LIC Dhan Rekha plan details(plan no. 863), eligibility criteria, features, benefits and more details:
Life Insurance Corporation of India ( LIC) keeps on offering great insurance plans for its customers from time to time. LIC is one of those insurance companies in the country, in which you can invest without risk, that is, your investment made here is completely safe.
This company is operated by the Government of India. Now LIC has introduced a better plan. Let’s know about this LIC money rekha plan:
LIC Dhan Rekha plan
LIC Dhan Rekha plan is a non-linked , non-participating, individual, savings, life insurance plan that offers a mix of protection and savings. This plan provides financial support to the family in case of unfortunate death of the policyholder during the policy term.
payments will also be made if the policyholder survives the specified period during the policy term and a lump sum payment is guaranteed to the surviving policyholder at the time of maturity. Loan facility is also available in this plan.
LIC dhan rekha plan Eligibility Criteria
| Name of Insurance:- | LIC: Dhan Rekha Plan (Plan No. 863) |
| Policy Term:- | 20 years 30 years 40 years |
| Minimum Entry Age:- | 8 years for 20 year term 3 years for 30 year term 90 days for 40 year term |
| Maximum Entry Age:- | On Single Premium: 60 Years for a Policy Term of 20 Years 50 Years for a Policy Term of 30 Years 40 Years for a Policy Term of 40 Years On Limited Premium: 55 Years for a Policy Term of 20 Years Policy Term of 30 Years 45 years for 35 years for policy term of 40 years |
| Coverage ( Basic Sum Assured):- | Minimum: Rs.2 lakh Maximum: No limit (Subject to Board approval) |
| Premium Paying Term:- | Single Premium: Not Applicable Limited Premium: 10 years for a term of 20 years 15 years for a term of 30 years 20 years for a term of 40 years |
| Maturity Age:- | Single Premium: 80 years Limited Premium:75 years |
LIC Dhan Rekha plan features
- In this policy, the premium has to be paid only for half the term of your plan.
- In this plan, you can pay single or limited (annual , half- yearly , quarterly or monthly) premium.
- In this plan, along with life cover, it also helps in saving.
- You can buy this insurance for a term of 20, 30, and 40 years.
- A minimum Sum Assured of 2 lakh is available in this insurance .
- If you are not satisfied with this insurance plan, then you get a free look period of 15 days.
LIC Dhan Rekha Plan Benefits
Death Benefit
On death of the insured during the policy term after the date of commencement of risk, the sum assured along with the guaranteed sum is paid to the beneficiary of the insured .
On payment of a single premium , the “ Sum Assured on Death” is defined as 125% of the basic sum assured .
For Limited Premium Payment , “ Sum Assured on Death” is defined as higher of 125 % of Basic Sum Assured or 7 times of Annualized Premium .
Survival Benefit :
On survival of the insured for each specified period during the policy term , provided the policy is in force , a certain percentage of the Basic Sum Assured will be paid . The fixed percentage for various policy terms is given below:
| Insurance Period (in years) | Survival Benefit Payment |
| 20 | 10 % of the Sum Assured at the end of 10th and 15th year |
| 30 | 15 % of the Sum Assured at the end of 15th , 20th and 25th year |
| 40 | 20 % of the Sum Assured at the end of 20th , 25th , 30th and 35th years |
Maturity Benefit:
If the life assured survives the maturity period, he/she is paid the “Sum Assured on Maturity” plus the Guaranteed Sum Assured. Where “ Sum Assured on Maturity” will be equal to Basic Sum Assured .
Guaranteed Additions:
Guaranteed Additions will accrue at the end of the policy year from the 6th policy year till the end of the policy term. The rate of Guaranteed Additions will increase in stages over the term of the policy as given below:
| Policy Term (in years) | Guaranteed Additions (per Rs 1000 of basic sum assured) |
| 6 to 20 years | 50 rupees |
| 21 to 30 years | 55 rupees |
| 31 to 40 years | 60 rupees |
Riders of LIC Dhan Rekha Plan
in LIC Dhan Rekha plan on payment of additional premium, details of which are given below:
Single premium payment
- Accidental Death and Disability Benefit Rider
- New Term Assurance Rider
Limited premium payment
- Accidental Death and Disability Benefit Rider ( UIN: 512B209V02)
- Accidental Benefit Rider
- New Term Assurance Rider
- New Critical Illness Benefit Rider
- Premium Waiver Benefit Rider
Grace Period
This grace period will be applicable for limited premium payment . There will be a grace period of 30 days for annual payment . And there will be a grace period of 15 days for half-yearly or quarterly premiums and monthly .
Revival
If the premium is not paid within the grace period, the policy lapses. LIC money Rekha provides option to revive the policy but within 5 consecutive years. It means from the date of your first unpaid premium and it can be revived only before the maturity date
The Bottom Line:
Hi friends, hope you know all about “LIC Dhan Rekha Plan” like Review, Benefits, Eligibility, Features, Surrender Value and more. if you like this please share with your friends and if any query regarding this post feels free to submit below comment.