The assured maturity sum assured is decided based mostly on the entry age of the life insured and the one premium payable
The Life Insurance coverage Company of India (LIC) has launched an insurance coverage plan – ‘Dhan Vriddhi’, a single-premium, non-participating endowment plan. The coverage will probably be obtainable for buy as much as September 30, 2023.
The policyholder will get a assured maturity sum assured and loyalty addition at maturity, making it an alluring funding selection. Primarily based on the coated life’s entry age and the one premium due, the assured maturity sum assured is calculated.
LIC Dhan Vriddhi Coverage: Examine Eligibility
Relying on the insurance coverage time period chosen, the entry age for the plan ranges from 90 days to eight years. However, relying on the time period and coverage resolution made, the utmost entry age ranges from 32 to 60 years previous. The essential sum assured is Rs. 1.25 lakh, with the choice to extend it by multiples of Rs. 5,000.
Maturity:
The bottom sum assured and any assured will increase—successfully, earned returns—credited over time to develop the corpus will probably be given to the policyholder at maturity together with the bottom sum assured. The promised sum and any assured upgrades will probably be paid to the candidates within the case of their demise mid-term.
The assured additions will accumulate on the finish of every insurance coverage 12 months in the course of the time period. In accordance with a Moneycontrol report, these funds can vary from Rs 60 to Rs 75 beneath Choice 1 and from Rs 25 to Rs 40 beneath Choice 2 for each Rs 1,000 of the fundamental quantity assured.
Tax exemptions
Tax exemptions beneath Part 80(C) for premiums paid and Part 10 (10D) for maturity quantities