This LIC scheme assures 10 times returns on single premium | Check full details, benefits, calculator, eligibility

LIC plan, benefits, eligibility, features: The Life Insurance Corporation (LIC) of India has launched Dhan Varsha scheme. Since its launch on October 17, 2022, the scheme has garnered a lot of public interest for a number of benefits like guaranteed amount at maturity, bonus, risk cover ten times the premium among others. 

Let's discuss the details of the plan

LIC Dhan Varsha Plan

LIC’s Dhan Varsha is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance plan which offers a combination of protection and savings. The plan provides financial support for the family in case of unfortunate death of the life assured during the policy term. It also provides guaranteed lumpsum amount on the date of maturity for the surviving life assured.

Non- linked - Your premium amount will not be invested in equity markets. Your shares will be not be linked to share market. 

Non-participating - Annual profits of the company will not be shared with the plan holders. 

LIC Dhan Varsha Plan - How to purchase 

The plan can simply be purchased through online or offline mode. If you are planning to buy it through offline mode, it can simply be done through agent or other intermediaries. LIC has also offered benefits for those who plan to buy it through online mode. Those who purchase the plan through online mode without any assistance of agent, intermediary shall be eligible for rebate of 2% on tabular premium.

LIC Dhan Varsha Plan Options

Under this plan, the proposer will have the following two options to choose Sum Assured on Death:

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

Risk cover up to 10 times

Under this plan, you need to pay a single premium. In this you are given two options. On opting for the first option, the death benefit will be 1.25 times the premium with guaranteed additional bonus, while on opting for the second option, the family will get 10 times the death benefit along with the guaranteed additional bonus. If you have bought a premium of Rs 10 lakh and opted for the first option, then the family will get Rs 12.5 lakh with guaranteed bonus and if you have opted for the second option, then after death, the family will get Rs 1 crore with guaranteed bonus. The guaranteed bonus will be based on the term you choose.

LIC Dhan Varsha Plan: Eligibility 

Under the LIC Dhan Varsha plan, you can assure a minimum basic sum of Rs 1.25 lakh. However, there is no upper limit for the maximum Basic Sum Assured.  The minimum age at the entry for subscription is 3 years and maximum is 60 years. 

Also Read | Guaranteed Pension Lifetime: This LIC scheme returns FULL premium | Check premium, calculator, eligibility

LIC Dhan Varsha Plan Benefits

Loan facility 

Loan can be availed under this plan at any time during the policy term after three months from completion of the policy from the Date of issuance.

Free Look Cancellation

If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 days from the date of receipt of the electronic or physical mode of Policy Document, whichever is earlier, stating the reason of objections. 

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