LIC launches Dhan Sanchay Savings Life Insurance Plan: All you need to know

Four types of plans have been introduced under the LIC Dhan Sanchay plan. These are options A, B, C and D. The minimum sum assured under the option A & B of the plan is Rs 3,30,000. For option C it is Rs 2,50,000 and for option D it is Rs 22,00,000.

The minimum age at entry is 3 years (complete) and the maximum entry age is as follows:

Option A & B: 50 years (nearer birthday)

Option C: 65 years (nearer birthday)

Option D: 40 years (nearer birthday)

There is no maximum limit on premium contributions. However, the Minimum Annualised / Single Premium limit for different options of the plan are as follows.

Option A & B: Rs 30,000

Option C & D: Rs 2,00,000

The Dhan Sanchay plan is available for a term of minimum 5 years to maximum 15 years depending on the option chosen by the policy holder.

Policy Term for Option A & B: 10 and 15 years

Policy Term for Option C & D: 5, 10 and 15 years

In case of the unfortunate death of the policyholder during the term policy, after the commencement of the policy, the plan will provide financial support to the family. The death benefits can be paid in a lumpsum and/or in instalments over a period of 5 years, depending on the option chosen by the policyholder. The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted by the policyholder (subject to minimum instalment amount).

Optional riders are available on payment of additional premium subject to conditions.

LIC’s Accidental Death and Disability Benefit Rider, New Term Assurance Rider, Accident Benefit Rider, Critical Illness Benefit Rider and Premium Waiver Benefit Rider are available depending on the options and premium payment mode chosen by the policyholder.

The Dhan Sanchay plan also takes care of liquidity needs through loan facility.

LIC’s Dhan Sanchay Savings Life Insurance plan can be purchased offline through agents or other intermediaries including Point of Sales Persons-Life Insurance (POSP-LI), Common Public Service Centres (CPSC-SPV). The plan can be purchased online as directly through LIC’s official website www.licindia.in.