National insurer Life Insurance Corporation on Friday unveiled a new close-ended plan Dhan Vridhhi.
The new plan will be on sale from June 23 through September 30, the insurer said in a statement.
LIC said Dhan Vriddhi is a non-linked, non-participating, individual, savings, single premium life plan, offering a combination of protection and savings.
This plan provides financial support to the family in case of unfortunate death of the life assured during the policy term. It also provides a guaranteed lump sum amount on the date of maturity to the assured.
The plan comes with two options to choose from wherein the sum assured on death can either be 1.25 times or 10 times in the second option.
The plan is available for 10, 15 and 18 years and the minimum age at entry varies from 90 days to 8 years, depending on the term selected, and the maximum age at entry varies from 32 to 60 years, depending upon the term and option selected.
The plan offers a minimum basic assured sum of ₹1,25,000 and can be opted for more in multiples of ₹5,000.
The guaranteed additions shall accrue at the end of each policy year, throughout the policy term, and ranges from ₹60 to ₹75 in the first option and ₹25 to ₹40 in the second option for every ₹1,000 of basic sum assured. The guaranteed additions are higher for a higher sum assured.
A settlement option is available on maturity/death in monthly/quarterly/half-yearly/yearly intervals for five years. The plan also offers liquidity through a loan facility, which is available anytime after three months from the completion of the policy.
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