Dhan Sanchay is a participating non-linked savings cum protection plan offered by Life Insurance Corporation of India (LIC). It falls under LIC's Special Plans category and is designed to provide financial protection along with guaranteed returns.
Plan 865, also known as LIC's Dhan Sanchay Plan, offers policyholders the following key features and benefits:
1. Savings and Protection: The plan provides a combination of savings and protection. It offers a lump sum benefit in case of the policyholder's unfortunate demise during the policy term, ensuring financial security for the family.
2. Limited Premium Payment: Policyholders have the option to choose a premium payment term of 12, 16, or 20 years, depending on their convenience and financial goals.
3. Guaranteed Additions: The plan offers guaranteed additions at the rate of Rs. 50 per thousand Basic Sum Assured (BSA) for each completed policy year for the first five policy years. These guaranteed additions enhance the policy's maturity value.
4. Maturity Benefit: On survival till the end of the policy term, the policyholder receives the Basic Sum Assured along with accrued Guaranteed Additions and vested Simple Reversionary Bonuses (if any).
5. Death Benefit: In the unfortunate event of the policyholder's demise during the policy term, the nominee receives the Death Sum Assured along with accrued Guaranteed Additions and vested Simple Reversionary Bonuses (if any). The Death Sum Assured is higher of 10 times the annualized premium or 105% of the total premiums paid till the date of death.
6. Loan Facility: Policyholders can avail of a loan against the policy's surrender value, providing liquidity in times of need.
7. Surrender Benefit: Policyholders have the option to surrender the policy and receive the surrender value, subject to terms and conditions.
It's essential to thoroughly understand the terms, conditions, and benefits of the LIC Dhan Sanchay Plan 865 before making a decision. Consulting with an LIC agent or financial advisor can help assess suitability based on individual financial goals and requirements.
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