LIC Launches Dhan Vriddhi, a Non-Participating Endowment Plan with Guaranteed Returns

LIC Launches New Endowment Plan with Guaranteed Returns

The Life Insurance Corporation of India (LIC) has launched a new endowment plan called Dhan Vriddhi. The plan offers guaranteed returns and is available for purchase until September 30, 2023.

Dhan Vriddhi Offers Two Sum Assured Options and Flexible Tenure

Policyholders can choose from two sum assured options: 1.25 times (Option 1) or 10 times (Option 2) the premium amount, with the minimum sum assured set at ₹1.25 lakh. The minimum entry age ranges from 90 days to eight years, while the maximum age varies from 32 to 60 years.

Guaranteed Additions Accrue at the End of Each Policy Year

Guaranteed additions will accrue at the end of each policy year throughout the tenure. The number of guaranteed additions will vary based on the chosen option, the basic sum assured, and policy tenure. Larger covers will result in higher guaranteed additions.

Policyholders Can Choose to Receive Claim Amount in Monthly, Quarterly, Half-Yearly, or Annual Intervals

At the time of maturity or death, the beneficiary can choose to receive the claim amount disbursed in monthly, quarterly, half-yearly, or annual intervals over a period of five years. The plan also offers liquidity through a loan facility, which becomes available after three months from the completion of the policy.

Riders Available to Enhance Base Life Insurance Policy

Policyholders have the option to enhance their base life insurance policy by adding riders such as accidental death and disability benefit riders, as well as new term assurance riders.

The policy can be purchased both online and offline, through agents, intermediaries, Point of Sales Persons-Life Insurance (POSP-LI), and Common Public Service Centers (CPSC-SPV) as well as directly online through the insurance company's website.

Minimum Sum Assured of ₹1.25 lakh

The minimum sum assured for Dhan Vriddhi is ₹1.25 lakh. This means that the policyholder will receive at least ₹1.25 lakh upon maturity, regardless of the performance of the underlying investments.

Minimum Entry Age of 90 Days

The minimum entry age for Dhan Vriddhi is 90 days. This means that the policyholder can purchase the plan even if they are a minor.

Maximum Entry Age of 60 Years

The maximum entry age for Dhan Vriddhi is 60 years. This means that the policyholder must be 60 years old or younger to purchase the plan.

Policy Available for Purchase Until September 30, 2023

Dhan Vriddhi is a closed-end plan, which means that it will only be available for purchase until September 30, 2023. After this date, the plan will no longer be available.

Guaranteed Additions Range from Rs. 60 to Rs. 75 per Rs. 1,000 of Sum Assured

The amount of guaranteed additions that accrue each year will vary depending on the chosen option and the basic sum assured. For Option 1, the guaranteed additions range from Rs. 60 to Rs. 75 per Rs. 1,000 of sum assured. For Option 2, the guaranteed additions range from Rs. 120 to Rs. 150 per Rs. 1,000 of sum assured.

Loan Amount Up to 90% of the Surrender Value

Policyholders can take a loan against the surrender value of their Dhan Vriddhi policy. The loan amount can be up to 90% of the surrender value.

Riders Available Include Accidental Death and Disability Benefit Riders and New Term Assurance Riders

Policyholders can enhance their base life insurance policy by adding riders such as accidental death and disability benefit riders, as well as new term assurance riders. These riders can provide additional financial protection to the policyholder and their family.