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LIC closed: The country's leading insurance company LIC has withdrawn one of its major policies. This policy had given the insurer a profit of lakhs of rupees. It is a non-linked, non-participating, personal savings life insurance plan, which gives the benefit of protection and savings. Also, it used to provide a lump sum guaranteed amount to the insured person on maturity.
We are talking about the Dhan Vriddhi scheme of Life Insurance Corporation of India (LIC), which was first launched on 23 June 2023 and then discontinued in September. The scheme was re-launched in February this year and has been discontinued on 1 April. LIC Dhan Vriddhi provides financial security to the family of the policyholder in case of untimely death within the policy term.
The sum insured under this scheme was
This is a plan that ensures that families get the necessary financial support during challenging times, thereby ensuring security and stability for the future. This plan of LIC was introduced for a period of 10, 15 or 18 years. Depending on the period chosen, the investment age in this plan was kept from 90 days to 8 years. While the maximum entry age is from 32 to 60 years. The basic sum assured under this plan was Rs 1.25 lakh, which was given the option to increase in multiples of Rs 5000.
Benefits of Dhan Vriddhi Yojana
- This is a single premium plan
- Policy Term and Death Cover
- Guaranteed additional benefits during the policy term
- Higher guaranteed additional benefits for policies with higher basic sum assured
- Lump sum benefit on death or maturity
- Settlement option to receive death benefits in installments and on maturity
- LIC's Accidental Death and Disability Benefit Rider and LIC's New Term Assurance
- Option to choose rider
- Providing policy loans
Policy surrender rules
According to the LIC policy document, the policyholder can surrender the policy at any time during the policy term. On surrender of the policy, the corporation will pay a surrender value equal to the guaranteed surrender value and special surrender value (whichever is higher). If the policy is surrendered in the first three years, 75 per cent of the single premium will be paid. After this, 90 per cent of the premium will be paid on surrender. This will not include additional and rider premiums.
