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LIC discontinues with Dhan Vriddhi scheme. Check rules to surrender policy

Upon maturity, the life assured receives a guaranteed lump sum amount. The policy was launched on June 23, 2023, and then closed in September of that same year.

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LIC discontinues with Dhan Vriddhi scheme

LIC discontinues with Dhan Vriddhi scheme: A non-linked, non-participating, individual savings life insurance plan, Dhan Vriddhi is offered by the Life Insurance Corporation of India (LIC).

Upon maturity, the life assured receives a guaranteed lump sum amount. The policy was launched on June 23, 2023, and then closed in September of that same year.

It was relaunched in February and closed on April 1.

LIC Dhan Vriddhi provides financial protection to the insured’s family in case of their untimely death.

As a result of this plan, loved ones can receive financial assistance during challenging times, providing a sense of security and stability for the future.

Plans were offered for terms of 10, 15, or 18. The admission age ranged from 90 days to 8 years, depending on the term.

Users can choose a term and choice that ranges from 32 to 60 years old. The basic sum assured was Rs. 1.25 lakh, with the option to increase it by multiples of Rs. 5,000.

Dhan Vriddhi scheme features

  • > Single Premium Plan
  • > Choice between the Policy Term and the Death Cover
  • > Guaranteed Additions throughout the Policy term
  • > Higher Guaranteed Additions for policies with higher Basic Sum Assured
  • > Lumpsum Benefit on Death or Maturity
  • > Option to take Death Benefit in Instalment and Settlement Option on Maturity
  • > Option to choose riders i.e. LIC’s Accidental Death & Disability Benefit Rider and LIC’s New Term Assurance Rider
  • > Policy Loan available

Surrender rules

LIC policy documents state that the policyholder can surrender the policy at any time during the term of the policy.

In the event that the policy is surrendered, the Corporation will pay the higher of Guaranteed Surrender Value and Special Surrender Value. The Guaranteed Surrender Value (GSV) payable under the policy is:

> For the first three policy years: 75% of the single premium
> Afterwards, 90% of the Single Premium shall not include taxes, extra premiums, or rider premiums, if any.

Also payable is the surrender value of accrued Guaranteed Additions multiplied by the GSV factor applicable to the accrued Guaranteed Additions.

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