LIC launches Dhan Vriddhi Single Premium Endowment Plan: Check eligibility, benefits, features and how to buy policy

The Life Insurance Corporation of India (LIC) on Friday, June 23, launched the Dhan Vriddhi Plan (Table No. 896), a single premium non-participating guaranteed endowment policy. The Dhan Vriddhi Plan that offers a guaranteed return is available for purchase till September 30, 2023.

It is a non-linked, non- participating individual savings life insurance policy that provides protection and savings potential during the policy period. This plan offers a guaranteed addition of Rs 75 for every Rs 1,000 of sum assured, which the policyholder will receive at the end of the policy term or the nominee will receive the benefits in the event of the death of the life assured.

LIC Dhan Vriddhi Plan: Premium Payment and Sum Assured

Since the LIC Dhan Vriddhi Plan is a Single Premium plan, it only requires you to pay the premium once, at the time of buying the policy.

The policyholder can choose one of the two options for Sum Assured.  Two Sum Assured options are—

Option 1: 1.25 times of the single premium

Option 2: 10 times of the single premium

However, the minimum basic sum assured is Rs 1.25 lakh for the policy, and there is no upper limit on the maximum basic sum assured. Once the policyholder chooses the option at the start, it cannot be changed later.

LIC Dhan Vriddhi Plan: Eligibility and Age Limit

The entry age for the plan ranges from 90 days to 8 years. On the other hand, the maximum age of entry is 32 years to 60 years.

The policy is available with three terms of 10 years, 15 years, and 18 years.

LIC Dhan Vriddhi Plan: Death Benefit and Maturity Benefit

Death Benefit

The death benefit is payable on the death of the life assured during the policy term after the date of commencement of risk, but before the stated date of maturity, to the nominee as—

Option 1: 1.25 times the Basic Sum Assured in addition to the Accrued Guaranteed Bonus.

Option 2: 10 times the Basic Sum Assured in addition to the Accrued Guaranteed Bonus.

Maturity Benefit

On the policyholder's survival after the date of maturity, the basic sum assured along with accrued Guaranteed Additions shall be payable to the life assured.

LIC Dhan Vriddhi Plan: Optional Benefits

Two rider benefits are available under the LIC Dhan Vriddhi Plan— Accidental Death and Disability Benefit Rider and New Term Assurance Rider.

However, the Rider Sum Assured regarding the policy shall not exceed the sum assured on death under this plan.

How to buy LIC Dhan Vriddhi Plan?

The LIC Dhan Vriddhi plan can be purchased in both online and offline modes through agents, other intermediaries, common service centres, or directly through the official website at www.licindia.in.