Correct Answer : Option (A) - LIC of India
The Life Insurance Corporation of India (LIC) has launched a Dhan Sanchay Savings scheme, which is a non-linked, non-participating, individual, savings life insurance plan that combines life protection and savings. The plan provides guaranteed income benefit during the pay-out period from the date of maturity and guaranteed terminal benefit.
The Dhan Sanchay plan provides the options of level income benefit, increasing income benefit, single premium level income benefit and single benefit with different calculation of guaranteed income benefit on maturity.
The maturity benefits will be payable in the form of guaranteed income benefit and guaranteed terminal benefit.
Four types of plans have been introduced under the LIC Dhan Sanchay plan. These are options A, B, C and D. The minimum sum assured under the option A & B of the plan is Rs 3,30,000. For option C it is Rs 2,50,000 and for option D it is Rs 22,00,000.
The minimum age at entry is 3 years (complete) and the maximum entry age is as follows :
* Option A & B: 50 years (nearer birthday)
* Option C: 65 years (nearer birthday)
* Option D: 40 years (nearer birthday)
There is no maximum limit on premium contributions. However, the Minimum Annualised / Single Premium limit for different options of the plan are as follows.
* Option A & B: Rs 30,000
* Option C & D: Rs 2,00,000
Maturity period and death benefits :
The Dhan Sanchay plan is available for a term of minimum 5 years to maximum 15 years depending on the option chosen by the policy holder.
* Policy Term for Option A & B: 10 and 15 years
* Policy Term for Option C & D: 5, 10 and 15 years
In case of the unfortunate death of the policyholder during the term policy, after the commencement of the policy, the plan will provide financial support to the family. The death benefits can be paid in a lumpsum and/or in instalments over a period of 5 years, depending on the option chosen by the policyholder. The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted by the policyholder (subject to minimum instalment amount)..Source : CNBC