LIC has introduced a plan ‘Dhan Rekha’ with special rates for women and guaranteed benefits. The benefits include a periodic return of the basic sum insured plus the entire sum assured upon maturity. The corporation has said that this policy is also allowed for the third-gender.
The policy is a non-participating, non-linked individual savings plan, which enables the corporation to offer assured benefits. Guaranteed additions accrue at the end of each policy year starting from the sixth policy year to the end of its term. The life cover is 125% of basic sum insured for single premium policies while for limited period premium payment, the cover is 125% of sum assured or seven times the annualised premium, whichever is higher.
For single premium death sum assured is 125% of basic sum assured plus guaranteed additions. For limited payment premium, death sum assured is 125% of basic sum Assured or seven times of annualised premium, whichever is higher.
There is a provision to receive maturity and death benefit in installments over 5 years instead of lump sum. The minimum sum assured under this plan is Rs 2 lakh and no limit for maximum sum assured. The minimum age at entry ranges from 90 days to 8 years according to chosen policy term. The maximum age at entry ranges from 35 years to 55 years.