(L to R) MR Kumar, chairman, Siddhartha Mohanty, managing director, Bishnu Patanaik,MD at the LIC’s launching ceremony of Dhan Sanchay

Dhan Sanchay provides guaranteed income benefit(GIB) during the payout period from the date of maturity, and guaranteed terminal benefit payable with the last instalment of GIB

“We have already decided that in future we will be launching only non-par products. With the product mix changing towards the non-par side in the future at a greater pace than the par side, the value of new business will be created. That is the strategy we are adopting,” said Raj Kumar, managing director, LIC

Mumbai:

In line with its strategies to increase its exposure for non-participatory products, Life Insurance Corporation(LIC) on Tuesday has launched a new non-participating plan- Dhan Sanchay.

The new plan is a Non linked, Individual, Savings Life Insurance Plan that offers a combination of protection and savings.

It provides guaranteed income benefit(GIB) during the payout period from the date of maturity, and guaranteed terminal benefit payable with the last instalment of GIB.

“We have already decided that in future we will be launching only non-par products. With the product mix changing towards the non-par side in the future at a greater pace than the par side, the value of new business will be created. That is the strategy we are adopting,” said Raj Kumar, managing director, LIC

The minimum sum assured under this plan for option A & B is Rs.3,30,000/- and Option C Rs. 2,50,000 & Option D: Rs.22,00,000. There is no limit for maximum premium. The minimum age at entry is three years (complete) depending upon chosen policy term.

The plan is available for a term of minimum 5 to maximum 15 years and provides level income benefit, Increasing income benefit, single premium level income benefit and single premium enhanced cover with Level income benefit as per the choice of the customer.

Maturity benefit shall be payable in the form of GIB and Guaranteed Terminal Benefit.

The plan provides financial support for the family in case of unfortunate death of the life assured during the term of the policy after the commencement of risk.

The death benefit will be paid in lumpsum and/or in instalments over a period of 5 years, as per the option exercised by the policyholder/ life assured.

The plan also takes care of liquidity needs through loan facility.

Optional riders are available under this plan on payment of additional premium subject to conditions.

Settlement option is available to receive death benefit in instalments over a period of five years instead of lump sum under an inforce as well as paid up policy.