LIC Dhan Vriddhi Plan

Dhan Vriddhi (Plan No. 869, UIN No. 512N349V01) is a non-participating, non-linked, and individual plan that combines protection and saving. The plan was launched recently on 23rd June 2023 and its sale will be till 30th September 2023. 

The primary aim of the plan is to offer financial support to the family in case the life assured passes away during the period of the policy. Additionally, it offers the surviving life assured a guaranteed lump sum payment on the date of maturity. As it is a single-premium life insurance plan, there is no future premium obligation. The plan comes in two options, namely Option 1 and Option 2.

Keep reading to know about the plan in detail!

Eligibility Conditions

Parameters Details

Policy Term (PT)

10, 15, & 18 Years

Minimum Entry Age

90 Days To 8 Years

Except for the minimum age at entry as indicated in the maximum entry age below, the age at entry for the life assured is to be taken as the age closer to the birthday.

Maximum Entry Age

Option 1: 60 Years

Option 2: 40 Years (For PT 10 Years); 35 Years (For PT 15 Years); 32 Years (For PT 18 Years)

Minimum Maturity Age

18 Years

Maximum Maturity Age

Option 1: 78 Years; Option 2: 50 Years

Minimum Basic Sum Assured

Rs.1,25,000/-

Maximum Basic Sum Assured

No Limit

Features & Benefits Of LIC Dhan Vriddhi Plan

Listed below are some of the top key features and benefits of the LIC Dhan Vriddhi Plan:

• Flexibility Of 2 Options: Subject to specific qualifying requirements, the plan has two alternatives to choose from, each offering a different level of protection. In the first option, the basic sum assured’s death benefit can be up to 1.25 times the “tabular” premium. The second choice allows for a death benefit that is 10 times the tabular premium for the selected basic sum insured.

• Online Sale Rebates: Policies bought through online sales without the use of an agent or intermediary are eligible for a 2% rebate on the tabular premium for the base plan and any additional riders if chosen.

• Surrender Benefit: At any point throughout the policy term, the policyholder may surrender the coverage. When a policy is surrendered, the company will pay the higher of the guaranteed surrender value or the special surrender value as the surrender value.

• Loan Facility: A loan facility shall be made available under the plan anytime after 3 months of the date of issuance of the policy.

• Death Benefits: The “Sum Assured on Death” and “Accrued Guaranteed Additions” are payable upon the death of the life assured within the policy period following the date of beginning of risk but prior to the specified date of maturity. The “Sum Assured on Death” for both the options stated in the first point above.

• Maturity Benefit: ‘Basic Sum Assured’ and ‘Accrued Guaranteed Additions’ will be paid if the life assured survives the designated date of maturity.

• Guaranteed Additions: Throughout the policy term, the ‘Guaranteed Additions’ will accrue after each policy year. The ‘Basic Sum Assured’, the ‘Policy Term’, and the ‘Option Selected’ will all affect the ‘Guaranteed Additions’. The rates for GA are shown below:

Generic Functioning Of LIC Dhan Vriddhi Plan

The plan can be bought by paying a single premium amount. In the terrible event that the policyholder passes away, the nominee is awarded the death benefit, which is equal to five times the minimal single premium. The policyholder is entitled to the guaranteed maturity benefit and loyalty additions if they live to maturity.

Let’s understand this with an example!

Mr. Kumar, a 30-year-old male, purchased Option 1 of the LIC Dhan Vriddhi Plan. He planned to go for the sum assured of Rs. 10 lakhs. The plan will work for him as follows:

Sum Assured Rs. 10 Lakhs

Option Choice Option 1

Policy Term 10 Years

Premium Paying Term   1 Year

Premium Amount with GST Rs. 979742

Death time Nominee get Rs. 12,41,940 (1.25 Time Risk cover) or 

Maturity Rs. 1700000

--------------------------------------------------------------------------------------------------------------------------------------Mr. Kumar, a 30-year-old male, purchased Option 2 of the LIC Dhan Vriddhi Plan. He planned to go for the sum assured of Rs. 10 lakhs. The plan will work for him as follows:

Sum Assured Rs. 10 Lakhs

Option Choice Option 2

Policy Term 10 Years

Premium Paying Term   1 Year

Premium Amount with GST Rs. 9,96,044

Death time Nominee get Rs. 95,66,520 (10 Time Risk cover) or

Maturity Rs. 1350000