HomeMoney & FinanceLIC Dhan Rekha policy: 5 things to know

LIC Dhan Rekha policy: 5 things to know

Life Insurance Corporation of India (LIC) has recently introduced a Dhan Rekha, a non-linked, non-participating, individual savings life insurance policy that comes with several benefits and features.

While there are special premium rates for women, the policy is also allowed for the third gender. All benefits under the plan are fully guaranteed.

Policy coverage

The minimum aum assured under this plan is 2 lakh and no limit for the maximum sum assured. The minimum age at entry ranges from 90 days to 8 years as per chosen policy term. The maximum age at entry ranges from 35 years to 55 years depending upon the chosen policy term. The plan is available for purchase offline mode through agents/intermediaries including POSPLI/Common Public Service Centres (CPSC-SPV) as well as online directly through the LIC website.

Here are five things to know

The policy provides a percentage of the basic sum assured as a survival benefit at regular intervals starting from the end of the premium paying term provided the policy is active.

Guaranteed additions accrue at the end of each policy year starting from the sixth policy year to the end of the policy term.

The unique benefit of this policy is that on maturity, you will receive the full sum assured without deduction of the money-back amount received along with accrued guaranteed additionsThis plan provides financial support for the family in case of the unfortunate death of the policyholder during the policy term. 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 7 times of Annualized Premium whichever is higher not less than 105% of all the premium paid up to date of death along with Guaranteed Additions.

here is a provision to receive maturity and death benefit in instalments over a period of 5 years instead of a lump sum. The premium can be Single Premium or Limited Premium payment terms of 10 years, 15 years and 20 years.

This plan also takes care of liquidity needs through a loan facility. Optional riders are available under this plan on payment of additional premium subject to conditions.

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