LIC Dhan Varsha Plan 2024: Check Benefits, Features and Eligibility

Life Insurance Corporation of India has created a new life insurance policy which is known as the LIC Dhan Varsha Plan 2024. This is a very prestigious savings program that is working on a single premium life Insurance plan to provide protection and also saving opportunities to the citizens. You can check out the details related to the scheme from the article provided below and we will also share with you all the details related to the benefits and features of the scheme. We will also share with you the eligibility criteria and also the step-by-step procedure through which you will be able to easily apply for the program.

About LIC Dhan Varsha Plan

The LIC Dhan Varsha policy will cover the life cover and also long-term saving plans of a particular resident and you can easily buy this policy by paying a single lump sum premium amount which is protected by the policyholders and their families in any case of misfortune. LIC will be making additional guarantees every year so that the increase in the final payout rate at death or maturity can be easily given to the beneficiaries and the families of the policyholder so that they can continue their life without having to worry about the financial differences that they are going through. This plan is a very prestigious plan with a lot of core benefits given to the policyholders. The people will be provided proper opportunities if they are going into any type of accident or any type of other health crisis.

Also Check: LIC Pension Plus Plan 

Features Of LIC Dhan Varsha Plan

There are a lot of features included in the LIC Dhan Varsha plan you can check out the details related to the features of the scheme from the pointers provided below:-

• The citizens will be able to buy this plant through a lump sum amount only because it is a single premium plan.
• The policyholder will be covered under this policy for a period of 10 years or 15 years.
• The policy offers guaranteed additions ranging from Rs. 25 to Rs. 75 per thousand of the Basic Sum Assured at the end of each policy year.
• After completing 3 months of the policy, one can avail of the loan facility to finance any urgent capital needs.
• Policyholders can choose to receive the maturity or death benefit in installments over 5 years through the Settlement option.
• Buyers can enjoy a 2% rebate on the premium if the policy is bought online.

Benefits Of LIC Dhan Varsha Plan

The following benefits will be provided through the development of this prestigious scheme:-

• Death Benefits: In case the life assured dies within the policy term, the nominee will receive the Sum assured on Death along with guaranteed additions. This Sum Assured on Death depends on the option chosen by the policyholder:
  • Option 1: 1.25 times the premium amount charged against the basic sum assured
  • Option 2: 10 times the premium amount charged against the basic sum assured
• Maturity Benefits: The policyholder shall receive the Basic Sum Assured along with the accumulated guaranteed additions as maturity benefit on outliving the policy term.
• Let’s take the following example for Option 2 of LIC Dhan Varsha:

• Sum Assured – Rs 5 Lakhs
• Policy Term – 15 years
• Rate of Guaranteed Addition – Rs 35 per Rs 1000 Basic Sum Assured (as per the table above)
• Therefore, total Guaranteed Addition at the end of 15 years will be Rs (35 x 5,00,000/1,000) x 15 = Rs 2,62,500.

• Tax Benefits: The policyholder will receive tax benefits under Section 80C and Section 10(10D) of the Income Tax Act.
• Suicide Claims: In case the policyholder commits suicide within the first 12 months of the policy purchase, 80% of the single premium paid will be payable to the nominee of the policy. This claim is only applicable to the policyholder over 8 years of age.

Guaranteed Additions

Depending on the option and the policy term chosen, a certain amount will accumulate at the end of each policy year. The total sum will be added to the maturity or death benefit. The guaranteed amount per Rs. 1000 of the Basic Sum Assured will be as follows:-

Rider Benefits

The applicant will be provided with the following benefits as per the rules and regulations of the LIC plan:-

• LIC Accidental Death and Disability Benefit Rider- Under this rider, if the policyholder passes away due to accidental death, the nominee will receive the Accident Benefit Sum Assured in lump sum amount. If the policyholder suffers an accidental permanent disability, the policyholder will receive the Accident Benefit Sum Assured in monthly installments over 10 years.
• LIC’s New Term Assurance Rider- Under this rider, the Term Assurance Rider Sum Assured will be paid on the death of the policyholder within the policy term.

Additional Policy Details

You can check out the details related to the additional policy details such as the surrender benefits and the free look period from the details given below:-

• Free Look Period: The policy offers a free look period of 30 days from the day of policy purchase. During this period the policyholder can go through the T&C of the plan, and if unsatisfied can return the plan to the company.
• Surrender Benefits: The policyholder can surrender the policy at any point in the policy term. The Guaranteed Surrender Value will be
  • For the first 3 policy years: 75% of the Single premium
  • 4th policy year onwards: 90% of the Single premium

Policy Loan

The policyholders can apply for a policy loan at any point of the policy term after the completion of 3 months from the day of policy purchase. The maximum loan granted will be as follows:-

Eligibility Criteria

The applicant must follow the following eligibility criteria to apply for this scheme:-

Also Check: LIC Kanyadan Policy 

LIC Dhan Varsha Plan Application Process 2024

The applicants will have to visit the Official LIC Website in order to easily apply for the LIC Dhan Varsha program. You can fill out the application form for the opportunity by asking the officials.