LIC launches Dhan Vriddhi policy

The Life Insurance Corporation of India (LIC) has announced the launch of Dhan Vriddhi, a single premium, non-participating endowment 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 lump sum amount on the date of maturity to the life assured. Being a single premium plan there is no future premium obligation and no lapsation. It is a close-ended guaranteed returns policy, which will remain open for purchase until September 30, 2023.

The LIC policyholder can choose between sum assured options of 1.25 times (option 1) or 10 times (option 2) the premium amount, with the minimum sum assured being Rs 1.25 lakh. The minimum age at entry is between 90 days and eight years, while the upper limit varies from 32 years to 60 years.

The single premium policy comes with tenures of 10, 15 or 18 years.