The Life Insurance Corporation (LIC) has introduced the “LIC Dhan Varsha” programme. This individual savings life insurance plan, which combines protection with savings, is non-linked and non-participating.
In the terrible event that the life assured passes away during the period of the policy, this plan offers cash help to the family. A statement from LIC claims that it also ensures a lump sum payment for the live life assured on the maturity date.
This limited-time offer would be available until March 31, 2023.
The following are essential details concerning the news scheme:
What advantages are provided?
Benefits covered by an active policy include:
If the life assured dies within the policy’s term, the death benefit payable, according to LIC, will be the “Sum Assured on Death” and accrued guaranteed additions. a window starting after the risk was discovered but before to the policy’s maturity date.
Benefit of maturity
Primary Sum On life assured surviving the specified date of maturity, assured and accrued guaranteed additions will be paid.
Assurance of additions
How much is guaranteed to be added on at the end of each policy year will depend on the original sum assured, the choice chosen, and the duration of the policy term.
Can I cancel this policy?
The policyholder may terminate the policy at any time during the policy duration, according to LIC.
It stated that the corporation would pay the higher of the guaranteed surrender value and the exceptional surrender value upon surrender of the policy.
The Guaranteed Surrender Value (GSV) payable under the policy shall be as follows:
In the first three years of the policy: 75% of the one-time premium
90 percent of the single premium afterwards
The single premium listed above does not include taxes, additional premiums, or rider premiums, if applicable.
What does the free look period entail?
The policy may be returned to the company within 30 days of the date of receipt of the physical or electronic form of the policy document, whichever is earlier, if The policyholder finds the terms and conditions to be unacceptable.
After deducting the proportionate risk premium for the duration of coverage, the costs associated with the medical examination, any costs associated with special reports, and the stamp duty fees, the company will cancel the policy and reimburse the amount of premium paid upon receipt of the same.