LIC Insurer launches new guaranteed return single-premium plan

A new guaranteed return single-premium plan called “Dhan Varsha” has been launched by the Life Insurance Corporation of India (LIC). It is a “non-linked, non-participating, individual, savings life insurance plan” which provides a combination of protection and savings to policyholders.

The policy offers a guaranteed lump sum on maturity, as well as a guaranteed death benefit to family members in case of the policyholder’s untimely demise. The Dhan Varsha scheme will be available for sale only until 31 March 2023. For opting the 15-year term plan, one’s age must be at least 3 years. For choosing the 10-year term plan, the minimum age is 8 years. The policy offers two options. Option 1 is “1.25 times of Tabular Premium for the chosen Basic Sum Assured” and option 2 is “10 times of Tabular Premium for the chosen Basic Sum Assured”.

Tabular Premium shall be based on the age at entry of the life assured, policy term and the option selected but before allowing for any rebate. It does not include any extra premiums, taxes and rider premiums.