The Life Insurance Corporation of India (LIC) has launched an insurance plan – ‘Dhan Vriddhi’, a single-premium, non-participating endowment plan. The policy will be available for purchase up to September 30, 2023.
The policyholder gets a guaranteed maturity sum assured and loyalty addition at maturity, making it an alluring investment choice. Based on the covered life’s entry age and the single premium due, the guaranteed maturity sum assured is calculated.
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LIC Dhan Vriddhi Policy: Check Eligibility
Depending on the insurance term chosen, the entry age for the plan ranges from 90 days to 8 years. On the other hand, depending on the term and policy decision made, the maximum entry age ranges from 32 to 60 years old. The basic sum assured is Rs. 1.25 lakh, with the option to increase it by multiples of Rs. 5,000.
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Maturity:
The base sum assured and any guaranteed increases—effectively, earned returns—credited over time to grow the corpus will be given to the policyholder at maturity along with the base sum assured. The promised sum and any assured upgrades will be paid to the candidates in the case of their death mid-term.
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The assured additions will accumulate at the end of each insurance year during the term. According to a Moneycontrol report, these payments can range from Rs 60 to Rs 75 under Option 1 and from Rs 25 to Rs 40 under Option 2 for every Rs 1,000 of the basic amount assured.
Tax exemptions
Tax exemptions under Section 80(C) for premiums paid and Section 10 (10D) for maturity amounts
