LIC recently launched a new policy called the Dhan Sanchay policy that provides protection and safety to the family of the policyholder. This policy is a non-linked, non-participating, individual, savings, life insurance plan.
This policy will provide financial support to the family in case of the unfortunate death of the policyholder during the policy term. It also provides a guaranteed income stream during the payout period from the date of maturity.
LIC's Dhan Sanchay – Offering you the most flexible payment options. Choose between Single Premium (One-time payment), Limited Premium or Regular Premium. #LIC pic.twitter.com/1f33vEtzEJ
— LIC India Forever (@LICIndiaForever) June 28, 2022Advertisement
In case of Regular/ Limited premium payment:
Option A: Level Income Benefit
Option B: Increasing Income Benefit
In case of Single premium payment:
Option C: Single Premium Level Income Benefit
Option D: Single Premium enhanced cover with Level Income Benefit The benefit option once chosen at inception cannot be altered.
Your single premium amount under options A and B will be Rs 30,000 and Rs 2,00,000 for options C and D. However, there is no limit on the maximum premium amount.
The annualized premium is the total amount the policyholder has to pay excluding the taxes, rider premiums, extra premiums and loading for modal premiums.
Minimum sum assured
The minimum sum assured if you chose options A and B is Rs 3.30 lakh while for option C it is Rs 2.50 lakh. This is applicable in the case of the death of the policyholder.
For option D, the Single Premium enhanced cover with Level Income Benefit, the minimum sum assured is Rs 22 lakh.
For options A and B, the term is 10 years and 15 years. For options C and D, the terms are 5, 10 and 15 years.
You will have different payout periods. For options A and B, it is equal to the premium paying term and for options C and D, it will be equal to the policy term.
Check more details here.
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