LIC of India new plan launched on 17th. October 2022 which name is LIC Dhan Varsha Plan (Table No 866) is a Guaranteed returns an endowment insurance policy with savings where the single premium paid once at the start of the policy.

'LIC’s Dhan Varsha policy 866' is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance single premium policy which offers a combination of protection and savings during the policy term. Dhanvarsha plan offers up to Rs.75 per Rs.1,000 sum assured as guaranteed addition.

In this plan the premium is paid in lump sum at the beginning of the policy and the returns are given to the policyholder at the end of policy term or to the nominee in case of death of the policyholder.

Key Features

• In this plan if person lives till end of Term of the policy, policy holder will be given Maturity Benefit which is SUM ASSURED + Guaranteed Bonus.
• If policy holder dies within the term of the Policy Death Benefit paid to Nominee i.e. SUM ASSURED + Guaranteed Bonus acquired till that Year.
• There is High Bonus and High liquidity and saving under this LIC Plan No 866.
• Two optional riders are available under this plan:
  • (a) LIC’s Accidental Death and Disability Benefit Rider, and
  • (b) LIC’s New Term Assurance Rider.
• The policy holder will also be eligible for tax benefits under Section 80-C.
• Facility of Surrender – The policy can be surrendered by the policyholder at any point of time during the the policy term.

Eligibility/Parameter of LIC Dhan Varsha Policy 866

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LIC Dhan Varsha Plan 866 Benefits

Maturity Benefit

Maturity Benefit: If the policy holder survives till the date of maturity, “Basic Sum Assured” along with accrued Guaranteed Bonus" Additions will be payable.

Death Benefit

After Commencement of Risk : If the Insured person dies within the Policy Term after the commencement of Risk, then death benefit will be given to Nominee of the Policy. Death Benefit = Sum Assured + Accrued Guaranteed Bonus.

Before Commencement of Risk : If the  Insured person dies within the Policy Term before the commencement of Risk, then Single Premium that he paid excluding taxes and extra premium if any, without interest will be given to the Nominee of the Policy.

LIC Dhan Varsha Plan 866 with an Example

An example of Ramesh is purchasing this Plan with following details:

Maturity Details

If policy holder Ramesh survives the policy term 15 years then Maturity will be as under:

Year-wise Death Claims

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LIC Dhan Varsha Plan 866 Additional Information

Risk Coverage: Till end of Term of the Policy.

Date of Commencement of Risk: In case of children whose age is less than 8 years risk commencement starts either from 2 years of taking the policy or 8 years old which is earlier.

Locking period : 1 years.

Loan Facility: Loan facilities is available after 3 month under this policy.

Income Tax Deduction: Available under Section 80-C for premiums paid only.

Proposal Forms: Proposal Form no. 300 and 360 will be used under this plan.

Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.