LIC Dhan Varsha - Plan No. 866

LIC Dhan Varsha is no longer available for sale as it was withdrawn by the company. LIC Dhan Varsha Plan is a single-premium plan wherein the policyholder needs to make a lump sum payment and can enjoy coverage for up to 15 years, along with additional savings in the form of guaranteed additions. 

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Introduction to LIC Dhan Varsha

LIC Dhan Varsha, offered by the LIC of India, is a single-premium plan that allows the policyholder to secure the future of their loved ones. The plan can be bought by paying a single lump sum premium amount, which will protect policyholders and their families in case of any eventuality. Further, the guaranteed additions by LIC every year can significantly increase the final payouts at death or maturity.

The plan was withdrawn by the company on 31.03.2023; however, those individuals who have already bought this plan can enjoy the benefits offered by Dhan Varsha. Let us explore more about Dhan Varsha plan LIC.

Key Features of LIC’s Dhan Varsha

  • Dhan Varsha LIC is a single premium plan, which means the plan can be bought through a lump sum amount only.

  • The policyholder can choose to remain covered under a policy term or 10 years or 15 years.

  • The policy offers guaranteed additions ranging from Rs. 25 to Rs. 75 per thousand of the Basic Sum Assured at the end of each policy year.

  • After completing 3 months of the policy, one can avail of the loan facility to finance any urgent capital needs.

  • Policyholders can choose to receive the maturity or death benefit in instalments over 5 years through the Settlement option.

  • Buyers can enjoy a 2% rebate on the premium if the policy is bought online.

Eligibility Criteria of LIC Dhan Varsha

Parameters Minimum Maximum
Entry Age For a policy term of 10 years 8 years Option 1: 60 years
Option 2: 40 years
For a policy term of 15 years 3 years 35 years
Age at Maturity 18 years Option 1: 75 years
Option 2: 50 years
Basic Sum Assured Rs. 1,25,000 No limit
Policy Term 10 years and 15 years
Mode of Premium Payment Single premium (lump sum) only

Core Benefits Of LIC Dhan Varsha Plan

    • Death Benefits: Under LIC Dhan Varsha Plan LIC, if the life assured dies within the policy term, the nominee will receive the Sum assured on Death along with guaranteed additions. This Sum Assured on Death depends on the option chosen by the policyholder:

      Option 1: 1.25 times the premium amount charged against the basic sum assured

      Option 2: 10 times the premium amount charged against the basic sum assured

    • Maturity Benefits: The policyholder shall receive the Basic Sum Assured along with the accumulated guaranteed additions as maturity benefits on outliving the policy term.

    • Guaranteed Additions: Depending on the option and the policy term chosen, a certain amount will accumulate at the end of each policy year. The total sum will be added to the maturity or death benefit. The guaranteed amount per Rs. 1000 of the Basic Sum Assured will be as follows:

Basic Sum Assured Policy term of 10 years Policy term of 15 years
Option 1 Option 2 Option 1 Option 2
Rs. 1,25,000 to Rs. 2,45,000 Rs. 60 Rs. 25 Rs. 65 Rs. 30
Rs. 2,50,000 to Rs. 6,95,000 Rs. 65 Rs. 30 Rs. 70 Rs. 35
Rs. 7,00,000 and above Rs. 70 Rs. 35 Rs. 75 Rs. 40

Here’s how one can calculate the total guaranteed additions for their Dhan Varsha Plan LIC. Let’s take the following example for Option 2 of LIC Dhan Varsha plan:

Sum Assured - Rs 5 Lakhs

Policy Term - 15 years

Rate of Guaranteed Addition - Rs 35 per Rs 1000 Basic Sum Assured (as per the table above)

Therefore, the total Guaranteed Addition at the end of 15 years will be Rs (35 x 5,00,000/1,000) x 15 = Rs 2,62,500.

  • Tax Benefits: The policyholder will receive tax benefits under Section 80C and Section 10(10D) of the Income Tax Act.

Sample Benefit Illustration for LIC Dhan Varsha Plan

Let’s understand the plan with the help of the example of Mr Sumit, a 35-year-old individual who decided to buy the Dhan Varsha plan. Other LIC Dhan Varsha plan details are as follows:

  • Basic Sum Assured = Rs 10 Lakhs

  • Policy Term = 15 years

  • Policy Option = Option 2

  • Single premium payable (excluding taxes) = Rs 8,74,950

  • Guaranteed Additions = Rs 40 per Rs 1000 Basic Sum Assured

Here’s a look at different scenarios:

  1. If the policyholder dies in the 10th policy year

    The nominee will receive a total of the following amounts:

    • Sum Assured on Death for Option 2: Single Premium paid x 10 = Rs 87,49,500

    • Guaranteed Additions for 10 years: Rs (40 x 10,00,000/1,000) x 10 = Rs 4,00,000

    This brings the final death benefit to Rs 91,49,500.

