The Life Insurance Corporation of India (LIC) has introduced Dhan Sanchay, a non-linked, non-participating individual savings life insurance plan that offers both protection and savings. This plan provides financial support to the family if the life assured dies prematurely during the policy’s term. According to a LIC press release, it also provides a guaranteed income stream from the date of maturity to the conclusion of the payout period.
- The first two alternatives require a minimum Sum Assured of Rs.3,30,000/-, the third option requires a minimum Sum Assured of Rs.2,50,000, and the fourth option requires a minimum Sum Assured of Rs.22,00,000.
- There are no limitations on the maximum Premium. The minimum age for entrance varies depending on the Policy term selected.
- The death benefit payable on the death of a Life Assured during the policy term after the date of starting of risk but before the stipulated date of maturity is known as the Sum Assured on Death.
- According to the Policyholder’s/Life Assured’s option, the Death Benefit will be paid in a lump sum or in instalments over a 5-year term. After the Death Benefit is paid, the policy will expire, and no further payments will be paid.
- If the life guaranteed survives the stated date of maturity, a maturity benefit will be given in the form of Guaranteed Income Benefit and Guaranteed Terminal Benefit.