LIC of India new plan launched 23, june 2023 which name is LIC’s Dhan Vriddhi plan 869 is a Non-Linked, Non-Participating, Individual, Savings, Single Premium Life Insurance plan which offers a combination of protection and savings.

This plan provides financial support for the family in case of unfortunate death of the life assured during the policy term. It also provides guaranteed lumpsum amount on the date of maturity for the surviving life assured.

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. This Plan can be purchased Offline through agent/POSP-LI as well as Online directly through website www.licindia.in.

This plan is available for a limited period only and will be closed on 30th, September 2023.

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.
  • Option 1 = 1.25 times of Tabular premium + Accrued Guaranteed Bonus.
  • Option 2 = 10 times of Tabular premium + Accrued Guaranteed Bonus.
• There is High Bonus and High liquidity and saving under this LIC Plan No 869.
• 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’s Dhan Vriddhi Policy 869

LIC’s Dhan Vriddhi 869 Benefits

Maturity Benefit:

On Life Assured surviving the stipulated Date of Maturity, “Basic Sum Assured” along with accrued Guaranteed Additions shall be payable.

Death Benefit:

Death benefit payable, on death of the Life Assured, during the policy term after the date of commencement of risk but before the stipulated date of maturity shall be “Sum Assured on Death” along with accrued Guaranteed Additions.

“Sum Assured on Death” for both options is defined as under:

Option 1: 1.25 times of Tabular Premium for the chosen Basic Sum Assured

Option 2: 10 times of Tabular Premium for the chosen Basic Sum Assured

where Tabular Premium shall be based on the age at entry of the life assured, policy term and the option chosen but before allowing for any rebate. It does not include taxes, extra premiums and rider premium(s), if any.

However, in case of minor Life Assured, whose age at entry is below 8 years, on death before the commencement of Risk (as specified in Para 3 above), the death benefit payable shall be refund of premium(s) paid (excluding taxes and extra premium(s), if any) without interest.

LIC Dhan Vriddhi 869 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.

Surrender : Any time.

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.