LIC Dhanvriddhi Plan: Life Insurance Corporation has discontinued the Dhanvriddhi Plan. The plan was launched on 23rd June 2023.
LIC Dhanvriddhi Plan: Life Insurance Corporation of India (LIC) has withdrawn its wealth growth policy. This policy is a non-linked, non-participatible, personal savings life insurance policy, which provides protection as well as savings. It also provides a guaranteed lump sum amount to the insured on the date of maturity. It was first launched on 23 June 2023 and then discontinued in September.
This year it was relaunched in February and then closed on 1 April.
The LIC Dhan Vriddhi policy provides financial security to the family in the event of the policyholder’s untimely demise within the policy term. This policy ensures that loved ones get the necessary financial support during challenging times, providing a sense of security and stability for the future.
The policy was offered for terms 10, 15, or 18. Depending on the tenure chosen, the entry age will range from 90 days to 8 years. Depending on the word and choice chosen by the users, the maximum entry age ranges from 32 to 60 years. While the basic sum insured was Rs 1.25 lakh, there was an option to increase it in multiples of Rs 5,000.
Highlights of Wealth Growth Policy
- Single Premium Policy
- Choosing between Policy Term and Death Cover
- Guaranteed extras during the policy term
- High Guaranteed Additional for policies with high Basic Sum Assured
- Lump sum benefit on death or maturity
- Option to avail death benefit in installment
- Settlement option at maturity
- Option to choose riders
- Accidental Death and Disability Benefit of LIC
- Rider and LIC ‘s New Term Assurance Rider
- Policy loan is also available
Rules for surrendering
As per the LIC policy documents, the policy can be surrendered by the policyholder at any time during the policy term.
On surrender of the policy, the Corporation will pay a surrender value equal to the higher of the Guaranteed Surrender Value and the Special Surrender Value.
The Guaranteed Surrender Value (GSV) payable under the policy will be:
- During the first three policy years: 75% of single premium
- Thereafter: 90% of the single premium mentioned above will exclude taxes, additional premiums, and rider premiums, if any.
- In addition, the surrender price of the Guaranteed Accrued Additions i.e. multiplied by the GSV factor applicable to the Guaranteed Additions accrued will also be payable.
