Dhan Sanchay Plan
LIC’s Dhan Sanchay is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance Plan which offers a combination of protection and savings. This plan provides financial support to the family in case of unfortunate death of the life assured during the policy term. It also provides guaranteed income stream during the Payout Period from the date of maturity. This plan can be purchased Offline through agents/other intermediaries including Point of Sales Persons-Life Insurance (POSP-LI)/Common Public Service Centers (CPSC-SPV) as well as Online directly through website www.insuredforlife.in.
Maturity Benefit
On Life Assured surviving the stipulated Date of Maturity, maturity benefit shall be payable in the form of Guaranteed Income Benefit and Guaranteed Terminal Benefit.
Guaranteed Income Benefit (GIB)
Guaranteed Income Benefit shall be payable in advance during the Payout Period from the date of maturity i.e. the first installment of Guaranteed Income Benefit will be made on the Date of Maturity and thereafter, based on the Payout Mode opted for by the Policyholder, every month or three months or six months or annually from the Date of Maturity, as the case may be. Payout Period shall be equal to Premium Paying Term in case of Regular/Limited premium payment and equal to the Policy Term in case of Single premium payment.
Benefits payable on Death of Life Assured during the Payout Period
On death of the Life Assured during the Payout Period (i.e. on or after the date of maturity but before the payment of last installment of Guaranteed Income Benefit), the Guaranteed Income Benefit shall continue to be paid to the nominee as per the applicable Payout Mode for the outstanding Payout Period and Guaranteed Terminal Benefit shall also be payable along with the last instalment of Guaranteed Income Benefit.