The LIC Dhan Varsha Yojana is a new life insurance policy introduced by the Life Insurance Company (LIC). Customers have two policy terms to choose from under this. In this policy, the premium must only be paid once. In addition, customers will also receive additional benefits, such as a bonus, a guaranteed maturity, and risk coverage equal to ten times the premium.
The Dhan Varsha policy combines savings and life insurance. To receive the benefits of guaranteed maturity and lifetime life insurance, one only needs to invest in this. According to the material provided on the website, cash support is granted to the family if any person linked with this plan passes away within the policy term. It ensures payment for the rest of the life on the maturity date.
Saving with Insurance
The Dhan Varsha policy from LIC is a non-participating, single-premium, individual savings life insurance policy that provides clients with both protection and savings opportunities. LIC lists the Dhan Varsha plan at position 866. Both medical and non-medical systems may use this approach.
Customers can choose their sum assured amount in the LIC Dhanvarsha insurance. In this, the sum assured may be up to ten times the policy's premium. Sum Assured is the set sum that the insurance provider guarantees to give the client upon maturity. You can buy a policy with a sum assured of Rs. 5 lakh under this if you pay a premium of Rs. 50,000.
Risk cover will be accessible up to 10 times.
The Dhan Varsha policy is a single-plan arrangement, meaning you must pay only one premium. Up to ten times this premium can be used as risk coverage. You have two alternatives to this. If the first choice is selected, the sum assured will be 1.25 times the premium paid. For instance, if someone pays a single premium of Rs. 10 lakh and passes away, the nominee will receive Rs. 12.5 lakh plus a guaranteed bonus.
In addition, ten times the risk cover will be accessible from the premium deposit in the second choice of the plan. In other words, ten times the cash assistance will be available on the insured person's death. In other words, his family would receive Rs 1 crore with a guaranteed bonus if 10 lakh single premiums were paid.
This policy is not available online.
The Dhan Varsha plan from LIC cannot be purchased online. So this strategy will only be accessible offline. This arrangement gives you two terms. One is ten years old, while the other is fifteen.
What is the age limit for Dhan Varsha Yojana?
If you choose either of the two alternatives in LIC's Dhan Varsha insurance for 15 years, the minimum age to purchase the policy will be 3 years. The minimum age will be 8 years if you select a term of 10 years. While if you choose the first choice, your maximum age is 60 years, and if you choose the 10 times risk cover, you may only enroll in this plan up until the age of 40 for a 10-year term. The maximum age in the second option is 35 years if you choose 15 years.
Customers also have the option of a loan and surrender under the LIC Dhan Varsha program. In addition, there is an option to pay the nominee's pension in installments rather than all at once if the person purchasing the insurance passes away.