LIC Dhan Varsha Plan: This Diwali LIC offers a New Plan

LIC offers a new protection cum saving plan which comes into effect from 17^th Oct 2022.

Dhan Varsha Plan (Plan No.866) is a non-linked, non-participating, individual, savings, single premium life insurance plan.

This is a single premium plan and 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 of the surviving policyholder.

Know the details of the LIC Dhan Varsha Plan -:

LIC Dhan Varsha Plan: Starting and Last Date

LIC Dhan Varsha is available for a limited time period. It begins on 17^th October 2022 and the last date to get this policy is 31^st March 2023.

How to Buy LIC Dhan Varsha Plan?

You can buy LIC Plan directly online through the LIC website or via LIC agents/ other intermediaries.

LIC Dhan Varsha Plan Options –

The proposer has 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

LIC Dhan Varsha Plan has Two Terms –

The proposer can choose the term either for 10 years or 15 years.

Calculation of 1^st and 2^nd Option for Basic Sum Assured –

If the customer selects option 1 –

If the customer paid Rs. 10 lakh single premium but in the event of death nominee will get Rs. 12.5 lakh along with the guaranteed additional bonus.

30-year-old –If he paid one time premium of Rs.8,86,750 ( premium with GST Rs. 9,26,654), the sum assured is Rs. 11,08,750 on maturity.

If he chooses a 15-year term plan then he’ll get Rs. 21,25,000 on maturity.

In case of death, the nominee will get Rs. 11,83,438 and if death occurs at 15-year the nominee will get Rs.22,33,438.

If the customer selects the 2^nd option –

If the customer paid Rs. 8,34,642 then the basic sum assured will be Rs. 10,00,000 and the sum assured on death will be Rs. 79,87,000

Maximum and Minimum Entry Age –

Minimum age  –

3 years for policy term 15 years

8 years for policy term 10 years

Maximum age –

Option 1: 60 years

Option 2: 40 years for policy term 10 years

 35 years for policy term 15 years

Minimum age for maturity –

18 years

Maximum age for maturity –

Option 1: 75 years

Option 2: 50 years

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LIC Dhan Varsha Plan Benefits –

Maturity Benefit :

If policyholders survive till the maturity age, holders can get a Basic Sum Assured along with accrued guaranteed additions.

Guaranteed Additions :

These will be received at the end of each policy year.

But the total sum you can through guaranteed addition depends on the option chosen, the basic sum assured, and the policy term.

In case of death guaranteed additions amount should be payable with the basic sum assured.

Death Benefit :

If the policyholder dies during the term of the policy so he/she can get the basic sum assured along with the guaranteed additions.

How Can You Get the Benefit of a Loan Facility -:

A loan facility will also be available under the plan at any time during the policy term which is 3 months from the date of issuance of the policy or after the expiry of the free look period.

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Free Look Cancellation –

If you buy it but are not satisfied with the ‘terms and conditions” of the policy, then you can return the plan within 30 days from the date of the receipt of the policy.

Tax Benefits –

The Policyholder will also be eligible for tax benefits under section 80C of the Income Tax Act,