National insurer Life Insurance Corporation of India (LIC) on Friday launched a new close-ended plan Dhan Vridhhi which will be on sale from June 23 to September 30, the insurer said in a statement.
According to PTI, LIC said that Dhan Vriddhi is a non-linked, non-participating, individual, savings, single premium life plan, offering a combination of protection and savings.
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This plan provides financial support to the family in case of unfortunate death of the assured individual during the policy term. It also provides a guaranteed lump sum amount on the date of maturity to the assured.
Individuals buying this plan will have two options to choose from wherein the sum assured on death can either be 1.25 times or 10 times, reported PTI.
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The plan is available for 10, 15 and 18 years and the minimum age at entry varies from 90 days to 8 years, depending on the term selected, and the maximum age at entry varies from 32 to 60 years, depending upon the term and option selected and offers a minimum basic assured sum of Rs 1,25,000 and can be opted for more in multiples of Rs 5,000.
A settlement option is available on maturity/death in monthly/quarterly/half-yearly/yearly intervals for five years.
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The plan also offers liquidity through a loan facility, which is available anytime after three months from the completion of the policy.
The guaranteed additions shall accrue at the end of each policy year, throughout the policy term and ranges from Rs 60 to Rs 75 in the first option and Rs 25 to Rs 40 in the second option for every Rs 1,000 of basic sum assured. The guaranteed additions are higher for a higher sum assured.
