LIC Dhan Varsha Scheme 2024

Life Insurance Corporation of India offers several saving schemes one of which is the LIC Dhan Varsha Scheme. Today we are going to enlighten the benefits and features of LIC Dhan Varsha Scheme. The LIC Dhan Varsha Scheme ensures the return of the amount 10 times. It focuses on future protection and high returns with no risks to the market.

The LIC Dhan Varsha Scheme has clauses for the death case and lump sum amount, and people can get Rs 1 crore by investing Rs 10 Lakh. Anyone can apply for the LIC Dhan Varsha Scheme online and offline. Let’s discuss the full details of the LIC Dhan Varsha Scheme.

LIC is govt associated insurance organization. The newest policy offered by LIC is the LIC Dhan Varsha Scheme. The LIC Dhan Varsha Scheme is non-linked means this scheme is not connected with any market risks, people can not claim profits based on their share of the company. You will know in advance what amount you are going to get for what amount of investment. A person can pay the investment amount in a single premium for the LIC Dhan Varsha Scheme.

Working of LIC LIC Dhan Varsha Scheme

The LIC Dhan Varsha Scheme of LIC ensures of giving of Rs 1 Crore by investing Rs 10 Lack in one go. Let’s see it with the example. Person X is 30 years old now, he purchased a policy for 15 years. Now, for the basic sum assured of Rs 10 Lacs, person X has two options.

Option 1:

option 1 is 1.25 times the tabular premium of the selected sum assured. If a person invests with the 1.25 formula and the invested amount will be Ra 8.5 Lac, person X is going to receive nearly Rs 21 Lac after 15 years.

Option 2:

In the second option, the person will get 10 times the tabular premium the selected sum assured. If person X invested an amount of Rs 8 Lac, he will receive the payment of Rs 86 Lac after 15 years.

Benefits of LIC Dhan Varsha Scheme

Here are the top benefits of the LIC Dhan Varsha Scheme.

In case of the death of a person, the LIC Dhan Varsha Scheme has a special clause mentioning the amount nominees will receive after the death of the policyholder and the nominees also get the bonus.
The LIC Dhan Varsha Scheme gives you maturity benefits. The policyholder will get an assured amount of return after the policy and also other additions in the return.
Additions: The LIC Dhan Varsha Scheme has granted additions of payment at the end of each year. The amount added will depend on the option chosen by you and the sum assured.
Add on Riders: The LIC organization has the option to add riders in the LIC Dhan Varsha Scheme policy for death, physical disability, etc.
The LIC Dhan Varsha Scheme has a tenure of 10 years and 15 years.

Eligibility of LIC Dhan Varsha Scheme

The person who wants to go for the LIC Dhan Varsha Scheme can apply for the scheme online or offline and the person can approach agents.
The LIC allows a minimum age of 8 years for the 10-year LIC Dhan Varsha Scheme.
The minimum age for 15 years LIC Dhan Varsha Scheme must be 3 years.
The maximum age for the 1.25 formula is 60 years.
The upper age limit for the 10 times return formula is 40 years in the LIC Dhan Varsha Scheme
The person has the option to receive the funds in installments.
The minimum age at the maturity of the LIC Dhan Varsha Scheme should be 18 years.
The maximum age at maturity for option 1 must be 75 years.
The maximum age at maturity for option 2 must be 50 years.
This is a single premium payment policy offered by LIC.

How to Apply For LIC Dhan Varsha Scheme

The application process for the LIC Dhan Varsha Scheme can be followed online or offline.

Offline Process of LIC Dhan Varsha Scheme:

The person has to go to the LIC office or approach the LIC agent in their area.
Then, ask about the LIC Dhan Varsha Scheme and application form.
Fill out the details in the LIC Dhan Varsha Scheme form.
Attach the hard copies of docs and photos with the LIC Dhan Varsha Scheme form.
Choose the name of the nominees.
Select the option to pay the amount.
Submit the filled form for the LIC Dhan Varsha Scheme.

Online Process of LIC Dhan Varsha Scheme:

In the online LIC Dhan Varsha Scheme application form, the person has to open the LIC website.
Then, you can use the search bar by typing LIC Dhan Varsha Scheme.
You can save the brochure of LIC LIC Dhan Varsha Scheme.
The pdf of the brochure will explain each term of the LIC Dhan Varsha Scheme, read them carefully.
Then apply online by filling out the form for the LIC Dhan Varsha Scheme.
Attach the needed documents in the soft copy form with the LIC Dhan Varsha Scheme.
Upload the relevant passport-size photo with the LIC Dhan Varsha Scheme form.
Choose the payment method and submit the form.

Loan Facility with LIC Dhan Varsha Scheme

This is a good option available in the LIC Dhan Varsha Scheme. As this scheme invests money for 10 years and 15 years. The person may need the money in between the time as in case of some medical treatment or marriage or any other emergency. So do not need to break the LIC Dhan Varsha Ploicy, the person can go for the loan facility. Yes, you can go to the LIC office and apply for the loan on the amount present in the LIC Dhan Varsha Scheme. You have to return the loan in the specified time and with interest. The loan will not affect the return amount of the LIC Dhan Varsha Scheme if the loan is as per the rules.

Conclusion

LIC Corporation is govt associated organization that offers various saving schemes and insurance schemes. LIC Dhan Varsha Scheme is one of them and it secured the policy of LIC. As an investor, you can choose a 1.25 return formula or 10 times return formula under the LIC Dhan Varsha Scheme. The application form submission procedure for the LIC Dhan Varsha Scheme is online and offline both. The person can approach the LIC agent working in their areas for the LIC Dhan Varsha Scheme.