LIC Launched New Plan offering Guaranteed Income Benefits and Many More; Read Complete Details

Life Insurance Corporation of India Launched the Dhan Sanchay plan, a new non-linked, non-participating, individual savings life insurance plan that combines protection and savings with effect from June 14, 2022. It offers Guaranteed Income Benefits (GIB) for the duration of the Payout Period beginning on the day of Maturity as well as Guaranteed Terminal Benefits (GTB) payable with the final GIB installment.

The Dhan Sanchay plan is offered for terms from five years minimum to fifteen years maximum. It provides level income benefit, increasing income benefit, single premium level income benefit, and single benefit.

Both a guaranteed income benefit and a guaranteed terminal benefit will be paid as maturity benefits. The plan will help the family financially for the duration of the policy after the policy’s start date in the tragic event that the policyholder passes away. Depending on the policyholder’s choice, the death benefits may be paid as a lump amount or in installments over a five-year period.

Through loan facilities, the plan addresses liquidity. With an extra fee, optional riders are available.

LIC unveiled four different Plan Types.

Under the LIC Dhan Sanjay plan, a total of four different plan types have been offered. A sum assured plan of Rs. 3,30,000 would be made available under its A and B plans. Additionally, Plan C will provide a minimum sum assured insurance of Rs 2,50,000. The identical plan D will receive a payment assured of Rs. 22,00,000. For these plans, there is no set upper premium limit. While this plan requires a minimum age of three years.

The Point of Sales Persons-Life Insurance (POSP-LI) and Common Public Service Centers-SPV, as well as online through the official website (www.licindia.in)  or other intermediaries agent through whom this plan can be acquired offline.