Five Things to Know About LIC’s Dhan Sanchay Plan

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The Life Insurance Corporation of India (LIC) recently launched Dhan Sanchay, an unlinked, non-participating individual savings life insurance scheme offering protection and savings.

Five things to know about politics:

1. The scheme provides a Guaranteed Income Benefit (GIB) during the payout period from the Maturity Date and a Guaranteed Terminal Benefit payable with the final Guaranteed Income Benefit payment.

2. The plan is offered for a minimum of five years and a maximum of 15 years. It offers Level Income Benefit, Increasing Income Benefit, Single Premium Level Income Benefit and Single Premium Enhanced Coverage with Level Income Benefit as per customer choice. The minimum amount insured under this plan for options A and B is 3,30,000, option C is 2,50,000 and option D is 22,00,000. There is no limit for the maximum bonus. The minimum age at entry is three years (full) depending on the term of the policy chosen.

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3. The Maturity Benefit is payable through the Guaranteed Income Benefit and the Guaranteed Termination Benefit. The plan provides financial support to the family in the event of the unfortunate death of the insured during the term of the policy after the onset of the risk.

4. The insurer will pay a lump sum death benefit. Or, the policyholder can take the death benefit in installments for up to five years, depending on the option they exercised.

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5. The plan also meets liquidity needs through a loan facility. Optional riders are available under this plan upon payment of an additional premium subject to conditions. A settlement option is available to receive the death benefit in installments over five years instead of a lump sum under an in-force, paid-up policy.

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