Life Insurance Corporation of India (LIC) has introduced a new Dhan Rekha scheme effective from 13th December 2021, which is an unlinked, non-participating individual savings life insurance scheme.
According to LIC’s press release, the product has various unique benefits and features. There are special premium rates for female lives. The plan is allowed to the third gender. All plan benefits are fully guaranteed.
The plan provides a percentage of the base sum insured as a survivor benefit at regular intervals from the end of the premium payment period, provided the policy is in force.
According to the press release, the guaranteed additions will accrue at the end of each policy year from the 6th policy year until the end of the policy term, provided the policy is in force. . The unique advantage of this plan is that at maturity, the policyholder receives the full sum insured without deduction of the reimbursement amount received as well as accumulated guaranteed additions. This plan offers financial support to the family in the event of the unfortunate death of the policyholder during the term of the contract. For the insured single-premium death benefit, 125% of the basic insured capital plus the guaranteed supplements. For limited payment premiums, the insured death benefit is 125% of the basic insured amount or 7 times the annualized premium, whichever is greater, not less than 105% of the total premium paid up to the date of death with guaranteed supplements. There is a provision to receive maturity and death benefits in installments over a 5-year period instead of a lump sum. The premium can be a single premium or 10-year, 15-year and 20-year limited premium payment terms.
This plan also supports liquidity needs through a loan facility. Optional riders are available under this plan upon payment of an additional premium subject to conditions.
The minimum sum insured under this plan is ₹2 lakh and no limit for maximum sum insured. The minimum age at entry varies from 90 days to 8 years depending on the duration of the policy chosen. The maximum entry age ranges from 35 to 55 depending on the length of policy chosen, according to the LIC press release.
How to buy
The plan is available for purchase in offline mode through agents/intermediaries including POSPLI/Common Public Service Centers (CPSC-SPV) as well as online directly through the website www.licindia.in as per to the LIC press release.