The LIC Dhan Varsha Plan 2024 is a new life insurance policy developed by Life Insurance Corporation of India. This is a very prominent savings program that offers individuals choices for savings as well as security through a single payment life insurance plan. In this post you get every necessary information regarding this scheme such as objective, benefits, overview, required documents, eligibility criteria and registration process.
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LIC Dhan Varsha Plan 2024
An individual may get the LIC Dhan Varsha policy with ease by paying a single lump sum premium amount. The policyholders and their family are covered in the event of disaster. The policy will cover both the policyholder’s life insurance and long term savings plans.
Every year, LIC will provide more guarantees in order to facilitate the distribution of the policyholder’s increased final payout rate to the policyholder’s beneficiaries and family, allowing them to carry on with their lives without concern for the financial hardships they are experiencing. This plan is highly esteemed and offers policyholders several essential benefits. In the event of an accident or other health emergency, the people will be given the appropriate opportunity.
Overview Of LIC Dhan Varsha Plan 2024
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Objective Of LIC Dhan Varsha Plan
The main objective of the scheme is to offer security and the ability to save. Customers will receive ten times risk cover under a single premium plan. In addition to this, benefits from other facilities should be provided. The premium for LIC’s Dhan Varsha plan is only due once. You won’t have to keep paying the premium.
Benefits Of LIC Dhan Varsha Plan
Some of the benefits of this scheme is given below:
- The nominee will receive the guaranteed additions and the Sum Assured on Death in the event that the life assured passes away within the policy term. The policyholder’s selection determines the Sum Assured on Death.
- Option 1:1.25 times the premium amount deducted from the base amount guaranteed
- Options 2:10 times the premium amount assessed relative to the base amount guaranteed
- In the event that the policyholder outlives the policy term, they will get the Basic Sum Assured as well as the cumulative assured increases.
- Consider the following scenario for LIC Dhan Varsha Option 2:
- Amount Promised: Rs. 5 Lakhs
- Term of Policy: 15 Years
- Rate of Guaranteed Addition (per the following table): Rs 35 for every Rs 1000 Basic Sum Assured
- Thus, at the conclusion of the 15-year period, the total Guaranteed Addition will be equal to Rs (35 x 5,00,000/1,000) x 15 = Rs 2,62,500.
- Under the Income Tax Act’s Sections 80C and 10(10D), the policyholder will obtain tax advantages.
- The insurance nominee will get 80% of the single premium paid if the policyholder takes their own life during the first 12 months of purchasing the policy. Only policyholders who are older than eight years old are eligible for this claim.
Eligibility Criteria Of LIC Dhan Varsha Plan 2024
Some of the eligibility criteria of this scheme is given below:
| Parameters | Minimum | Maximum | |
| Entry Age | For a Policy term of 10 years | 8 Years | Option 1:60 Years |
| Options2: 40 years | |||
| For policy term of 15 years | 3 years | 35 years | |
| Age of Maturity | 18 Years | Option 1:75 years | |
| Option 2:50 Years | |||
| Basic Sum Assured | Rs.1,25,000 | Not Limit | |
| Policy Term | 10 Years and 15 years | ||
| Mode of Premium Payment | Single Premium (Lump Sum) Only |
Additional Policy Details
- Free Look Period: Thirty days following the day of insurance acquisition is the free look time offered under the policy. The policyholder has this time to review the plan’s terms and conditions and if not satisfied, return the plan to the provider.
- Benefits of Surrender: During the policy’s term, the policyholder may give up the coverage at any time. As promised, the surrender value will be
- In the first three years of the policy: 75 percent of the price for a single premium
- Starting in the fourth insurance year, 90% of the single premium
Policy Loan
After three months have passed since the day of the policy purchase, policyholders may request for a policy loan at any time throughout the policy term. The following will be the maximum loan amount approved:-
| Option | Maximum loan that can be availed (Percentage of surrender value) | |
| 10 year Policy Term | 15 year policy term | |
| Option 1 | 70% | 60% |
| Option 1 | 60% | 50% |
Application Process Of LIC Dhan Varsha Plan 2024
- First you have to visit the Official Website of this scheme.
- The homepage will appear on your screen.
- Click on the Registration option.
- The application form will appear on your screen.
- Enter all the details in the form.
- Click on the apply button.
- Through this procedure you can apply for this scheme.
FAQ’s
What is the Dhan Varsha Plan of LIC?
A single-premium insurance that offers both protection and savings is the LIC Dhan Varsha Plan. If the policyholder lives to the end of the policy duration, Dhan Varsha Plan LIC will provide maturity benefits to the nominee in addition to death payments in the event of the policyholder’s passing during the policy period.
Does the LIC Dhan Varsha Plan come with a obtaining facility?
Yes, policyholders can obtain a loan against the surrender value of their policy under the loan option provided by LIC under the Dhan Varsha Plan.
What is the lowest and highest cover that I may select from this plan?
There is no maximum basic sum-guaranteed limit; the minimum basic amount promised is Rs. 1,25,000.