The Life Insurance Corporation of India (LIC) Dhan Vriddhi, a single premium life insurance plan, will end on September 30, 2023, according to the post on LIC’s official X handle (previously known as Twitter).
According to the post on social media X, “Hurry! Plan closes 30th September 2023. LIC’s Dhan Vriddhi offers a combination of protection and savings. To know more contact your LIC Agent/LIC Branch/”
— LICIndiaForever (@LICIndiaForever)
LIC’s Dhan Vriddhi details
LIC Dhan Vriddhi is a non-linked, non-participating, individual, savings, single premium life insurance plan that provides both protection and savings. This plan provides financial assistance to the family in the event of the untimely death of the life assured within the policy term. It also offers a guaranteed lump sum payout on the maturity date for the surviving life assured.This plan was launched on June 23, 2023. It also provides a guaranteed lump sum amount on the date of maturity to the life assured.Also read: LIC insurance policy revival campaign: How to revive lapsed LIC policy
LIC’s Dhan Vriddhi features
Customers can select from one of two “sum assured on death” options under the LIC Dhan Vriddhi plan, depending on their eligibility: 1.25 times (option 1) or 10 times (option 2) the tabular premium for the selected basic sum assured.
LIC Dhan Vriddhi policy term
The LIC Dhan Vriddhi plan will be offered for terms of 10, 15, or 18. Depending on the term chosen, the admission age will range from 90 days to 8 years. Depending on the term and choice chosen by the users, the maximum entry age ranges from 32 to 60 years.
According to the website, “Death benefit payable, on death of the Life Assured, during the policy term after the date of commencement of risk but before the stipulated date of maturity shall be “Sum Assured on Death” along with accrued Guaranteed Additions
“Sum Assured on Death” for both options is defined as under.
Option 1: 1.25 times of Tabular Premium for the chosen Basic Sum Assured
Option 2: 10 times of Tabular Premium for the chosen Basic Sum Assured
where Tabular Premium shall be based on the age at entry of the life assured, policy term and the option chosen but before allowing for any rebate. It does not include taxes, extra premiums and rider premium(s), if any.”
In the event that the life assured survives the set date of maturity, the basic sum assured and accrued guaranteed additions will be paid.
Throughout the policy term, the guaranteed additions will accrue at the end of each policy year.
The guaranteed additions will be determined by the option selected, the basic sum assured, and the policy term.
LIC Dhan Vriddhi plan: How to buy
The LIC Dhan Vriddhi plan is available for purchase both offline through agents/other intermediaries such as point of sales persons-life insurance (POSP-LI)/common public service centres (CPSC-SPV) and online directly through the website www.licindia.in.
From June 23, 2023 through September 30, 2023, the LIC Dhan Vriddhi plan will be available for purchase. There are no future premium obligations or lapsation because it is a single premium plan.