10 Things You Should Know About Dhan Varsha’s Life Insurance Plan from LIC

10 things to know about this plan:

1. This plan provides for financial support for the family in the event of the unexpected death of the insured life during the term of the insurance. It also offers a guaranteed lump sum at maturity for the insured surviving life.

2. The submitter has two options to choose “Insured amount in the event of death” (1) 1.25 times the tabular premium (2) 10 times the tabular premium for the chosen base amount insured. The applicant can choose the term of 10 years or 15 years.

3. The minimum entry age for a term of 10 years is 8 years and 3 years for a policy period of 15 years. The maximum age of entry varies from 35 to 60 years, depending on the chosen term and option of the insured amount in the event of death.

4. The minimum insured basic amount is 1.25 lakh and there is no limit to the maximum insured base amount.

5. If the age on commencement of insured life is less than 8 years, the risk under the policy will commence either 2 years from the policy inception date or from the policy anniversary coinciding with or immediately following the attainment of 8 years of age , whichever is earlier. For persons aged 8 or over, the risk commences immediately from the date of issue of the policy.

6. If the insured is alive on the date on which the policy vests and if a written request to surrender the policy has not been received by the Company before that date on which the policy vests from the person entitled to the policy monies, the policy automatically becomes unconditional for the insured. on such vesting date.

7. Guaranteed Supplements are accrued at the end of each insurance year, during the term of the insurance. The Guaranteed Addition depends on the option chosen, the insured base amount and the policy duration.

The rates vary from 25 to 75 per 1000 insured base amount.

8. There are two optional riders available under this plan, one being LIC’s Accidental Death and Disability Benefit Rider and the second being LIC’s New Term Assurance Rider.

9. Under certain conditions, a loan is possible under this scheme.

10. You may purchase such plan offline through an agent or other intermediaries, including Points of Sale – Life Insurance (POSP-LI)/Common Public Service Centers (CPSC-SPV), under certain conditions.