LIC Dhan Sanchay policy: From premium to benefits, your complete guide to savings life insurance plan

The Life Insurance Corporation of India offers many plans which come with dual benefits of protection and savings potential. The LIC Dhan Sanchay Policy is one such scheme which offers insurance coverage as well as ensures a future income source.

The LIC Dhan Sanchay Policy is a non-linked and non-participating Individual life insurance plan which provides a combination of protection and savings. This special plan offers financial protection to the nominee in the event of the unfortunate death of the policyholder during the policy term.  

Additionally, the LIC Dhan Sanchay Plan also offers a steady stream of income to the policyholders from the date of maturity throughout the payout period.

You can purchase this plan offline through agents or other intermediaries as well as via online mode by directly visiting the official website, www. licindia.in.

LIC Dhan Sanchay Plan

Maturity benefits and death benefits and policy paying term

• Policyholders can choose whether the nominee will receive the death benefit in a lump sum or instalments over a 5-year period.
• If the policyholder survives the specified maturity date, maturity benefit can be availed as Guaranteed Income Benefit and Guaranteed Terminal Benefit.
• If the policyholder passes away during the payout period, the nominee will continue to receive the Guaranteed Income Benefit in accordance with the applicable payout mode for the remaining payout period along with the Guaranteed Terminal Benefit.

Accidental Death and Disability Benefit

If the death of the insured occurs due to an accident, the nominee can claim the total sum assured amount as well as the rider benefit. Another advantage of this plan is that LIC will pay the rider benefits in installments over 10 years if the accident leads to a disability.

Policy term

The policyholders can choose 10 and 15 years' terms for Level Income Benefit and Increasing Income Benefit. The policy term for Single Premium Level Income Benefit and Single Premium enhanced cover with Level Income Benefit is 5 years, 10 years and 15 years.

LIC Dhan Sanchay Plan eligibility

The maximum entry age for Level Income Benefit and Increasing Income Benefit is 50 years. At the same time, the maximum entry age for Single Premium Level Income Benefit is 65 years and 40 years for Single Premium enhanced cover with Level Income Benefit.

The minimum mature age for LIC’s Dhan Sanchay Plan is 18 years. For Level Income Benefit and Increasing Income Benefit, the maturity age is 65 years. Meanwhile the maturity age for Single Premium Level Income Benefit is 80 years. The maturity age limit is 55 years for Single Premium enhanced cover with Level Income Benefit.