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The Life Insurance Corporation of India (LIC) has recently introduced Dhan Sanchay, a non-linked, non-participating, individual savings life insurance plan offering protection and savings.

Five things to know about the policy:

1. The plan provides guaranteed income benefit (GIB) during the payout period from the date of maturity and guaranteed terminal benefit payable with the last instalment of guaranteed income benefit.

2. The plan is available for a term of a minimum of five years to a maximum of 15 years. It provides Level Income Benefit, Increasing Income Benefit, Single Premium Level Income Benefit and Single Premium enhanced cover with Level Income Benefit as per the customer’s choice. The minimum sum assured under this plan for options A and B is 3,30,000, option C is 2,50,000 and option D is 22,00,000. There is no limit for maximum premium. The minimum age at entry is three years (complete) depending upon chosen policy term.

3. The maturity benefit is payable through guaranteed income benefit and guaranteed terminal benefit. The plan provides financial support to the family in case of the policyholder’s unfortunate death during the policy term after the commencement of risk.

4. The insurer will pay a death benefit in a lump sum. Or, policyholder can take the death benefit in instalments for up to five years, as per the option exercised by him.

5. The plan also provides liquidity needs through a loan facility. Optional riders are available under this plan on payment of additional premium subject to conditions. A settlement option is available to receive the death benefit in instalments for five years instead of lump-sum under an in-force and paid-up policy.

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