The savings life insurance plan offers a combination of protection and savings.
The Life Insurance Corporation of India (LIC) has launched a Dhan Sanchay Savings scheme, which is a non-linked, non-participating, individual, savings life insurance plan that combines life protection and savings. The plan provides guaranteed income benefit during the pay-out period from the date of maturity and guaranteed terminal benefit.
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Here’s all you need to know
The Dhan Sanchay plan provides the options of level income benefit, increasing income benefit, single premium level income benefit and single benefit with different calculation of guaranteed income benefit on maturity.
The maturity benefits will be payable in the form of guaranteed income benefit and guaranteed terminal benefit.
Options, age and premium limit
Four types of plans have been introduced under the LIC Dhan Sanchay plan. These are options A, B, C and D. The minimum sum assured under the option A & B of the plan is Rs 3,30,000. For option C it is Rs 2,50,000 and for option D it is Rs 22,00,000.
The minimum age at entry is 3 years (complete) and the maximum entry age is as follows:
Option A & B: 50 years (nearer birthday)
Option C: 65 years (nearer birthday)
Option D: 40 years (nearer birthday)
There is no maximum limit on premium contributions. However, the Minimum Annualised / Single Premium limit for different options of the plan are as follows.
Option A & B: Rs 30,000
Option C & D: Rs 2,00,000
Maturity period and death benefits
The Dhan Sanchay plan is available for a term of minimum 5 years to maximum 15 years depending on the option chosen by the policy holder.
Policy Term for Option A & B: 10 and 15 years
Policy Term for Option C & D: 5, 10 and 15 years
In case of the unfortunate death of the policyholder during the term policy, after the commencement of the policy, the plan will provide financial support to the family. The death benefits can be paid in a lumpsum and/or in instalments over a period of 5 years, depending on the option chosen by the policyholder. The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted by the policyholder (subject to minimum instalment amount).
Riders and other features
Optional riders are available on payment of additional premium subject to conditions.
LIC’s Accidental Death and Disability Benefit Rider, New Term Assurance Rider, Accident Benefit Rider, Critical Illness Benefit Rider and Premium Waiver Benefit Rider are available depending on the options and premium payment mode chosen by the policyholder.
The Dhan Sanchay plan also takes care of liquidity needs through loan facility.
Where to buy LIC’s Dhan Sanchay Plan
LIC’s Dhan Sanchay Savings Life Insurance plan can be purchased offline through agents or other intermediaries including Point of Sales Persons-Life Insurance (POSP-LI), Common Public Service Centres (CPSC-SPV). The plan can be purchased online as directly through LIC’s official website www.licindia.in.
(Edited by : Sudarsanan Mani)
First Published: IST