The Life Insurance Corporation of India (LIC) has made a new plan called LIC’s Dhan Sanchay. It is Plan No. 865. This plan is good for saving money and keeping your family safe.
If something bad happens to you during the plan time, your family will get money from Dhan Sanchay plan. This will help them a lot in a hard time.
Also, when the plan ends, you will get money from LIC for some years. This can help you do things you want to do later in life.
Overview
With LIC’s Dhan Sanchay, you can pick from four different ways to get money. Options A and B are good if you want to pay a little bit of money each month or year. Options C and D are better if you want to pay all the money at one time.
If something bad happens to you while you have the Dhan Sanchay plan, the person you chose will get money from LIC. You can decide if they get all the money at once or a little bit each year for 5 years. The amount they get is called the “Sum Assured on Death” and it can be different based on the option you pick.
If you live until the end of the plan, you will get two types of money. One is called Guaranteed Income Benefit (GIB) and you will get it in small amounts over time. The other is called Guaranteed Terminal Benefit (GTB) and you will get it all at once with the last GIB payment. This way, you will have money coming in for a while and also get a big amount at the end.
Benefits
- You can choose how you want to get money – same amount or increasing amount (Option A/B) if you pay monthly/yearly, or one big payment with same or more cover (Option C/D)
- If something happens to you, your family can get money all at once or spread over 5 years
- When the plan ends, you get money in small amounts (Guaranteed Income) and one big amount (Guaranteed Terminal Benefit)
- You can add other things to your plan for more safety – like money if you get hurt, very sick, or can’t pay
- You can pay for the plan in different ways – monthly, yearly, or all at once
- You have extra time to pay – 15 days if paying monthly, 30 days for other ways
- If you need money while you have the plan, you can get a loan from LIC
- If the plan is for a child, or you want, you can get all the end money at one time
Eligibility
LIC’s Dhan Sanchay Plan is for many different people. You can get it when you are as young as 3 years old. This lets parents start saving for their child early. The oldest you can be to get the plan is different for each option. For Option D, it is 40 years old. For Option C, it is 65 years old.
| Rule | Youngest | Oldest |
|---|---|---|
| Age to Start | 3 years old | Option A & B: 50 years Option C: 65 years Option D: 40 years |
| Plan Length | Option A & B: 10, 15 years Option C & D: 5, 10, 15 years | – |
| Lowest Death Money | Option A & B: Rs. 3,30,000 Option C: Rs. 2,50,000 Option D: Rs 22,00,000 | No limit |
Key Features
One of the best things about LIC’s Dhan Sanchay Plan is the Guaranteed Income Benefit (GIB). The amount you get for GIB depends on how much money you pay each year (for regular/limited payment) or all at once (single premium). It also depends on a special number called the GIB Multiple and another number called the Modal Factor. The GIB Multiple is different for each option, how long the plan is, and how long you pay. This makes sure that the money you get fits what you need and want.
Another good thing is the Guaranteed Terminal Benefit (GTB). To figure out your GTB, LIC takes your yearly payment or single payment and multiplies it by a GTB Multiple and a Modal Factor. The GTB Multiple is based on how old you are when you start the plan and which option you choose. LIC gives you some example numbers to help you understand how much money you might get. With both GIB and GTB, you get money for things you need now and things you want to do later.
With Dhan Sanchay plan, you can choose how you want to pay. You can pay every year, twice a year, four times a year, or every month for regular payments. If you want to pay all at once, you can do that when you start the plan. This makes it easy to pay in a way that works for you.
If you need money for an emergency or want to change your plan, you can stop your policy after paying for at least two full years (for regular/limited payment). If you paid all at once, you can stop anytime. When you stop, you will get back more money than you paid or a special amount, whichever is higher. This makes sure you get a fair amount of money back.
Riders
To give you even more protection with LIC’s Dhan Sanchay Plan, you can add special benefits called riders if you pay regularly or for a limited time (Options A & B). You have to pay a little more for these riders and meet certain rules. Some riders you can add are for if you have an accident and get hurt or die, if you get very sick, or if you can’t pay anymore. These riders give you extra money to help in tough times.
If you pay all at once (Options C & D), you can add two riders when you start the plan. One is for accidents and the other is for term insurance. These riders let you make the plan fit what you need and how much risk you want to take.
Exclusions
It’s important to know that for Options C & D, if the person with the plan takes their own life within 12 months of starting the plan, the person they chose will only get back 80% of the money paid. This doesn’t include taxes and money for riders (except Term Assurance). But this rule doesn’t apply if the person was younger than 8 when they started the plan.
For Options A & B, if the person takes their own life within 12 months of starting the plan or restarting it, the person they chose gets 80% of the money paid, not including taxes and rider money (except Term Assurance). Just like with Options C & D, this rule doesn’t apply if the person was under 8 years old when they got the plan. This helps keep young people with the plan safe.
FAQs
What are the payout modes available for the maturity benefit?
With LIC’s Dhan Sanchay Plan, you can choose how you want to get the Guaranteed Income Benefit (GIB) when the plan ends. You can get it every year, twice a year, four times a year, or every month. This lets you get money in a way that works best for you and your needs. The Guaranteed Terminal Benefit (GTB), which is a big part of the money you get at the end, comes as one big payment with the last GIB payment. This gives you a lot of extra money when the payments are done.
Can I take a loan against my LIC Dhan Sanchay policy?
Yes, with the Dhan Sanchay plan, you can get a loan while you have the policy, before the money starts coming to you. This helps if you need money but still want to keep the good things about the policy. For Options A & B, you can get up to 90% of the Surrender Value as a loan if your policy is still going, and up to 80% if you’ve paid but stopped. For Options C & D, which you pay for all at once, you can get a loan up to 75% of the Surrender Value.
How can I revive my lapsed policy?
If you have Options A & B in LIC’s Dhan Sanchay Plan and your policy has lapsed, you can bring it back within 5 years from when you missed the first payment. There are some rules to make sure it’s fair for everyone. But this option to bring it back doesn’t work for Options C & D, because you pay for those all at once and don’t have to keep paying.
What happens if I outlive the policy term?
One of the best things about the Dhan Sanchay plan is that if you live longer than the policy, you still get a lot of money at the end. When you reach the end date, you start getting the Guaranteed Income Benefit (GIB) in payments for a while. This steady money helps you pay for things you need and want for a long time. Plus, you get the Guaranteed Terminal Benefit (GTB) as one big payment with the last GIB payment. This gives you a lot of extra money and rewards you for sticking with the plan for a long time.