The comprehensive plan allows people to guarantee their financial future by combining insurance coverage with appealing investment possibilities.
New Delhi: The Life Insurance Corporation of India (LIC) has launched Dhan Vriddhi, a single-premium, non-participating endowment plan. It is a limited-time guaranteed returns policy that will be available for purchase up to September 30, 2023. Customers under the LIC Dhan Vriddhi plan would have two options, where the amount promised on death might be 1.25 times (option 1) or 10 times (option 2) the tabular premium for the chosen basic sum assured, subject to certain qualifying requirements, Economic Times reported.
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Moreover, the comprehensive plan allows people to guarantee their financial future by combining insurance coverage with appealing investment possibilities.
LIC Dhan Vriddhi Policy: Check Eligibility
The plan’s entry age ranges from 90 days to 8 years, depending on the insurance term selected. The maximum admission age, on the other hand, varies from 32 to 60 years old, depending on the term and policy choice chosen. The minimum basic sum assured is Rs 1.25 lakh, with the opportunity to enhance it in multiples of Rs 5,000.
Payment At Maturity
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At maturity, the policyholder will get the base sum assured as well as guaranteed increases—effectively, earned returns—credited over the years to increase the corpus. In the event of their death mid-term, the promised amount, along with any guaranteed enhancements, will be paid to the candidates. Throughout the tenure, the guaranteed additions will accumulate at the end of each insurance year. 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 value assured, a report by Moneycontrol said.
How To Purchase LIC Dhan Vriddhi Plan
The LIC Dhan Vriddhi plan can be purchased both offline through agents or other intermediaries such as point of sale persons for life insurance (POSP-LI) or common public service centres (CPSC-SPV) and online directly through the website www.licindia.in.
All You Need to Know About LIC
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LIC is an abbreviation for the Life Insurance Corporation of India. After India’s Parliament passed the Life Insurance of India Act in June 1956, it began operations as a statutory entity in September 1956. It aided the nationalisation of India’s private insurance business. The Life Insurance Corporation of India (LIC of India) was founded by the merger of 154 life insurance companies, 16 foreign companies, and 75 provident funds, as reported in Vedantu. Moreover, LIC is also the largest financial institution in India. The LIC is headquartered in Mumbai, Maharashtra, as per a report in Vedantu. Very recently, it also held its first IPO, where it accounted for 39% of total IPO fundraising in FY23, as reported in Business Today.
