Product Summary :
LIC’s Dhan Sanchay is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance Plan which offers a combination of protection and savings. This plan provides financial support to the family in case of unfortunate death of the life assured during the policy term. It also provides guaranteed income stream during the Payout Period from the date of maturity.
This plan can be purchased Offline through agents/other intermediaries including Point of Sales Persons-Life Insurance (POSP-LI)/Common Public Service Centers (CPSC-SPV) as well as Online directly through website www.licindia.in.
Premium Payment Option :
Single, Regular and Limited Premium.
Term/Ppt/Payout Period :
10/5/5, 10/10/10, 15/5/5 ,15/10/10,15/15/15
or
5/1/5, 10/1/10, 15/1/15 years
BENEFIT OPTIONS :
In case of Regular/ Limited Premium payment :
Option A: Level Income Benefit
Option B: Increasing Income Benefit
In case of Single Premium payment:
Option C: Single Premium Level Income Benefit
Option D: Single Premium enhanced cover with Level Income Benefit
Minimum Entry Age :
3 Years (Completed) for Term 15
8 Years (Completed) for Term 10
13 Years (Completed) for Term 5
Maximum Entry Age :
50 Years (Nearer Birthday) for Option A & Option B
65 Years (Nearer Birthday) for Option C
40 Years (Nearer Birthday) for Option D
Minimum Maturity Age :
18 years (completed)
Maximum Maturity Age :
65 years (nearer birthday) for Option A & Option B
80 years (nearer birthday) for Option C
55 years (nearer birthday) for Option D
Minimum Sum Assured :
Option A & Option B : 30,000
Option C & Option D : 2,00,000
Maximum Sum Assured :
No Limit
Minimum Sum Assured on Death:
Option A & Option B : 3,30,000
Option C: 2,50,000
Option D: 22,00,000
Guaranteed Income Benefit (GIB):
Under Regular and Limited Premium:
(Payout period will be equal to Premium Paying Term and start from date of maturity)
• Option A – Level Income – GIB will remain same during payout period.
• Option B – Increasing Income – GIB will increase at simple rate of 5% per annum on completion of each year.
Under Single Premium:
(Payout period will be equal to Policy Term and Start from date of Maturity)
• Option C – Level Income – GIB will remain same during payout period
• Option D – Level Income with Enhanced Cover – GIB will remain same during payout period.
Policy Benefits :
On Death :
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 provided the policy is in-force, shall be “Sum Assured on Death”.
“Sum Assured on Death” applicable under the Options are as under:
Under Regular / Limited Premium Payment:
“Sum Assured on Death” applicable for Option A- Level Income Benefit and Option B- Increasing Income Benefit
shall be higher of:
• 11 times of Annualized Premium; or
• Sum Assured on Maturity; or
• 105% of total premiums paid upto the date of death.
Total premiums paid means total of all the premiums received, excluding any extra premium, any rider
premium and taxes.
Under Single Premium Payment:
i) “Sum Assured on Death” applicable for Option C- Single Premium Level Income Benefit shall be higher of:
• 1.25 times of Single Premium; or
• Sum Assured on Maturity
ii) “Sum Assured on Death” applicable for Option D- Single Premium enhanced cover with Level Income
Benefit shall be 11 times of Single Premium.
“Sum Assured on Maturity” and “Sum Assured on Death” for the chosen option are specified in the Schedule.
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 Condition 3 of Part C below), the death benefit payable shall be refund of premium(s) paid
(excluding any extra premium, any rider premium and taxes) without interest.
The Death Benefit shall be paid in lumpsum as specified above or in instalments, as specified in Condition 8 of Part D of
this Policy Document, as per the option exercised by the Policyholder/ Life Assured.
On payment of Death Benefit, the policy shall terminate and no further benefits shall be payable.
Maturity Benefit:
On Life Assured surviving the stipulated Date of Maturity provided the policy is in-force, Maturity Benefit shall be
payable in the form of Guaranteed Income Benefit and Guaranteed Terminal Benefit as mentioned below:
Guaranteed Income Benefit (GIB): Guaranteed Income Benefit as per the chosen Payout Mode ( specified in the
Schedule) shall be paid in advance during the Payout Period. The first installment of Guaranteed Income Benefit
will be made on the Date of Maturity and thereafter, based on the Payout Mode opted for by the Policyholder,
every month or three months or six months or annually from the Date of Maturity, as the case may be.
Under Option A, Option C & Option D, Guaranteed Income Benefit shall remain constant during the Payout
Period. Under Option B, Guaranteed Income Benefit shall be increased yearly by a simple rate of 5% per annum on
completion of each year of Payout Period.
Guaranteed Terminal Benefit (GTB): Guaranteed Terminal Benefit as per the chosen Payout Mode ( specified in
the Schedule) as a lumpsum payment shall be payable along with the last installment of Guaranteed Income
Benefit. On such payment, the policy shall terminate.
Guaranteed Income Benefit (GIB) and Guaranteed Terminal Benefit (GTB) specified in the Schedule are for the Payout
Mode opted at the inception of policy.
On the Date of Maturity, the policyholder shall have an option to receive the Sum Assured on Maturity in lumpsum in
lieu of Guaranteed Income Benefit and Guaranteed Terminal Benefit as specified in Condition 9 of Part D of this Policy
Document.
On death of the Life Assured during the Payout Period, the Guaranteed Income Benefit shall continue to be paid to the
nominee as per the applicable Payout mode for the outstanding Payout Period and Guaranteed Terminal Benefit shall
also be payable along with the last instalment of Guaranteed Income Benefit and no alteration, whatsoever, shall be
allowed to be made by the nominee.
In case, if the loan and the loan interest if any, subsists on the Date of Maturity, reduced Guaranteed Income Benefit and
reduced Guaranteed Terminal Benefit as specified in Condition 5(ix)(a) of Part D of this Policy Document (applicable
for in-force policy) shall be payable.
Surrender:
Under Regular/Limited Premium payment (Option A & Option B), the policy can be surrendered by the policyholder at any
time during the policy term provided two full years’ premiums have been paid. Under Single Premium payment (Option C &
Option D), the policy can be surrendered by the Policyholder at any time during the policy term.
More Details… or Call 9990286759
