LIC Dhan Rekha Plan: What are the Various Benefits of the Plan?
LIC Dhan Rekha Plan: An Introduction
The Life Insurance Corporation of India (LIC) frequently introduces new policies that provide substantial profits in the present. Even though it is well known that LIC investments are the safest, we will now discuss a LIC policy in which you may invest to your advantage. The Dhanrekha Policy is the name of this new LIC policy. One of LIC's better plans is this one. You can receive guaranteed returns on the sum promised under this plan. In addition to this, this Dhan Rekha plan has several other advantages, so allow us to give you a full explanation of them now.
LIC’s Dhan Rekha Plan
A non-participating, non-linked, individual savings life insurance policy from LIC, Dhan Rekha provides a fascinating mix of protection and savings. This Dhan Rekha LIC plan offers financial assistance to the policyholder's family in the event of the policyholder's untimely death during the policy period. Regular premiums will also be provided on subscriber survival at specific intervals throughout the policy term, and assured lump sum payouts will be paid to the surviving customer at policy completion. Through a borrowing facility, this proposal also addresses the issue of liquidity.
Characteristics of LIC's Dhan Rekha Plan
- You are entitled to guaranteed increases to the initial sum assured from the sixth policy year.
- You have the freedom to select your premium payment and policy length.
- Instead of receiving the death and maturity benefit in one lump payment, you can select to do it in monthly installments.
- For online purchases of premiums, there are additional reductions available. You will also receive discounts if your promised sum is Rs. 5 lakh or more.
- With the Dhan Rekha plan, loans are also available to you. It is subject to a restriction depending on the plan's cash value.
Whom does LIC Dhan Rekha Plan Cater To?
The following is a list of the requirements that must be fulfilled to obtain a Dhan Rekha policy:
- The entry-level minimum age spans from 90 days to 8 years. The minimum age varies according to the selected policy period.
- The maximum age upon entrance might be between 35 and 55. The maximum age varies according to the selected insurance term.
- There must be a minimum of Rs. 2 lakh in the payment promised.
- There is no cap on the amount guaranteed.
Benefits of Dhan Rekha Policy
Death Benefit: The LIC Dhan Rekha plan's death benefits will be payable if the customer passes away within the policy period following the start date; in this case, they will be eligible for the "Sum Assured on Death" together with Receivable Assured Bonuses. The "Sum Assured on Death" for the single premiums will be 125% of the Basic Sum Assured. in line with LIC. The "Sum Assured on Death" for Fixed Premiums shall be stated as the greater of 125% of the Basic Sum Assured or seven times the yearly payment. No less than 105% of the total insurance premiums, excluding any additional charges, must be paid as the Death Benefit under Fixed Premium.
Survival Benefits: A specific proportion of the Basic Sum Guaranteed will be paid if the life assured survives for each predetermined length of the policy, providing the policy is in force. The fixed proportion is as follows for different policy terms
Maturity Benefit: If the Dhan Rekha plan is still in effect and the Life Covered survives the specified Maturity date, the "Sum Assured on Maturity" and accumulated Assured Bonuses will be paid. Where "Basic Sum Assured" equals "Sum Assured on Maturity."
Guaranteed Additions: Guaranteed Additions are received as long as the policy exists due to timely premium payments. From the sixth policy year until the conclusion of the policy period, the Guaranteed Additions will accumulate after the policy year. As noted below, the rate of Guaranteed Additions will rise gradually during the policy:
Tax Benefits: Sections 10(10D) and 80C of the Income Tax Act of 1961 permit tax deductions for the premiums and incentive amounts. It is advised to consult a financial counselor or a tax expert for further details on income tax savings.
Riders in LIC Dhan Rekha Plan
- Rider Benefits options: The riders are eligible under this plan with the purchase of an extra premium.
- Single Premium Payment: Accidental Death and Disability Benefit Rider (UIN: 512B209V02) and New Term Assurance Rider (UIN: 512B210V01) from LIC are accessible under Single Premiums and may only be chosen by the customer at the time of plan start.
- Limited Premium Payment: The following five optional riders are permitted under this plan's restricted premium. However, according to the qualifying requirements described below, the policyholder may choose either the Accidental Death and Disability Benefit Rider, the Accident Benefit Rider of the LIC, or any of the following three riders.
- LIC's Accidental Death and Disability Benefit Rider
- LIC's Accident Benefit Rider
- LIC's New Term Assurance Rider
- LIC's New Critical Illness Benefit Rider
- LIC's Premium Waiver Benefit Rider
2. Grace Period: A grace period is only valid when paying for a restricted number of premiums. For annual, half-yearly, and quarterly insurance premiums, LIC grants 30 days as a grace period before resuming payments from the date of the first missed premium. The grace period is 15 days for premium payments made regularly. The coverage will expire if premium payments are not made during this time.
Woman’s Benefits & Discount
Women are given a preferential discount under this arrangement. With this non-linked, individual savings life insurance policy, you may select between two different premium options. There are just one single and multiple premium options available (LIC Dhan Rekha Policy Premium). In this arrangement, women will pay a meagre premium. This insurance has the unique feature that you will receive a portion of the money after a few days.
Lic Dhan Rekha Policy Calculator
If the policyholder passes away, the nominee will get a payment of 125 per cent. Additionally, the cost of the Guaranteed Edition is covered. For instance, you would only be required to pay premiums for 15 years if you choose a plan with a 10 lakh payout insured over 30 years. For this, you must pay a daily premium of Rs. 200 or an annual premium of Rs. 73,300,42. In this manner, you will pay Rs. 11 lakhs over 15 years and get a total of Rs. 27.5 lakhs at maturity.
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To wrap up, the "LIC Dhan Rekha" is a good option for people who want to make some investments and secure their lives. This plan provides many benefits, so we recommend that you invest in this plan as soon as possible. Now it is effortless to deposit money in this policy. Visit any nearby LIC branch or make an online deposit for this plan.
What sort of scheme is Dhana Rekha?
Dhan Rekha is a Quasi, Non-Participating, Personal, Savings, Life Insurance Scheme from LIC that combines coverage and savings attractively. This plan offers financial assistance for the policyholder's family in the instance of their untimely death during the insurance term.
What are the guaranteed additions for the various Dhana Rekha plan terms?
You get assured additions to the initial amount promised beginning in the sixth policy year. You have the option of selecting your insurance term and premium payment period. You have the option to receive the death and maturity benefit in installments rather than a flat payment.
How to Cancel or Withdraw LIC Dhan Rekha Plan?
If the policyholder is dissatisfied with the policy during the free-look period( 15 days), LIC permits the policyholder to return the insurance at no or low price.