LIC Dhan Varsha Plan: Indian insurance major, Life Insurance Corporation (LIC) informed during its December quarter result announcement, that it would be shutting down its popular Dhan Varsha scheme. LIC Chairman MR Kumar informed that the insurance scheme would be shut by the end of current quarter.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

LIC’s Dhan Varsha is a non-linked, non-participating, individual, savings, life insurance plan which offers a combination of protection and savings. This plan provides 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 date of maturity for the surviving life assured.  

LIC Dhan Varsha policy: Last date  

LIC chairman said that the Dhan Varsha scheme will be closed from March 31, 2023.  

Under this plan of Life Insurance Corporation, only a single premium has to be paid. It comes with two options:   

Option 1: 1.25 times of tabular premium for the chosen Basic Sum Assured.  

Option 2: 10 times of tabular premium for the chosen Basic Sum Assured.

Thos who choose the first option get a death benefit of 1.25 times the premium with a guaranteed additional bonus. Whereas, for those opting for the second option, the family gets a death benefit of 10 times with a guaranteed additional bonus. The guaranteed bonus under this plan is made on the basis of both the option and term chosen.  
 
LIC Dhan Varsha Plan: Age limit   

If one opts for a 15-year term under the Dhan Varsha plan, then the minimum age limit for buying the insurance policy is 3 years and the maximum is 60 years.