LIC Dhan Sanchay Policy: The Life Insurance Corporation, or LIC, of India is one of the most popular ways to save money for Indians who want a secured future and yet do not want to take any risk in the fear of losing their hard earned money. Along with bank and post office savings schemes, investing in LIC policy is a go-to way to save money when it comes to getting guaranteed returns without having to take any risk. The LIC, has for this reason, curated specific plans for a specific group of individuals. The corporation, backed by the government has an array of insurance plans for people of almost all ages and categories.
What is the LIC Dhan Sanchay Policy?
The LIC Dhan Sanchay policy is a non-linked, non-participating, individual, savings, life insurance plan, which offers a combination of protection and savings. This plan provides financial support to the family in case of unfortunate death of the life assured during the policy term. It also provides guaranteed income stream during the payout period from the date of maturity.
The LIC Dhan Sanchay policy gives guaranteed income benefit during the pay-out period from the date of maturity and guaranteed terminal benefit.
Annualised premium shall be the premium amount payable in a year chosen
by the policyholder excluding the taxes, rider premiums, underwriting extra
premiums and loadings for modal premiums, if any. Single Premium shall be the premium amount chosen by the policyholder excluding the taxes, rider premiums, underwriting extra premiums, if any. You can choose the annualised premium or single premium in multiples of `Rs 1,000.
LIC Dhan Sanchay Policy: How to Get Rs 22 Lakh?
The LIC Dhan Sanchay policy provides four options of benefits depending on regular or annualised premium payments. Check them out below:
– In case of Regular/ Limited premium payment:
Option A: Level Income Benefit
Option B: Increasing Income Benefit
– In case of Single premium payment:
Option C: Single Premium Level Income Benefit
Option D: Single Premium enhanced cover with Level Income Benefit
In cases of Options A and B, the minimum sum assured on death of the policyholder under the LIC Dhan Sanchay Policy is Rs `3.30 lakh, while for Option C, it is Rs 2.50 lakh. For option D, which is the Single Premium enhanced cover with Level Income Benefit, the minimum sum assured on death is as much as Rs 22 lakh.
Death benefit payable on death of Life Assured during the policy term after the date of commencement of risk but before the stipulated date of maturity shall be Sum Assured on Death,” said the LIC in its policy document.