Review of LIC Dhan Sanchay

Mr. Akshay bought LIC Dhan Sanchay in 2022 by paying a minimal premium. The plan is an affordable way of ensuring the family’s financial stability after the death of the policyholder. LIC Dhan Sanchay is a traditional insurance policy that is designed to offer the combined benefits of life protection and savings.

Let us explore the attractive features and benefits of the LIC Dhan Sanchay Plan because of which Mr. Akshay bought this plan:

Key Features of LIC Dhan Sanchay

1. Dual Benefits in Single Plan

   By paying a premium for a single policy, a policyholder and his family can avail of the combined benefits of life insurance and investments.

2. 4 Benefit Options to Choose from

   The plan offers the below-mentioned benefit options:

   In case of Regular/ Limited premium payment:

   • Option A: Level Income Benefit

   • Option B: Increasing Income Benefit

   In the case of Single premium payment:

   • Option C: Single Premium Level Income Benefit

   • Option D: Single Premium enhanced cover with Level Income Benefit

3. Availability of Policy Loans

   With LIC Dhan Sanchay Plan, one can avail of loans under their policy, provided at least two years' premiums have been fully paid by the policyholder.

Benefits of LIC Dhan Sanchay

1. Death Benefits

   The death benefit is paid to the nominee if the policyholder dies during the policy tenure. The death benefit payable will be “Sum Assured on Death”; where “Sum Assured on Death” for various options are defined as under:

   Options A & B: Sum Assured on Death will be higher by 11 times of “Annualized Premium”; or “Sum Assured on Maturity”; or 105% of total premiums paid up to the date of death.

   Option C: Sum Assured on Death will be higher by 1.25 times of “Single Premium” or “Sum Assured on Maturity”.

   Option D: Sum Assured on Death will be 11 times of “Single Premium”

2. Maturity Benefits

   A maturity benefit is paid if the policyholder outlives the insurance policy's term. This maturity benefit is paid in two ways, that is:

   1. Guaranteed Income Benefit, where the benefit is paid beforehand. This indicates that the policy's maturity date will be when the first benefit installment is paid. After then, the payout will depend on the payout option that the policyholder has selected. The payment schedule might be monthly, quarterly, semi-annually, or annually.

   2. Guaranteed Terminal Benefit, wherein, the lump sum payment amount is paid along with the last installment of Guaranteed Income Benefit.

3. Enhanced Protection through Riders

   The plan offers additional riders for additional protection. The riders available are LIC Premium Waiver Benefit Rider, LIC New Critical Illness Benefit Rider, LIC Accidental Death & Disability Benefit Rider, LIC Accident Benefit Rider, and LIC New Term Assurance Rider. These riders can be bought along with the base plan by paying additional premiums.

4. Tax Benefits

   Premiums paid against LIC Dhan Sanchay are eligible for tax deductions under Section 80C of the Income Tax Act.

To Sum it up

Along with Mr. Akshay, there are several other customers who have bought the LIC Dhan Sanchay Plan. 9 out of 10 customers have given 5 stars to the policy, its terms and conditions, and its affordability. The plan provides a sense of security to the policyholder and his loved ones.

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