LIC has recently introduced Dhan Vriddhi, a non-participating endowment plan requiring a single premium payment. This closed-end plan offers guaranteed returns and is available for purchase until September 30, 2023.
LIC policyholders can choose between two options for the sum guaranteed: 1.25 times (Option 1) or 10 times (Option 2) the premium amount, with a minimum sum assured of 1.25 lakh rupees. Minimum admission age ranges from 90 days to eight years, and maximum entry age ranges from 32 to 60 years.
The term options for the single-premium policy are 10, 15, or 18 years. You have the option of selecting a minimum basic sum assured of 1.25 million, and you can choose higher quantities in multiples of 5,000.
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In the event that the “Life Assured” dies during the policy term after the commencement of risk but before the specified maturity date, the payable amount will be the “Death Benefit” plus accrued guaranteed additions. Nevertheless, if the life assured survives until the specified maturity date, the payout will consist of the “Basic Sum Assured” plus accrued guaranteed additions.
At maturity, the policyholder will receive the basic sum assured in addition to the accumulated guaranteed additions, which represent the returns garnered over the policy’s term to increase the corpus. In the unfortunate event that the Life Assured dies during the term of the policy, the nominees will receive the sum assured plus the guaranteed additions.
Throughout the tenure, guaranteed additions will accrue at the conclusion of each policy year. The number of guaranteed additions varies depending on the selected option, the baseline sum assured, and policy duration. Greater additions are assured for books with larger coverings.
At the time of maturity or death, the beneficiary can choose to receive the claim amount in monthly, quarterly, semi-annual, or annual installments over a five-year period. The plan also provides liquidity through a loan facility, which is made available three months after the policy expires.
Riders such as accidental death and disability benefit riders, as well as new term assurance riders, can be added to a policyholder’s primary life insurance policy to enhance it. The policy can be purchased both online and offline, via agents, intermediaries, Point of Sales Persons-Life Insurance (POSP-LI), and Common Public Service Centers (CPSC-SPV), in addition to the insurance company’s website.
