LICs Dhan Vriddhi Plan No 869

LICs Dhan Vriddhi Plan No 869 is a non-participating, non-linked, and individual plan that combines protection and saving. The plan was launched recently on 23rd June 2023 and its sale will be till 30th September 2023.

Features

  • Guaranteed Sum Assured: The plan provides a guaranteed sum assured on the death of the life assured during the policy term. The sum assured is payable to the nominee or legal heirs of the life assured.
  • Guaranteed Maturity Benefit: The plan also provides a guaranteed maturity benefit to the life assured on survival till the end of the policy term. The maturity benefit is equal to the single premium paid plus interest at the guaranteed rate of return.
  • Tax benefits: The premium paid under this plan is eligible for a deduction under Section 80C of the Income Tax Act, 1961. The death benefit is tax-free under Section 10(10D) of the Income Tax Act, 1961.

Eligibility

  • The minimum age of entry under this plan is 18 years.
  • The maximum age of entry under this plan is 65 years minus the policy term.
  • The minimum sum assured under this plan is Rs. 50,000.
  • The maximum sum assured under this plan is Rs. 2 crore.

Premium

The premium under this plan is payable in a lump sum at the beginning of the policy term. The premium is calculated based on the life assured's age, sum assured, and policy term.

Policy Term

The policy term under this plan is 10, 15, or 18 years.

Benefits

In case of death of the life assured during the policy term, the nominee or legal heirs of the life assured will be paid the guaranteed sum assured.

If the life assured survives till the end of the policy term, the life assured will be paid the guaranteed maturity benefit.

The life assured can also surrender the policy at any time after three months of the commencement of risk. In case of surrender, the life assured will be paid the surrender value.

Conclusion

LICs Dhan Vriddhi Plan No 869 is a good option for people who are looking for a life insurance plan that provides both protection and savings. The plan offers a guaranteed sum assured on death and a guaranteed maturity benefit on survival. The premium is payable in a lump sum at the beginning of the policy term.