This policy of LIC will make you a millionaire in no time. By investing only Rs 1500 in this policy, you will get full Rs 93 lakhs on maturity. Let us know in detail about this policy
LIC Dhan Varsha Policy is a unique offering from Life Insurance Corporation of India which combines the benefits of a life insurance policy with long term savings. It provides an opportunity to the policyholders to secure their future and financial stability of their family by paying a lump sum premium amount. The policy will come with guaranteed additions made by LIC every year, which substantially increases the final payout on death or maturity.
Benefits of LIC Dhan Varsha
Death Benefit: In case of death of the life assured during the policy term, the nominee will receive the Sum Assured on Death plus accumulated Guaranteed Additional Sum Assured. The Sum Assured on Death can be chosen as 1.25 times the premium amount taken against Basic Sum Assured or 10 times the premium amount taken against Basic Sum Assured.
Maturity Benefit: At the end of the policy term, the policyholder will receive the Basic Sum Assured along with accumulated Guaranteed Additional Sum Assured as Maturity Benefit.
Guaranteed Growth: A fixed amount will accrue at the end of each policy year and will be added to the maturity or death benefit depending on the option chosen and the policy term. The rate of Guaranteed Additions per Rs 1000 of Basic Sum Assured varies depending on the policy term and the option chosen.
Tax Benefits: The policyholder can avail tax benefits under Section 80C and Section 10(10D) of the Income Tax Act.
How to get 93 lakhs?
Suppose if a 35-year-old individual buys a policy with a basic sum assured of Rs 10 lakh, policy term of 15 years and policy option 2. The single premium (excluding taxes) payable will be Rs.8,74,950. The rate of Guaranteed Addition is Rs.40 per Rs.1000 Basic Sum Assured.
So if the policyholder dies in the 10th policy year, the nominee will get Rs 91,49,500 (Rs 87,49,500 + Rs 4,00,000). If the policyholder dies in the 15th policy year, the nominee will receive Rs 93,49,500 (Rs 87,49,500 + Rs 6,00,000). If the policyholder survives the policy term, he/she will receive Rs 16,00,000 (Rs 10,00,000 + Rs 6,00,000).
how to apply
LIC Dhan Varsha policy can be purchased by paying a single premium through various modes of payment such as cash, cheque, demand draft, or online through the LIC portal.
