Kochi, Dec 14: Life Insurance Corporation of India (LIC) has launched a new plan ‘Dhan Rekha’, which is a Non-Linked, Non-Participating, Individual Savings Life Insurance Plan.
The product has fully guaranteed benefits and unique features including special premium rates for female lives, plan for third gender, a release said here on Tuesday.
The plan, which came into effect from December 13, provides a percentage of the Basic Sum Assured as survival benefit at regular intervals starting from end of the premium paying term provided policy is in force.
Guaranteed Additions shall accrue at the end of each policy year starting from the 6th Policy Year to the end of the Policy Term provided the policy is in force.
The unique benefit of this plan is that on Maturity, the policyholder receives full Sum Assured without deduction of the Money Back amount along with accrued Guaranteed Additions.
This plan provides financial support for the family in case of unfortunate death of the policyholder during the policy term.
For single premium death, the sum assured is 125% of basic sum assured plus guaranteed additions.
For limited payment premium, the death sum assured is 125% of basic sum assured or 7 times of Annualalized Premium whichever is higher not less than 105% of all the premium paid up to date of death along with Guaranteed Additions.
There is a provision to receive Maturity and Death Benefit in installments over a period of 5 years instead of lump sum.
The premium can be single premium or limited premium payment terms of 10 years, 15 years and 20 years.
This plan also takes care of liquidity needs through loan facility. Optional Riders are available under this plan on payment of additional premium subject to conditions.
The minimum sum assured under this plan is Rs 2 lakh and there was no limit for maximum sum assured. The minimum age at entry ranges from 90 days to 8 years as per chosen policy term.
The maximum age at entry ranges from 35 years to 55 years depending upon the chosen policy term.
The plan is available for purchase offline mode through Agents/Intermediaries including POSPLI/Common Public Service Centres (CPSC-SPV) as well as Online directly through website www.licindia.in. (UNI)
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