LIC’s Dhan Vriddhi is an individual life insurance plan that falls into the category of non-linked and non-participating policies. This plan is designed to offer a combination of protection and savings to the policyholder. In the unfortunate event of the life assured’s death during the policy term, it provides financial support to the family. Additionally, upon reaching the maturity date, a guaranteed lump sum amount is paid to the surviving life assured.

This insurance plan can be purchased through various channels. You can buy it offline through agents or other intermediaries, including Point of Sales Persons-Life Insurance (POSP-LI) or Common Public Service Centers (CPSC-SPV). Alternatively, you have the option to purchase it online directly through LIC’s official website at www.licindia.in.

Key Features

  1. Single Premium Plan: This is a single premium life insurance plan, meaning you pay the premium in one lump sum at the beginning of the policy.

  2. Options to Choose Policy Term and Death Cover: You have the flexibility to select the policy term and the amount of death cover (insurance coverage) according to your needs and preferences.

  3. Guaranteed Additions Throughout the Policy Term: The policy offers guaranteed additions at regular intervals during the entire policy term, which enhances the overall value of the plan.

  4. Higher Guaranteed Additions for Higher Basic Sum Assured: Policies with a higher Basic Sum Assured receive higher guaranteed additions, providing increased benefits for those who choose a higher coverage amount.

  5. Lumpsum Benefit on Death or Maturity: In the event of the life assured’s death during the policy term, a lump sum benefit is provided to the nominee or beneficiary. Additionally, upon reaching the maturity date, a lump sum amount is paid to the surviving life assured.

  6. Option to Take Death Benefit in Instalments and Settlement Option on Maturity: The policyholder can opt for receiving the death benefit in instalments, and there is also an option for choosing a settlement on maturity, which may offer more flexibility in managing the proceeds.

  7. Option to Choose Riders: You can enhance your coverage by choosing additional riders, such as LIC’s Accidental Death & Disability Benefit Rider and LIC’s New Term Assurance Rider, to customize the plan to your specific needs.

  8. Policy Loan Available: You have the option to take a loan against the policy’s cash value if the need arises, providing financial flexibility.

Eligibility Conditions

Policy Term 10,15 & 18 years
Minimum Age at Entry
  • 90 days (completed) for policy term 18 years
  • 3 years (completed) for policy term 15 years
  • 8 years (completed) for policy term 10 years
  • Maximum Age at Entry
  • Option 1: 60 years (nearer birthday)
  • Option 2: 40 years (nearer birthday) for policy term 10 years
  • 35 years (nearer birthday) for policy term 15 years
  • 32 years (nearer birthday) for policy term 18 years
  • Minimum Age at Maturity 18 years (completed)
    Maximum Age at Maturity
  • Option 1: 78 years (nearer birthday)
  • Option 2: 50 years (nearer birthday)
  • Mode of Premium payment Single premium
    Minimum Basic Sum Assured Rs 1,25,000/-
    Maximum Basic Sum Assured No Limit

    Payment Options Available

    Mode of Instalment payment Minimum instalment amount
    Monthly Rs 5,000/-
    Quarterly Rs 15,000/-
    Half-Yearly Rs 25,000/-
    Yearly Rs 50,000/-

    Exclusion:

    If the Life Assured, whether they are of sound mind or not, commits suicide within 12 months from the date when the insurance coverage begins, the nominee or beneficiary of the Life Assured will receive 80% of the Single Premium paid, excluding any taxes, extra premium, and rider premium, except for the Term Assurance rider, if applicable. However, no other claims can be made under the policy in this situation. It’s important to note that the suicide clause does not apply if the Life Assured was below 8 years of age at the time of entering into the policy.
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