On June 23, 2023, the Life Insurance Corporation of India (LIC) launched the non-linked, non-participating, individual, savings, single-premium, close-ended life insurance plan, named ‘Dhan Vridhhi’ to offer a combination of protection and savings.
- The plan was being available for sale from June 23 to September 30, 2023.
Key Points:
i.The plan provides financial support for the family in case of the unfortunate death of the life assured during the policy term.
ii.As the plan is being a single premium plan, there is no future premium obligation and no lapsation.
iii.Options to choose: Under the plan, the proposer have two options to choose i.e. the ‘Sum Assured on Death’ could be either be 1.25 times (Option 1) or 10 times (Option 2) the Tabular Premium for the chosen Basic Sum Assured.
Features:
i.Term – The plan is available for 10, 15 or 18 years of term.
ii.Age – The minimum age at entry varies from 90 days to 8 years, depending upon the term selected. The maximum age at entry varies from 32 to 60 years, depending upon the term and option selected.
iii.The Minimum Basic Sum Assured is Rs 1,25,000 and one can opt for higher basic sum assured in multiples of Rs 5,000.
iv.The Guaranteed Additions will accrue at the end of each policy year, throughout the policy term. The Guaranteed Additions range from Rs 60 to Rs 75 (Option 1) and Rs 25 to Rs 40 (Option 2) per Rs 1,000.
v.A settlement option is available on maturity/death in monthly/quarterly/half-yearly/yearly intervals for five years.
vi.The plan also offers liquidity through a loan facility, which is available anytime after three months from the completion of the policy.
vii.Under the plan, the amount payable on the death of the life assured during the policy term after the date of commencement of risk, but before the stipulated date of maturity, was the ‘Sum Assured on Death,’ along with accrued guaranteed additions.
– LIC Sold 2.07% stake in NMDC for Rs 649 crore
LIC sold over 6.06 crore shares or 2.07% stake in iron ore producer NMDC Lmited (formerly National Mineral Development Corporation) between March 14 and June 20 for around Rs 649 crore at an average price of Rs 107.59 a share via open market sale.
Now the LIC’s shareholding in NMDC has decreased from 11.69% to 9.62%.
About Life Insurance Corporation (LIC) of India
Headquarters -Mumbai, Maharashtra
Establishment -1956
Interim Chairman – Siddhartha Mohanty
