According to LIC’s press release, the Dhan Rekha plan pays a percentage of the insured base sum as a survivor benefit at regular intervals of the premium payment term.
LIC Dhan Rekha Plan Details
- Under this plan, the minimum sum insured is Rs 2 lakh, with no greater restriction on the maximum sum insured.
- Depending on the length of the policy, the minimum age for entry ranges from 90 days to 8 years. Depending on the length of the policy, the maximum entry age can range from 35 to 55 years old.
- The plan can be purchased both offline and online through agents / intermediaries such as POSPLI / Common Public Service Centers (CPSC-SPV) and the website www.licindia.in.
- This plan also includes a loan facility to meet liquidity needs. Optional jumpers are available as part of this plan for an additional price, however, there will be some restrictions, LIC said.
The death benefit insured for limited payment premiums is 125% of the base face amount or 7 times the annualized premium, whichever is greater, but not less than 105% of all premiums paid up to the date of death, plus guaranteed additions, according to the LIC press release. . âInstead of receiving a lump sum payment, maturity and death benefits can be received in installments over a 5-year period. 10-year, 15-year or 20-year single premium or limited premium payment options are available, âhe added.
If the policy is in force, the guaranteed additions will accumulate at the end of each insurance year from the 6th insurance year until the end of the policy term.
The policyholder receives the entire sum insured without deduction of the amount of the rebate received combined with the guaranteed additions accumulated at maturity. This scheme provides financial assistance to the family of the policyholder in the event of the premature death of the policyholder during the term of the contract.