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The recently launched life insurance product Dhan Sanchay from LIC is a non-participating and non-profit life insurance plan. While offering coverage for life the policy helps you save as well. Launched on 14 July 2022, LIC Plan 865 Dhan Sanchay Plan provides you with the much-needed assurance, that even in case of your untimely going away, your family will not have to be financially dependent on others. You would be able to ensure that your loved ones can lead a dignified and self-sustaining life ahead. Read on to know more and learn all about the Dhan Sanchay LIC plan details.
You can make use of the LIC Dhan Sanchay Plan 865 calculator to get an estimate of the premiums or you can check the official website for the LIC Dhan Sanchay Plan premium chart. At the time of inception, there are two benefit options that you, the policyholder, can choose. But it should be kept in mind that once the policyholder makes a decision, it cannot be changed.
In case you choose a Regular or Limited Premium Payment
In case you choose a Single Premium Payment
Let us take a look at the available benefits of this life insurance product-
In case of death of the insured, a death benefit is paid out to the appointed nominee. The payout can be in the form of a lump sum where the nominee will receive the entire sum assured in one go, or the death benefit can be received in instalments, which will be spread over 5 years, as per the options chosen.
In case you, the insured individual, outlive the term of the insurance policy, a maturity benefit is payable. This benefit is paid out in two forms-
GIB is paid in advance. This means that the first instalment of benefit will be made on the date the policy matures. Thereafter, the payout will be based on the payout mode that has been opted for by the policyholder. The payout could be monthly/ quarterly/ half-yearly/ annually.
GTB is a lump sum payment that is made with the final instalment of the guaranteed income benefit. After the payment of the GTB, the policy comes to an end.
|Entry Age||Minimum- 3 years
|Maturity Age||Minimum- 18 years
|Premium Paying Term||
|Annualised Premium (Premium amount payable in a year)||
|Free look period||30 days from policy inception|
|Waiting period||90 days from policy inception|
A life insurance product by Life Insurance Corporation of India offers innate trust. With over 6 decades in the industry, LIC today has over 250 million customers. Being synonymous with insurance, LIC offers affordable and simple life insurance plans, and LIC Plan 865 Dhan Sanchay Plan is no different. While offering risk cover, Dhan Sanchay also provides guaranteed benefits, the first one being GIB, which is a Guaranteed Income Benefit and the other one is GTB, which stands for Guaranteed Terminal Benefit. These benefits are received in case the insured outlives the policy term. In case of the insured individual’s death during the policy's tenure, the nominee will receive a lump sum amount as the death. Another important feature of this plan is that there is an assured inflow of income once the date of maturity is reached, which continues up to the end of it.
By paying an extra premium you can further enhance the coverage of the LIC Plan 865 Dhan Sanchay Plan. Let’s take a look-
The benefits under the plan, are to be calculated based on the age of the insured individual as mentioned in the Proposal Form.
In case it is found that any untrue or incorrect information has been given by the policyholder, the policy/ claims will be void.
No payment of the policy premium can cause a policy lapse. However, paying the due amount within the revival period can rive it.
Once your plan fulfils a few criteria, you would be eligible to take a loan.
If you are not happy with the Dhan Sanchay plan, post-purchase there is a free look period of 30 days. During this period, you can return the policy.
A tailor-made life insurance product, the LIC Plan 865 Dhan Sanchay Plan is said to be an innovative move by the LIC. The policy offers a lot of flexibility and freedom to the policyholder in terms of the policy tenure and the premium paying term. You have the option to choose a short-term plan of 5 years where you can reap the benefits from the 10th year. Also, whether you want regular income or a lump sum benefit, you have the choice with you. With guaranteed benefits, the plan is a great way to secure the future of your loved ones while building savings.
No, LIC Dhan Sanchay is a non-participating plan and hence does not offer a bonus.
A non-linked and non-participating insurance plan offers dual benefits of life coverage as well as savings. With guaranteed benefits, you also get advantages such as a loan facility, free look period and freedom to customise the plan as per your financial goals.