Life Insurance Corporation of India (LIC) has introduced a new scheme Dhan Rekha with effect from 13th December 2021 which is a non-linked, non-participating, individual savings life insurance plan.
According to the LIC press release, the product has various benefits and unique features. There are special premium rates for female life. Planning is allowed for third gender. All benefits under the plan are fully guaranteed.
Features of the plan
The plan offers a percentage of the Basic Sum Assured as survival benefit at regular intervals starting from the end of the premium paying term provided the policy is in force.
As per the press release, Guaranteed Additions will accrue at the end of each policy year starting from the 6th policy year till the end of the policy term, provided the policy is in force. The unique advantage of this plan is that on maturity, the policyholder gets the full Sum Assured without deduction of the refund amount received along with accrued guaranteed additions. This plan provides financial support for the family in case of unfortunate death of the policyholder during the policy term. The Single Premium for Death Sum Assured is 125% of the Basic Sum Assured plus the Guaranteed Addition. For limited paid premiums, the Death Sum Assured is 125% of the Basic Sum Assured or 7 times the Annualized Premium, whichever is higher, with Guaranteed Additions not less than 105% of all premiums paid till the date of death. There is a provision to get maturity and death benefit in installments over a period of 5 years instead of lump sum. Premium Single premium or Limited premium paying terms can be 10 years, 15 years and 20 years.
plan coverage
The scheme also takes care of the liquidity needs through loan facility. Optional riders are available under this plan on payment of additional premium subject to conditions.
The minimum sum assured under this plan is 2 lakh and no limit for the maximum sum insured. The minimum age at entry ranges from 90 days to 8 years depending on the policy term chosen. As per the LIC press release, the maximum age of entry ranges from 35 years to 55 years depending on the policy term chosen.
how to Buy
As per the LIC press release, the scheme is available for online purchase through agents/intermediaries including POSPLI/Common Public Service Centers (CPSC-SPV) as well as directly through the website www.licindia.in.
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