear and complete understanding of the policy.
LIC’s Dhan Rekha is available with payment of Single Premium and Limited Premium Payment terms of 10 years, 15 years and 20 years. Along with this, special premium rates have been fixed for women in this policy. If these policies are taken in the name of women, then the premium rates are less.
Under this plan, Survival Benefit as a percentage of Basic Sum Assured is payable during the Policy Term at regular intervals starting from the middle of the Policy Term.
Death Benefit
- Death Benefit payable on death during the policy term after the date of commencement of risk will be “Sum Assured on Death” along with Accrued Guaranteed Additions; where
–For Single Premium, “Sum Assured on Death” is defined as 125% of Basic Sum Assured.
–For Limited Premium, “Sum Assured on Death” is defined as the higher of 125% of Basic Sum Assured or 7 times of annualised premium
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This death benefit under Limited Premium shall not be less than 105% of all the premiums paid upto the date of death.
Maturity Benefit
On the life assured surviving to the end of the policy term, “Sum Assured on Maturity” with accrued Guaranteed Additions, shall be payable, where “Sum Assured on Maturity” is equal to Basic Sum Assured.
Survival Benefit
On the Life Assured surviving to the end of each of the specified durations, a percentage of the Basic Sum Assured as detailed below shall be payable:
| POLICY TERM (IN YEARS) | PAYMENT OF SURVIVAL BENEFIT |
| 20 | 10% of the Basic Sum Assured at the end of each of 10th and 15th policy year. |
| 30 | 15% of the Basic Sum Assured at the end of each of 15th, 20th and 25th policy year. |
| 40 | 20% of the Basic Sum Assured at the end of each of 20th, 25th, 30th and 35th policy year. |
Guaranteed Additions
Provided the policy is inforce by payment of due premiums, the Guaranteed Additions shall accrue from the 6th Policy Year to the end of the Policy Term.
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Loan:
- Under Single Premium payment, loan shall be available at any time during the policy term after three months from completion of the policy.
- Under Limited Premium payment, loan shall be available after at least two full years premiums have been paid.
How To Buy The Policy?
This plan can be purchased Offline through agent /other intermediaries as well as Online directly through website www.licindia.in.
LIC is a state-owned insurance group and investment corporation that offers a wide range of insurance products and services to individuals and organisations. LIC provides life insurance, health insurance, pension plans, investment-linked plans, and other financial services.
