Secure Financial Future with LIC Dhan Sanchay

About LIC Dhan Sanchay Plan

It is a savings cum insurance product created by the LIC of India to offer a regular income stream to the policyholders for a specific period. The insurance aspect takes care of the financial needs of dependents if the life assured passes away during the policy term.

How Does the LIC’s Dhan Sanchay Policy Work?

• The guaranteed income from the plan depends on the benefit option chosen, the policy term, premium paying term, annual premium amount or single premium amount, and the sum assured. With LIC Dhan Sanchay, the following conditions apply -

  Criteria	Conditions
  Benefit Options	Option A - Level Income Benefit
  	Option B - Increasing Income Benefit
  	Option C - Single Premium Level Income Benefit
  	Option D - Single Premium Enhanced Cover with Level Income Benefit
  Policy Term	Options A & B - 10 years or 15 years
  	Options C & D - 5, 10, or 15 years
  Premium Paying Term	5, 10, or 15 years as per the policy term
  Minimum Premium Amount	Options A & B - Rs.30,000 Options C & D – Rs.2,00,000
  Minimum Sum Assured	Options A & B - Rs.3,30,000 Option C - Rs.2,50,000 Option D - Rs.22,00,000

• Options A and B correspond to regular or limited premium paying terms. Options C or D can be chosen if one chooses to pay the premium in a lump sum.

• Level income indicates that the regular income amount remains constant throughout the payout period. The increasing income benefit option will increase the income amount by 5% every year.

• The income starts flowing in from the date of maturity of the policy and continues throughout the payout period.

• The payout period is equal to the premium paying term (Options A or B) or the policy term (Options C or D).

How Does LIC Dhan Sanchay Compensate For The Death of The Life Assured?

The income benefits are only applicable if the life assured survives the maturity date. If say the life assured dies within the chosen policy term, LIC has to pay the death benefit under the Dhan Sanchay LIC plan. The death benefit depends on the premium amount.

By choosing Option D, your family can claim at least Rs.22,00,000 as the death benefit amount. This is the lower limit. Since there is no limit to the maximum premium amount, you can assure as big a sum as you want for your family.

With Options A and B, you can guarantee a death benefit of at least Rs.3,30,000. For Option C, the lower limit is fixed at Rs.2.5 Lakhs.

Now, what if the life assured survives the policy term but dies during the payout period? Even in such cases, LIC protects the interest of your family by continuing to pay the Guaranteed Income Benefit as per schedule along with the Guaranteed Terminal Benefit.

Eligibility Criteria to Buy the LIC Dhan Sanchay Plan

The following eligibility criteria have to be met to purchase this policy -

Additional Benefits Offered by LIC Dhan Sanchay

Riders can help you enhance the coverage under the policy so that your family gets a bigger corpus. These come at nominal extra premiums. Some riders available with Dhan Sanchay are -

1. LIC’s Accidental Death and Disability Benefit Rider - If death occurs due to an accident, nominees can claim the rider benefit amount along with the original sum assured. If the accident leads to a disability, LIC will pay the rider benefits in installments over 10 years.

2. LIC’s Accident Benefit Rider - As the name suggests, this rider offers a lump sum extra amount if the life assured dies as a result of an accident.

3. LIC’s New Term Assurance Rider - During the rider term, if the life assured dies, your family can claim the additional sum assured under this rider along with the promised death benefit amount.

4. LIC’s New Critical Illness Benefit Rider - Diagnosis and treatment of critical illnesses can be damaging for your savings. With this rider, you get an extra sum assured if you are diagnosed with any of the specified critical illnesses.

5. LIC’s Premium Waiver Benefit Rider - This rider is particularly helpful if the policy is in the name of a child. This way, on your death, all the remaining premiums will be waived off without affecting the financial support for the family.

Note that for Options C and D, which require a single one-time premium, only the LIC’s Accidental Death and Disability Benefit Rider and the LIC’s New Term Assurance Rider can be availed.

However, if you opt for Options A and B, you can choose from any of the 5 riders mentioned above. The first two riders cannot be added to the same plan together as they serve similar events.

Wrapping Up!

LIC Dhan Sanchay’s dual benefit serves to address many concerns of a policyholder. You are not only financially securing the future of your family, but also creating an income source for yourself if you survive. Further, LIC as an insurer makes it a reliable choice with the backing of the Government of India and its vast product range that caters to the unique needs of insurance buyers.