LIC launches new plan Dhan Sanchay

Hyderabad: Life Insurance Corporation of India (LIC) introduced a new plan Dhan Sanchay on Tuesday. This is a non-linked, non-participating individual savings life insurance plan with a combination of protection and savings. It provides guaranteed income benefit during the payout period from the date of maturity, and guaranteed terminal benefit payable with the last installment of guaranteed income bond (GIB).

The new plan is available for a term of minimum 5 years to maximum 15 years. It provides Level income benefit, increasing income benefit, single premium level income benefit and single premium enhanced cover with level income benefit as per the choice of the customer. Maturity benefit shall be payable in the form of guaranteed income benefit and guaranteed terminal benefit.

The plan provides financial support for the family in case of unfortunate death of the life assured during the term of the policy after the commencement of risk. The death benefit shall be paid in lumpsum and/or in installments over a period of five years, as per the option exercised by the policyholder/ life assured. It also takes care of liquidity needs through loan facility.

Optional riders are available under this plan on payment of additional premium subject to conditions. Settlement option is available to receive death benefit in installments over a period of 5 years instead of lump sum under an in force as well as paid up policy. There is no limit for maximum premium. The minimum age at entry is 3 years (complete) depending upon chosen policy term.