LIC Closed: The wealth enhancement scheme of Life Insurance Corporation of India (LIC) was first launched on 23 June 2023 and then was discontinued in September. The scheme was relaunched in February this year and has been discontinued on April 1.
LIC Closed: LIC, the country’s leading insurance company, has withdrawn one of its big policies. This policy gave profits worth lakhs of rupees to the insurer. This is a non-linked, non-participating, personal saving life insurance plan, which provides the benefits of security and savings. Also, it provided a lump sum guarantee amount to the insured person on maturity.
We are talking about the Wealth Enhancement Scheme of Life Insurance Corporation of India (LIC), which was first launched on 23 June 2023 and then discontinued in September. The scheme was relaunched in February this year and has been discontinued on April 1. LIC Dhan Vridhi provides financial security to the family of the policy holder in case of untimely death within the policy term.
The insurance amount under this scheme was this much
It is a scheme that ensures that families get the financial support they need during challenging times, thereby maintaining security and stability for the future. This plan of LIC was offered for a period of 10, 15 or 18 years. Depending on the period chosen, the age of investment in this scheme was kept from 90 days to 8 years. Whereas the maximum entry age is from 32 to 60 years. Under this scheme, the basic sum insured was Rs 1.25 lakh, which was given the option to increase by multiples of Rs 5000.
Benefits of wealth growth scheme
- This is a single premium scheme
- Policy Term and Death Cover
- Benefit of Guaranteed Additional during the policy term
- Benefit of Higher Guaranteed Addition for policies with higher Basic Sum Assured
- Lump sum benefit on death or maturity
- Settlement option to receive death benefit in installments and on maturity
- LIC’s Accidental Death and Disability Benefit Rider and LIC’s New Term Assurance
- Option to select rider
- Providing policy loan
Rules for surrendering the policy
As per the LIC policy document, the policy can be surrendered by the policyholder at any time during the policy term. On surrender of the policy, the Corporation will pay a surrender value equal to the Guaranteed Surrender Value and Special Surrender Value, whichever is higher. If the policy is surrendered in the first three years, 75 percent of the single premium will be given. After this, 90 percent premium will be given on surrender. Additional and rider premiums will not be included in this.
