LIC Dhan Vriddhi

LIC Dhan Vriddhi- An Overview

Life Insurance Corporation of India (LIC) has introduced a new plan named Dhan Vridhhi. This single premium policy offers guaranteed returns to policyholders. The plan is designed to provide financial security and growth opportunities to individuals. Policyholders can make a one-time premium payment and enjoy the benefits of a guaranteed maturity amount. 

LIC Dhan Vriddhi plan is scheduled to be available for purchase from June 23, 2023, to September 30, 2023. It is a single premium plan, which means there is no future premium obligation required, and the policy will not lapse due to non-payment of premiums.

Key Features of LIC Dhan Vriddhi

• Policy Type: LIC Dhan Vriddhi is a single premium endowment plan. It requires a one-time premium payment.

• Policy Term: The policy term for LIC Dhan Vriddhi is fixed at 10 years.

• Premium Payment: This plan requires a single premium payment at the time of policy purchase. The premium amount is based on factors such as the chosen sum assured and the insured's age.

• Surrender Value: If the policyholder wishes to surrender the policy before the completion of the policy term, a surrender value will be paid, subject to certain terms and conditions.

• Loan Facility: Loan facilities are available under LIC Dhan Vriddhi, subject to specific policy provisions and conditions.

• Tax Benefits: The premiums paid towards LIC Dhan Vriddhi and the benefits received are eligible for tax deductions and exemptions as per the prevailing tax laws in India.

Eligibility Criteria Of LIC Dhan Vriddhi

Benefits of LIC Dhan Vriddhi

• Guaranteed Sum Assured: The plan provides a guaranteed sum assured that is payable to the nominee in the event of the policyholder's demise during the policy term.

• Maturity Benefit: At the end of the policy term, the policyholder receives the maturity benefit, which includes the sum assured along with any applicable bonuses or additions.

• Death Benefit: In the unfortunate event of the policyholder's death during the policy term, the nominee receives the death benefit. The death benefit paid equals: 

  The "Sum Assured on Death" under LIC Dhan Vriddhi plan is determined based on the selected option. 

  For Option 1, it is 1.25 times the tabular premium for the chosen Basic Sum Assured. 

  For Option 2, it is 10 times the tabular premium for the chosen Basic Sum Assured.

• Rider Benefit: LIC Dhan Vriddhi plan offers additional benefits such as the Accidental Death and Disability Benefit Rider and the New Term Assurance Rider, which policyholders can opt for. Additionally, a settlement option is available on maturity or death, allowing the claim amount to be received in monthly, quarterly, half-yearly, or yearly intervals over a period of five years. The plan also provides liquidity through a loan facility, which can be availed after three months after the completion of the policy.

What Documents Are Required to Buy LIC Dhan Vriddhi?

To buy LIC Dhan Vriddhi or any LIC plan, the following documents are typically required:

• Application Form: Fill out the application form provided by LIC. It includes personal information, contact details, and policy-specific details.

• Identity Proof: Submit a valid identity proof document such as an Aadhaar card, PAN card, Passport, Voter ID, or Driving License.

• Address Proof: You must provide a valid address proof document such as an Aadhaar card, Passport, Voter ID, Driving License, or utility bills (electricity bill, telephone bill, etc.).

• Age Proof: You will need to provide a document as proof of your age, such as a birth certificate, school leaving certificate, Aadhaar card, Passport, or PAN card.

• Photographs: Recent passport-sized photographs of the policyholder may be required for documentation purposes.

• Income Proof: Depending on the sum assured or the chosen plan, LIC may request income proof documents such as salary slips, bank statements, income tax returns, or Form 16.

LIC Resources