National insurer Life Insurance Corporation on Friday unveiled a new close-ended plan Dhan Vridhhi.
The new plan can be on sale from June 23 by September 30, the insurer stated in a press release.
LIC stated Dhan Vriddhi is a non-linked, non-participating, particular person, financial savings, single premium life plan, providing a mixture of safety and financial savings.
This plan supplies monetary assist to the household in case of unlucky loss of life of the life assured throughout the coverage time period. It additionally supplies a assured lump sum quantity on the date of maturity to the assured.
The plan comes with two choices to select from whereby the sum assured on loss of life can both be 1.25 instances or 10 instances within the second choice.
The plan is on the market for 10, 15 and 18 years and the minimal age at entry varies from 90 days to eight years, relying on the time period chosen, and the utmost age at entry varies from 32 to 60 years, relying upon the time period and choice chosen.
The plan presents a minimal primary assured sum of ₹1,25,000 and might be opted for extra in multiples of ₹5,000.
The assured additions shall accrue on the finish of every coverage 12 months, all through the coverage time period, and ranges from ₹60 to ₹75 within the first choice and ₹25 to ₹40 within the second choice for each ₹1,000 of primary sum assured. The assured additions are increased for a better sum assured.
A settlement choice is on the market on maturity/loss of life in month-to-month/quarterly/half-yearly/yearly intervals for 5 years. The plan additionally presents liquidity by a mortgage facility, which is on the market anytime after three months from the completion of the coverage.
