India’s insurance behemoth Life Insurance Corporation of India or LIC has recently introduced an insurance cum investment plan called LIC Dhan Varsha Plan. This brand new plan of LIC is a bit unique as it provides 10 times the return of the premium paid. To register for this plan investors will have to provide a single premium deposit, which eradicates the need of making regular contributions repeatedly.
What Is LIC Dhan Varsha Plan?
So, LIC Dhan Varsha Plan is an individual, non-participating, personal investment plan for low-risk investors to earn a huge corpus of funds after maturity while contributing only a single amount. The motive to invest in this plan can be any out-of-retirement planning, promoting savings, child’s education needs, accumulating marriage funds, etc.
Moreover, if the policyholder dies before the maturity period is completed, his family will be able to avail of the death benefits. Two times the premium amount is paid as a death benefit.
There Are Two Ways To Invest In LIC Dhan Varsha Plan:
First: This option allows an investor to contribute a one-time amount of ₹10 lakh and get 1.25 times the return. So, the investor or his family will get a guaranteed bonus amount of ₹12.5 lakh on their contributions.
Second: The second way is to invest in the Dhyan Rekha Plan. In this option investors’ families get 10 times the premium paid as risk cover-up, if a person or investor dies after purchasing this policy. So, if an investor had made a single premium contribution of ₹10 lakh then the family is guaranteed to receive a bonus of ₹1 Cr.
Major Details About Dhan Varsha Plan:
- The process to avail of the benefits of this insurance plan.
- You can purchase this policy for either 10 years or 15 years.
- The minimum age to invest in this scheme for a 15-year term plan is 3 years, whereas it is 8 years for investing for 10 years.
- The maximum age to purchase this plan differs on the basis of which investing way you are choosing. If you opt for the first option then you invest till 60 years of age. But if you are choosing the second option, in which you will get 10 times the risk cover benefits, then you can invest till 40 years of age.
- The nominee, after the investor’s demise, can choose to get the bonus either in full or in instalments.