Are you looking for a sensible investment opportunity with appealing benefits? Look no further than the LIC Dhan Vriddhi scheme, the company’s most recent offering. Because of its multiple benefits for investors, this single premium policy has become the talk of the town. In this post, we will go through the specifics of this scheme, such as its characteristics, qualifying requirements, and tax benefits under Section 80-C.
What exactly is the LIC Dhan Vriddhi Scheme?
The LIC Dhan Vriddhi scheme is a non-linked, non-participating individual savings plan that provides savings as well as protection during the policy period. This closed-ended plan has a policy term of 10 years, giving investors the option of investing for a period ranging from 10 to 18 years. The window for taking advantage of this appealing offer is open from June 23 to September 30, so act soon to make a wise investment.
Advantages of the LIC Dhan Vriddhi Scheme
The LIC Dhan Vriddhi scheme has several advantages that make it an enticing investment option. Let’s take a deeper look at a few of these benefits:
This insurance, according to the official Life Insurance of India website, offers an additional guarantee of up to Rs 75 each Rs 1000 sum assured. This means that investors will have greater security and safety for their money.
Section 80-C Tax Exemption
One of the primary benefits of the LIC Dhan Vriddhi scheme is the tax exemption provided by section 80-C of the Income Tax Act. This tax benefit allows eligible policyholders to obtain a deduction of up to Rs 1.5 lakh. This not only reduces tax payments but also improves overall returns on investment.
Options for Death Benefits
In the tragic event that the policyholder dies, the beneficiaries have two options. The first choice pays out 1.25 times the sum assured, whereas the second pays out 10 times the sum assured. This assures that the policyholder’s family is financially secure in the event of his or her untimely death.
Age Reliability Criteria
Individuals between the ages of 90 days and 8 years old, or between the ages of 32 and 60, are eligible for the LIC Dhan Vriddhi Scheme. This broad age range enables people at all phases of life to benefit from this scheme and ensure their financial future.
Investors can apply for a loan three months after the policy is issued. This gives individuals liquidity and financial flexibility, allowing them to address their urgent financial demands without having to relinquish the policy.
Policy Provisions and Options:
To meet the varying needs and choices of investors, the LIC Dhan Vriddhi Scheme provides a variety of policy terms and options. Let’s take a closer look at these terms and options
|Policy Term||Option 1 – Guaranteed Additions||Option 2 – Guaranteed Additions|
|10 Years||Rs 60 per Rs 1000 Basic Sum Assured||Rs 25 per Rs 1000 Basic Sum Assured|
|15 Years||Rs 65 per Rs 1000 Basic Sum Assured||Rs 30 per Rs 1000 Basic Sum Assured|
|18 Years||Rs 75 per Rs 1000 Basic Sum Assured||Rs 40 per Rs 1000 Basic Sum Assured|
The guaranteed additions are higher for a higher sum assured, providing an incentive for investors to opt for a higher coverage amount.