Insurance plan

lic dhan rekha: LIC Dhan Rekha savings life insurance plan: check policy, death benefit, maturity details

Life Insurance Corporation of India (LIC) has launched a new savings insurance policy called Dhan Rekha effective from December 13, 2021. According to a press release issued by LIC on December 13, it is a non linked, non-participating, individual savings life insurance plan. “The product has various advantages and unique features. There are special premium rates for female lives. The plan is allowed to the third gender. All plan benefits are fully guaranteed,” the statement said.

According to LIC’s press release, the Dhan Rekha plan pays a percentage of the basic sum insured as a survivor’s benefit at regular intervals of the premium payment term.

LIC Plan Details Dhan Rekha

  • Under this plan, the minimum sum assured is Rs 2 lakh, with no upper restriction on the maximum sum assured.
  • Depending on the duration of the policy, the minimum age to enter varies from 90 days to 8 years. Depending on the duration of the contract, the maximum age at entry can vary from 35 to 55 years.
  • The plan can be purchased both offline and online through agents/intermediaries such as POSPLI/Common Public Service Centers (CPSC-SPV) and website.
  • This plan also includes a loan facility to meet liquidity needs. Optional riders are available under this plan for an additional price, however, there will be some restrictions, LIC said.

Death benefit

The sum assured at death for limited pay premiums is 125% of the basic sum assured or 7 times the annualized premium, whichever is greater, but not less than 105% of all premiums paid up to date of death, plus guaranteed additions, the LIC press release said. . “Instead of receiving a lump sum payment, the maturity and death benefits can be received in installments over a period of 5 years. Single premium or limited premium 10-year, 15-year or 20-year payout options are available,” he added.

If the policy is in force, the guaranteed bonuses will accumulate at the end of each policy year from the 6th policy year until the end of the policy term.

Maturity Details

The policyholder receives the entire sum insured without deduction of the reimbursement amount received combined with the guaranteed additions accumulated at maturity. This plan provides financial assistance to the family of the policyholder in the event of the premature death of the policyholder during the term of the contract.