LIC keeps introducing a number of lucrative plans from time to time to benefit its customers. One such recently introduced plan by the Life Insurance Corporation is LIC Dhan Versha, a non-linked, individual, savings, and non-participating life insurance plan that brings users an array of benefits. This is a unique plan as it offers up to 10 times return on the premium paid. For this policy, the investors need to deposit the premium only one time.
What’s Dhan Versha Plan
The Dhan Versha Plan is a non-participating, personal life insurance plan meant for saving. This plan can only be purchased offline. Family of insurer would get death benefits up to two times of the sum assured, if he/she dies before maturity. There are two options available for the same. In the first option, family of the investor would get 1.25 times of the invested premium if they die before maturity of the plan. For instance, if the investor pays a single premium of Rs.10 lakh, then their family would get Rs.12.5 lakh as guaranteed bonus.
Secondly, the LIC Dhan Versha plan offers a risk cover up to 10 times of the premium paid which is paid to the deceased’s family, in case they die before maturity of the plan. Suppose, they have paid 1 lakh as premium and their family would get death coverage of Rs. 1 crore. Now it’s up to you, which option you would choose and why.
Now the most important things to know if you insure for the LIC Dhan Versha plan.
- This plan is available only offline.
- It can be purchased either for 10 or 15 years.
- For the 15-year term, age limit should be at least 3 years whereas for 10-year term age limit should be at least 8 years.
- Similarly, for the first plan the maximum age limit is 60 years whereas it’s 40 years for the second.
- If you want 15-year coverage with 10 times return, then you age should be 35.