LIC launches “Dhan Sanchay” savings life insurance plan; details here

Life Insurance Corporation of India (LIC) on Tuesday announced a new plan, effective from the same date. It is an individual, unlinked, non-participating savings life insurance plan that provides a combination of protection and savings.

The company said the scheme provides a guaranteed income benefit during the payout period from the due date and a guaranteed termination benefit payable with GIB’s final payment.

The Dhan Sanchay plan is available for a minimum term of 5 years to a maximum of 15 years. It offers a level income benefit, an increasing income benefit, a single premium level income benefit and a single benefit.

Maturity benefits will be payable in the form of a guaranteed income benefit and a guaranteed termination benefit. In the event of the unfortunate death of the insured, the plan will provide financial support to the family for the duration of the policy after the start of the policy. Death benefits will be paid in a lump sum and/or in installments over a period of 5 years, at the option of the policyholder.

The plan takes care of liquidity through loan facilities. Optional runners are available with additional payment.

The minimum sum insured for the plan for options A and B is Rs 3,30,000, option C is Rs 2,50,000 and option D is Rs 22,00,000. There is no limit for the maximum bonus. The minimum age for entry is 3 years, depending on the option chosen.

The Dhan Sanchay plan can be purchased offline through agents, as well as online.

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