Individuals seeking insurance should be aware that the Life Insurance Corporation of India (LIC) has launched the new Dhan Rekha plan, which will take effect on December 13, 2021. This plan provides complete coverage for all benefits. Individuals who are interested might visit LIC's official website at licindia.in.
Plan Dhan Rekha
The Dhan Rekha Life Insurance Plan from LIC is a non-linked, non-participating, individual savings life insurance plan that offers an appealing combination of protection and savings. This plan offers financial assistance to the policyholder's family in the event of the policyholder's untimely death during the policy term.
Customers should be aware that monthly payments will be payable on the policyholder's survival at predetermined intervals over the policy term, as well as guaranteed lumpsum payments to the surviving policyholder at maturity. This strategy also includes a lending facility to meet liquidity requirements.
Amount guaranteed
Individuals who are interested should be aware that the plan's minimum basic sum insured is Rs 2,00,000. The maximum quantity is unrestricted.
Maturity has many advantages.
The policyholders should be aware that if they live to the prescribed maturity date while the policy is in existence, the "Sum Assured on Maturity" plus accumulated guaranteed additions would be paid, where "Sum Assured on Maturity" equals Basic Sum Assured.
Benefits of Survival
A specific proportion of the Basic Sum Assured will be paid if the life assured survives for each of the stated durations during the policy period, providing the policy is in effect. The following is the fixed percentage for several policy terms:
After 20 years, 10% of the Basic Sum Assured is paid out at the conclusion of each of the 10th and 15th policy years.
30 years - At the conclusion of each of the 15th, 20th, and 25th policy years, 15% of the Basic Sum Assured is paid out.
At the conclusion of each of the 20th, 25th, 30th, and 35th policy years, 20% of the Basic Sum Assured is paid out.
Benefits after death
The death benefit payable on death after the onset of risk throughout the insurance period will be "Sum Assured on Death" plus Accrued Guaranteed Additions.
"Sum Assured on Death" is now defined as 125 percent of Basic Sum Assured for single premium payments. "Sum Assured on Death" is defined as the higher of 125 percent of Basic Sum Assured or 7 times annualised premium for restricted premium payment.
The Death Benefit under Limited Premium Payment will not be less than 105 percent of all premiums paid as of the date of death, minus any additional premiums, rider premiums, if any, and taxes.
LIC's official website, licindia.in, is a good place to go if you have any questions or need more information.
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