LIC Launches Dhan Vriddhi With Guaranteed Returns: Check Eligibility, How To Buy
The total plan enables people to secure their financial future by combining insurance coverage with attractive investment opportunities.
New Delhi: The Life Insurance Corporation of India (LIC) has launched Dhan Vriddhi, a single premium non-participating endowment plan. It is a limited time guaranteed return policy available for purchase until September 30, 2023. Customers under the LIC Dhan Vriddhi plan have two options where the amount pledged upon death can be 1.25 times (option 1) or 10 times (option 2) the table premium for the chosen base insured amount, subject to certain qualifying requirements, Economic Times reported.
In addition, the comprehensive plan enables people to secure their financial future by combining insurance coverage with attractive investment opportunities.
LIC Dhan Vriddhi Policy: Check your eligibility
The entry age of the plan ranges from 90 days to 8 years, depending on the term of insurance chosen. The maximum age of admission, on the other hand, ranges from 32 to 60 years, depending on the duration and the policy choice chosen. The minimum basic amount insured is Rs 1.25 lakh, with the option to increase it in multiples of Rs 5,000.
Payment on due date
At maturity, the policyholder is credited with the base amount insured and guaranteed increments – effectively earned returns – over the years to increase the corpus. In the event of premature death, the pledged amount, along with any guaranteed increments, will be paid to the candidates. During the term, the guaranteed additions will accrue at the end of each insurance year. These payments can range from Rs 60 to Rs 75 under Option 1 and from Rs 25 to Rs 40 under Option 2, for every Rs 1,000 of the insured base value, according to a report from Moneycontrol.
How To Buy LIC Dhan Vriddhi Plan
The LIC Dhan Vriddhi plan can be purchased both offline through agents or other intermediaries such as life insurance retail outlets (POSP-LI) or common public service centers (CPSC-SPV) and online directly through the website www.licindia.in.
Everything you need to know about LIC
LIC is an abbreviation for the Life Insurance Corporation of India. After the Indian Parliament passed the Life Insurance of India Act in June 1956, it started operating as a statutory entity in September 1956. It helped nationalize India’s private insurance business. The Life Insurance Corporation of India (LIC of India) was established through the merger of 154 life insurance companies, 16 foreign companies and 75 provident funds, as reported in Vedantu. Moreover, LIC is also the largest financial institution in India. The headquarters of the LIC is located in Mumbai, Maharashtra, according to a report in Vedantu. Very recently, it also held its first IPO, where it accounted for 39% of total IPO fundraising in FY23, as reported in Business Today.