LIC of India new plan launched on 13th. december 2021 which name is LIC Dhan Rekha 863 (LIC Table No. 863). LIC’s Dhan Rekha 863 is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance Plan which offers an attractive combination of protection and savings.

This plan provides financial support for the family in case of unfortunate death of the policyholder during the policy term. money back payments will also be made on survival of the policyholder at specified durations during the policy term and 100% guaranteed lump sum payments to the surviving policyholder at the time of maturity. This plan also takes care of liquidity needs through loan facility.

LIC Dhan Rekha plan 863 is a participating limited premium paying and single premium with money back, non-linked, with-100% guaranteed Insurance Plan. This plan can be purchased Offline through agent /other intermediaries as well as Online directly through website.

LIC Dhan Rekha 863 provides financial protection for the family of the deceased policyholder any time before maturity. The main benefit of this plan is it has the limited premium and single premium payment option. For the 40 years policy term policy holder have to pay the premium for 20 years and 30 years and 20 years of policy term policy holder have to pay the premium for 15 years and 10 years respectively.

Key Features

• A money back plan with limited premium payment and single payment method
• 100% Guaranteed Maturity amount on completion of the policy
• Premium paid in lesser years than in maturity years
• Riders Facility :
  • accidental and disability benefit rider
  • Term Assurance Rider
  • Critical Illness Rider
  • Premium Waiver Benefit Rider on payment of additional premium.
• Option to pay premium for 10, 15, 20 years and in single premium
• Premiums paid are exempted from income tax under sec 80C
• Maturity amount under sec 10(10D) is tax free

LIC Dhan Rekha 863 Parameter / Eligibility

Also Read this : LIC's Best Lifetime Money Back plan

Rebates

Rebate means discount on premium. Two rebates in this policy one is Mode Rebate and another is Sum Assured Rebate.

Mode Rebate: Rebate given based on premium payment mode chosen.

High Basic Sum Assured Rebate under Single Premium

Benefits

Maturity Benefits

LIC Dhan Rekha Plan 863 Maturity Benefit = Sum Assured on Maturity + accrued Guaranteed Additions.

Sum Assured on Maturity: On Survival to the end of the policy term, Sum Assured on Maturity + accrued Guaranteed Additions will be paid.

The guaranteed additional benefit is defined below:

Guaranteed Additions shall be payable, provided the policy is in-force by payment of due premiums.The Guaranteed Additions shall accrue at the end of the Policy Year from the 6th Policy Year to the end of the Policy Term. The rate of Guaranteed Additions shall increase in steps with the duration of the policy as specified below:

Survival Benefit:

On the life assured surviving to each of the specified duration during the policy term, provided policy is in-force, a fixed percentage of Basic Sum Assured shall be payable. The fixed percentage for various policy terms is as below:

Death Benefits

LIC Dhan Rekha 863 Death Benefit = 125% of Sum Assured + Accrued Guaranteed Additions.

• Death Benefit payable on death during the policy term after the date of commencement of risk shall be “Sum Assured on Death” along with Accrued Guaranteed Additions.
• For Single premium payment, “Sum Assured on Death” is defined as 125% of Basic Sum Assured.
• For Limited premium payment, “Sum Assured on Death” is defined as the higher of 125% of Basic Sum Assured or 7 times of annualized premium.
• The Death Benefit under Limited Premium payment shall not be less than 105% of total premiums paid excluding any extra premium, any rider premium(s), if any, and taxes as on date of death.
• However, in case of minor Life Assured, whose age at entry is below 8 years, on death before the commencement of Risk, return of all premium paid excluding taxes, any extra amount and rider premium if any, shall be payable.

Read also : LIC new Jeevan Anand plan 915 lifetime plan

LIC Dhan Rekha 863 Surrender, Loan and Paid-up value details is given below.

Surrender period : Policy can be surrender after 2 years at least 2 full years payment of premiums.

Loan Facility : Loan facility is available under LIC Dhan Rekha 863, after at least 2 full years of premium paid.

Paid-up value : Once a LIC Dhan Rekha 863 policy has completed minimum 2 full years and more premiums paid, and policyholder chooses to stop paying further premiums, it automatically becomes eligible for paid-up value.

Paid-up value formula

LIC Dhan Rekha Plan 863 with an Example

An example of Sandeep who is purchasing this Plan with following details. Option chosen limited premium. payment.

As per above example, policy holder needs to pay the premium of Rs.76642 1st. year and Rs. 74992 2nd year onward every year for 15 years (Premium Paying Term) and after completion of 30 years (Policy Term). The benefits (maturity & Year-wise death claims) related to this plan is given below.

Maturity Details

If Policy holder survives 30 years, then Maturity (Sum Assured + Bonus +FAB) will be as under.

Death Claim Details

In case of death during policy term ( Before 30 years ), 125% of Sum Assured + guaranteed Addition (Normal Life Cover) will be paid to nominee. In case of accidental death, additional amount equal to Sum Assured along with Sum Assured + guaranteed Addition (Accidental Life Cover) will be paid to nominee. Year-wise and Age-wise Normal Life Cover and Accidental Life Covers will be as follows.

How to Understand given below Table?

Suppose if, unfortunate death of policyholder happens in year 2042 (at age 51), then by that time total premium paid will be Rs. 11,26,530 and nominee will get death claim as Rs. 20,55,000 in case of normal death or Rs. 30,55,000 as accidental death claim in case of death due to accident and policy will be stop.

Additional information

Revival : Policy should be revived before 5 years from last unpaid premiums.

Loan Facility : Loan facility is available under LIC Jeevan Labh plan, after at least 2 full years payment of premiums.

1. For in-force policies : upto 90% of Surrender Value
2. For paid-up policies : upto 80% of Surrender Value

Riders Facility :

Suicide Clause : If Policy Holder Committed Suicide within 12 month from date of taking the policy 80% of paid premium will be returned back. If committed suicide after 1 year. Full Sum assured + Bonus will be paid by LIC to their nominee.

Cooling off Period : Policy holder can return back policy within 15 days from date of receiving the policy.

Date Backing Facility : Available.

Proposal Form : Form No. 300 and 360.

• • accidental and disability benefit rider
  • Term Assurance Rider
  • Critical Illness Rider
  • Premium Waiver Benefit Rider on payment of additional premium.