Life Insurance Corporation of India (LIC) launched ‘Dhan Varsha’ on Monday, a close-ended single premium plan offering savings and protection.
The individual the non-participating plan will be available for sale until the end of the current financial year, and will have a tenure of 10 years or 15 years, LIC said in a release.
Dhan Varsha offers to provide financial support for 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 maturity date for the surviving life assured.
Policyholders can choose between two options under ‘sum assured on death’ — wherein they can opt for either 1.25 times the tabular premium or ten times the tabular premium for the chosen basic sum assured.
Other details
The minimum entry age for the 10-year plan is eight years, and for the 15-year plan is three years. The maximum entry age varies from 35 to 60 years depending on the term and option of ‘sum assured on death’ chosen, subject to a minimum of ₹1.25 lakh.
If the age of entry is less than eight years, then the ‘risk’ under the policy will commence either two years from the date of the policy or at the attainment of the required age, whichever is earlier, the release said.
Guaranteed additions shall accrue at the end of each policy year, depending on the chosen option, the basic sum assured and the policy term. The plan also offers two optional riders — ’accidental death and disability’ benefit and ‘new term assurance’.