Start life insurance policy like this again, keep these things in mind

LIC ‘Dhan Varsha’ Scheme: Nazre Single Premium Life Insurance: LIC Dhan Monsoon is attracting attention in the market. It is increasingly known as Non-Participating Savings Scheme. Those looking for new single-premium life insurance can opt for this. In data collection Team savings

Those looking for single-premium life insurance can look into Life Insurance Corporation’s Dhan Varsha scheme. LIC’s product as a non-participating savings scheme is already in the headlines. Guaranteed Lumpsum will be available on the maturity date. But if the life assured dies during the plan (within the policy term), then the family can claim – in that case ‘financial support will be available as per the terms of the scheme. According to the life insurance company, the Dhan Varsha scheme is a closed-end plan. It will be available for purchase only till March 31, 2023. Customers can purchase this policy online (using and offline, i.e. with the help of an intermediary.

Key features of the plan are:-

# Not market-linked, not participating.
# Single premium, to be paid once.
# Two options : (a) Sum assured 1.25 times, (b) 10 times
Here is the tabular premium (as per Sum Assured).
# If the ‘Age of Entry’ is less than 8 years, the conditions for commencement of risk cover need to be known separately.

Benefits of Base Plan

a) Maturity Benefit if the Life Assured survives to Maturity
b) Guaranteed Addition

Guaranteed addition will be added at the end of each policy year (valid for the entire policy term)
Some other important points:

If the policyholder dies, the guaranteed addition (from the time of death) will be charged for the entire policy year. The Sum Assured option must be selected in advance (1.25 times or 10 times Tabular Premium). Note that the tabular premium will depend on three conditions –
# Age of entry
# Policy term
# The option that is selected

Note, no tax (or rider payable separately) is taken into account while calculating the premium.
The life insurance company has informed us that the loan facility will be available to Dhan Bashar customers. They can take such loans only after three months of issue. The maximum loan amount will be calculated as follows, subject to other conditions
# Minimum Basic Sum Assured: 1,25,000 Tk
# Maximum Basic Sum Assured: No Limit.
# In case of 15 years term, the minimum age of entry should be three years
# Minimum Maturity Age: 18 years
# Maximum Maturity Age: 75 years for Option 1 – 50 years for Option 2.
# Accidental death and disability rider can be purchased. An additional premium has to be paid for it.

Statement of Savings: If a single premium is your preference, then you can consider buying such a plan, but make a decision based on the overall situation. If necessary, read the terms of guarantee benefits carefully. Also decide which policy term (ten or fifteen years) would be appropriate. Know what the death benefit will be, what to do in case of a claim, and inform the close family members. This is of course applicable to all types of life insurance schemes. Professional help should be taken, especially to understand the details.

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