  2. If the policyholder dies in the 15th policy year

    The nominee will receive the sum assured on death (Rs 87,49,500) plus Guaranteed Additions for 15 years (Rs 6,00,000), which brings the total to Rs 93,49,500.

  3. If the policyholder survives the policy term

    He/she will receive a total of the following amounts:

    • Basic Sum Assured: Rs 10,00,000

    • Guaranteed Benefits for 15 years: Rs (40 x 10,00,000/1,000) x 15 = Rs 6,00,000

    This brings the final maturity benefit to Rs 16,00,000.
    You can also use the LIC Calculator to make these calculations easier and quicker in just a few clicks.

Rider Benefits With LIC Dhan Varsha

LIC Dhan Varsha Plan offers the option of including the following two riders which the policyholders can include in their base plan to enhance its coverage. These riders can only be included at the time of policy purchase.

  1. LIC Accidental Death and Disability Benefit Rider

    Under this rider, if the policyholder passes away due to accidental death, the nominee will receive the Accident Benefit Sum Assured in a lump sum amount. If the policyholder suffers an accidental permanent disability, the policyholder will receive the Accident Benefit Sum Assured in monthly installments over the course of 10 years.

  2. LIC’s New Term Assurance Rider

    Under this rider, the Term Assurance Rider Sum Assured will be paid on the death of the policyholder within the policy term.

Additional LIC Dhan Varsha Plan Details

Below mentioned are the Dhan Varsha LIC Details. Have a look:

  • Free Look Period: The Dhan Varsha Plan LIC offers a free look period of 30 days from the day of policy purchase. During this period, the policyholder can go through the T&C of the plan and, if unsatisfied, can return the plan to the company.

  • Surrender Benefits: The policyholder can surrender the policy at any point in the policy term. The Guaranteed Surrender Value offered under Dhan Varsha LIC is:

    • For the first 3 policy years, 75% of the Single premium

    • 4th policy year onwards: 90% of the Single premium

  • Policy Loan: The policyholders can apply for a policy loan at any point of the policy term after the completion of 3 months from the day of policy purchase. The maximum loan granted will be as follows:

Option The maximum loan that can be availed (percentage of surrender value)
10-year policy term 15-year policy term
Option 1 70% 60%
Option 2 60% 50%

Exclusions Under LIC Dhan Varsha Plan

Suicide Claims: In case the policyholder commits suicide within the first 12 months of the policy purchase, 80% of the single premium paid will be payable to the nominee of the policy. This claim is only applicable to the policyholder over 8 years of age.

FAQs

  • Q: Is there a loan facility available with the LIC Dhan Varsha Plan?

    Ans: Yes, the Dhan Varsha Plan LIC offers a loan facility, allowing policyholders to avail of a loan against the policy's surrender value.
  • Q: What happens if I miss paying a premium for my Dhan Varsha Plan LIC?

    Ans: If a premium payment for your LIC Dhan Varsha Plan is missed, there is usually a grace period during which the premium can be paid without the policy lapsing during the grace period. The specific grace period can vary depending on the premium payment frequency. If the premium is not paid within the grace period, your Dhan Varsha Plan LIC might lapse, and certain benefits may cease.
  • Q: Can I revive a lapsed Dhan Varsha LIC Policy?

    Ans: Yes, lapsed LIC Dhan Varsha Plans can be revived by paying the outstanding premiums and any applicable interest. The revival process involves submitting a revival application within a specified period from the date of lapse.
  • Q: How can I check my LIC Dhan Varsha Plan Details?

    Ans: To check the LIC Dhna Varsha plan details, you need to visit the official website of LIC. Login into your account, and you can easily check the status of your LIC Dhan Varsha Plan details.
  • Q: How can I check my LIC Dhan Varsha Plan Details?

    Ans: To check the LIC Dhna Varsha plan details, you need to visit the official website of LIC. Login into your account, and you can easily check the status of your LIC Dhan Varsha Plan details.
  • Q: What details can I check through my LIC Dhan Varsha Plan details?

    Ans: Through LIC Dhan Varsha Plan Details, you will be able to access various details such as:
    • Policy Number
    • Policyholder's Information
    • Sum Assured
    • Policy Term
    • Premium Amount
    • Premium Payment Frequency
    • Nominee Details
    • Maturity Date
    • Maturity Benefit
    • Death Benefit
    • Surrender Value
    • Loan Against Policy
    • Policy Status
  • Q: What is the LIC Dhan Varsha Plan?

    Ans: The LIC Dhan Varsha Plan is a single-premium policy that provides the combined benefit of protection and savings. Dhan Varsha Plan LIC offers death benefits to the nominee in case the policyholder dies during the policy term, and in the scenario, if he/she survives till the end of the policy tenure, he/she will receive maturity benefits.
  • Q: How do I pay premiums for the Dhan Varsha Plan LIC?

    Ans: Premiums for the Dhan Varsha Plan LIC can be paid yearly, half-yearly, quarterly, or monthly – as chosen by the policyholder.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark

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