LIC Dhan Sanchay Plan
The Life Insurance Corporation of India (LIC) has introduced Dhan Sanchay, a non-participating, non-linked, individual, savings life insurance plan.
LIC Dhan Sanchay plan provides financial assistance to the family members in the event of the untimely death of the insured during the policy term. It also offers an assured stream of income from the date of maturity throughout the payout period. You can purchase this plan online as well as offline.
Benefits of LIC Dhan Sanchay Plan
The LIC Dhan Sanchay plan comes with the following benefits:
- Death benefit will be paid in a lump sum or instalments over a 5-year period, depending on the option the policyholder chooses.
- Maturity benefit will be paid as Guaranteed Income Benefit and Guaranteed Terminal Benefit if the policyholder survives the specified maturity date.
- If the policyholder passes away during the payout period, the Guaranteed Income Benefit will continue to be paid to the nominee in accordance with the applicable payout mode for the remaining payout period along with the Guaranteed Terminal Benefit.
Features of LIC Dhan Sanchay Plan
Rider Benefits |
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Payment of Premium |
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Grace Period |
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Policy Loan | Loan against policy can be availed |
Free Look Period | If you are dissatisfied with the policy's terms and conditions, you can return the policy to the corporation within 30 days of receipt of the policy bond indicating the grounds for the objections. |
LIC Dhan Sanchay Plan Eligibility Criteria
Category | Details |
Age at Entry | Minimum: 3 years Maximum: 50 years (for Level Income Benefit and Increasing Income Benefit) 65 years (for Single Premium Level Income Benefit) 40 years (for Single Premium enhanced cover with Level Income Benefit) |
Age at Maturity | Minimum: 18 years Maximum: 65 years (for Level Income Benefit and Increasing Income Benefit) 80 years (for Single Premium Level Income Benefit) 55 years (for Single Premium enhanced cover with Level Income Benefit) |
Policy Term | 10 and 15 years (for Level Income Benefit and Increasing Income Benefit) 5, 10, and 15 years (for Single Premium Level Income Benefit and Single Premium enhanced cover with Level Income Benefit) |
Payout Period | Equal to Premium Paying Term (for Level Income Benefit and Increasing Income Benefit) |
Minimum Annualized/ Single Premium | Rs.30,000 (for Level Income Benefit and Increasing Income Benefit) Rs.2 lakh (for Single Premium Level Income Benefit and Single Premium enhanced cover with Level Income Benefit) |
Maximum Premium | No limit |
Minimum Sum Assured on Death | Rs.3.30 lakh (for Level Income Benefit and Increasing Income Benefit) Rs.2.5 lakh (for Single Premium Level Income Benefit) Rs.22 lakh (for Single Premium enhanced cover with Level Income Benefit) |
FAQs on LIC Dhan Sanchay Plan:
- What is the premium payment mode for the LIC Dhan Sanchay plan?
You can pay the premiums on a monthly quarterly, half-yearly, and yearly basis.
- What is the grace period offered on the LIC Dhan Sanchay plan?
A grace period of 15 days is offered for payment of monthly premiums and 30 days for payment of quarterly, half-yearly, and yearly payments.
- Can I avail a loan against the LIC Dhan Sanchay plan?
Yes, you can avail loans against the LIC Dhan Sanchay plan.
- What are the minimum and maximum entry ages for the LIC Dhan Sanchay plan?
The minimum entry age for the LIC Dhan Sanchay plan is 3 years. The maximum entry age is 50 years for Level Income Benefit and Increasing Income Benefit, 65 years for Single Premium Level Income Benefit, and 40 years for Single Premium enhanced cover with Level Income Benefit.
- Can I purchase the LIC Dhan Sanchay plan online?
Yes, you can purchase the LIC Dhan Sanchay plan online as well as offline.
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