Life Insurance Corporation of India (LIC) continually introduces a variety of insurance schemes to cater to the diverse needs of people across the country. One such offering is the LIC Dhan Vriddhi Plan. This unique scheme, a single premium plan, is set to conclude on September 30, 2023. LIC has officially announced the end date for this plan on its Twitter handle, making it the last opportunity for potential policyholders to invest. In this article, we will delve into the details of the LIC Dhan Vriddhi Plan, helping you understand its benefits and features.
What is LIC Dhan Vriddhi Policy?
The LIC Dhan Vriddhi Plan is a non-linked, non-participating, individual savings plan that requires a single premium payment. It offers a perfect blend of security and savings. In the unfortunate event of the policyholder’s demise, the plan provides financial support to the family. On the other hand, if the policyholder survives the policy term, they are entitled to receive a fixed sum at maturity. LIC introduced this policy on June 23, 2023, with the aim of providing financial stability to its policyholders.
Two Types of Options
The LIC Dhan Vriddhi Plan offers policyholders two distinct options:
- Sum Assured Up to 1.25 Times: In the first option, policyholders can choose to receive the sum assured, which can go up to 1.25 times the premium paid.
- Sum Assured Up to 10 Times: The second option allows policyholders to receive a sum assured that can go up to 10 times the premium paid. This sum is typically paid out as an assured death benefit.
Flexible Policy Terms
Policyholders have the flexibility to choose from three different policy terms: 10 years, 15 years, or 18 years. However, it’s important to note that this policy is available for individuals between the ages of 32 and 60 years.
Additional Benefits on Maturity
At the time of maturity, the LIC Dhan Vriddhi Plan offers several additional benefits in addition to the basic sum assured. These benefits can enhance the overall returns and financial security provided by the policy.
Tax Benefits and Loan Facility
Investing in the LIC Dhan Vriddhi Plan brings tax advantages. Policyholders can claim a tax rebate of up to Rs 1.5 lakh under Section 80C of the Income Tax Act. Furthermore, this policy allows individuals to take out loans against the policy, providing a financial cushion in times of need.
How to Invest
To purchase the LIC Dhan Vriddhi Plan, you can consider both offline and online options. Offline, you can connect with a licensed LIC agent who can guide you through the investment process. Alternatively, you can also make the purchase through the Common Public Service Centre. For online purchases, visit the official LIC website at www.licindia.in.
The LIC Dhan Vriddhi Plan offers a unique opportunity for individuals to secure their future with a single premium payment. With flexible policy terms, tax benefits, and the option of taking loans against the policy, it provides a well-rounded financial solution. However, it’s essential to act promptly, as the plan is set to conclude on September 30, 2023. Don’t miss this chance to invest in your financial security.
FAQs (Frequently Asked Questions)
Q1: What is the LIC Dhan Vriddhi Plan? A1: The LIC Dhan Vriddhi Plan is a single premium, non-linked, non-participating savings plan offered by LIC, providing both security and savings benefits.
Q2: What are the two options available in this plan? A2: Policyholders can choose between two options: receiving the sum assured up to 1.25 times the premium paid or up to 10 times the premium paid as assured death benefit.
Q3: Is there an age limit for purchasing this policy? A3: Yes, this policy is available for individuals aged 32 to 60 years.
Q4: Are there any tax benefits associated with the LIC Dhan Vriddhi Plan? A4: Yes, policyholders can claim a tax rebate of up to Rs 1.5 lakh under Section 80C of the Income Tax Act.
Q5: How can I purchase the LIC Dhan Vriddhi Plan? A5: You can purchase this policy both offline through an LIC agent and online through the official LIC website.