Latest News | LIC Launches New Non-linked Period Plan
Get latest articles and stories on Latest News at LatestLY. National insurer Life Insurance Corporation on Friday launched a new close-ended plan Dhan Vridhhi.
Mumbai, Jun 23 (PTI) National insurer Life Insurance Corporation on Friday launched a new close-ended plan Dhan Vridhhi.
The new plan will be on sale from June 23 through September 30, the insurer said in a statement.
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LIC said Dhan Vriddhi is a non-linked, non-participating, individual, savings, single premium life plan, offering a combination of protection and savings.
This plan provides financial support to the family in case of unfortunate death of the life assured during the policy term. It also provides a guaranteed lump sum amount on the date of maturity to the assured.
The plan comes with two options to choose from wherein the sum assured on death can either be 1.25 times or 10 times in the second option.
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.
The plan offers a minimum basic assured sum of Rs 1,25,000 and can be opted for more in multiples of Rs 5,000.
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.
A settlement option is available on maturity/death in monthly/quarterly/half-yearly/yearly intervals for five years. The plan also offers liquidity through a loan facility, which is available anytime after three months from the completion of the policy.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)