LIC Dhan vridhi Yojana 2023, How to buy LIC New Bima Policy, Tax Benefit

LIC Dhan Vridhi Yojana 2023 Benefits of the Scheme Plan, LIC Dhan Vridhi Scheme 2023, Eligibility, Features, and application process: In today’s fast-growing world, financial security and growth are essential for individuals and families alike. To meet the needs of all Indians, the country’s largest life insurance company Life Insurance Corporation of India (LIC) has recently launched a new scheme.

The name of this scheme is LIC Dhan vridhi Yojana 2023. According to a statement from LIC, Dhan Vriddhi Plan is a non-linked, non-participating, individual, savings, and single premium life plan, which offers a combination of protection and savings to its customers.

The plan provides financial assistance to the family in the event of unfortunate death of the life assured during the policy term. This revolutionary plan is designed to empower individuals with a comprehensive financial plan that not only provides life insurance coverage but also provides a unique opportunity for wealth creation. LIC Dhan Vridhi plan stands out from other investment plans in the market due to its flexibility, transparency, and credibility.

Today, through this article, we are going to give you detailed information related to LIC Dhan vridhi Yojana 2023. In which the benefits of the scheme, eligibility, features, application process, etc. are included.

LIC Dhan vridhi Yojana 2023 Overview

LIC Dhan Vridhi Yojana 2023 is a new scheme launched by the Life Insurance Corporation of India (LIC). It is a non-linked, non-participating, individual, savings, and single premium life plan that offers both protection and savings. In the event of the life assured’s unfortunate death during the policy term, the plan provides financial assistance to the family.

This comprehensive financial plan not only offers life insurance coverage but also creates opportunities for wealth creation. The plan is known for its flexibility, transparency, and credibility, making it stand out from other investment options in the market.

Name of the Scheme	LIC Dhan Vridhi Yojana 2023
Scheme Regulating Authority	Life Insurance Corporation of India (LIC)
Who can buy this policy	Indian Citizens
Return on Investment	up to 10 times
Launch Date	23 June 2023
Last date to buy this policy	30 September
Investment Period	Minimum 90 Days Maximum 8 Years
Application Mode	Both Offline and Online
Article Category	Sarkari Yojana
LIC Official Website	https://licindia.in

LIC Dhan Vridhi Plan 2023

The country’s largest insurance company Life Insurance Corporation of India has recently introduced a new insurance policy in the market. According to the statement issued by the Life Insurance Corporation of India, this policy is being bought from 23 June. At the same time, this policy can be bought till 30 September, after which it will be closed.

This plan is a non-linked, non-participating, individual, saving, and single premium life plan which offers a great combo of both protection and savings to the policyholders. This plan can be purchased from any LIC Agent or Common Oblique Center. On the other hand, if you want to buy online, then you can visit its official website. If you take this scheme, then you are also given a loan facility along with it.

Feature of Dhanvridhi Policy

• LIC Dhan Vriddhi Policy is a life insurance single-premium policy.
• The policy provides a combination of savings and security during the policy term.
• According to the website of the Life Insurance Corporation of India, this policy offers a guaranteed addition of up to Rs 75 for every Rs 1,000 of the sum assured.
• Policyholders are eligible for tax benefits under section 80C.
• This means that buyers of this policy can avail of a discount of up to Rs 1.5 lakh.
• The policy is offered by the Life Insurance Corporation of India.
• Policyholders have the option to surrender the policy at any time during the term.

Dhan Vridhi Policy Eligibility

To be eligible for the LIC Dhanvriddhi scheme, must the candidates fulfill the eligibility criteria prescribed by LIC

• LIC Dhan Vriddhi’s policy term will be of 10, 15, and 18 years.
• The maximum maturity age of the policy is 78 years for Option 1 and 50 years for Option 2.
• The maximum entry age for Option 1 is 60 years (nearer birthday).
• The maximum entry age for Option 2 varies based on the policy term:
  • For Policy Term 10 years, the maximum entry age is 40 years (nearer birthday).
  • For Policy Term 15 years, the maximum entry age is 35 years (nearer birthday).
  • For Policy Term 18 years, the maximum entry age is 32 years (nearer birthday).

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Required Documents

Applicants must have the following documents to apply for the LIC Dhan Vridhi policy:-

• Scanned copy of the photograph for online application.
• Passport-size photograph for offline application.
• Scanned copy of signature in jpeg format.
• To prove residence-
  • Utility Bill
  • Municipal Tax Receipt
  • Bank Passbook
  • Pension orders
  • Allotment letter/lease Agreement
  • Document issued by government.
  • Passport
  • Driving license
  • Voter ID card
  • Aadhar card/e aadhar card
• Copies of Income Proof
  • Salary certificate
  • Certificate from chartered accounted
  • ITR
  • Bank Statement
• PAN Card
• Copy of Cancelled cheque

Benefits of LIC Dhan vridhi Yojana 2023

• Guaranteed Maturity Sum Assured:- The policy offers a guaranteed maturity sum assured, which is equal to five times the single premium in case of the policyholder’s death.

• Loyalty Addition on Maturity:- As per the rules of the Life Insurance Corporation of India, the policyholder is eligible for loyalty addition on maturity.

• Eligibility for Loyalty Addition:- The policyholder is eligible for loyalty addition based on the LIC corporation’s rules and regulations.

• Loan Facility After One Year:- After one year of purchasing the policy, the loan against the policy is provided to the policyholders.

• Lock-in Period:- There is a lock-in period of 15 days, during which the LIC Dhan Vriddhi Yojana can be canceled with a refund of the single premium after deducting stamp duty and medical expenses, if any.

• 90% Surrender Value:- After one year, the policyholder can surrender the policy and receive 90% of the premium amount paid as surrender value.

• Tax Benefits under Section 80C:- Individuals who have paid premiums for the policy are given tax exemption under Income Tax Act section 80C.

• Tax Exemption for Maturity Sum Assured:- The maturity sum assured is also eligible for tax exemption under section 10(10D) of the Income Tax Act.

• Combination of Savings and Insurance:- The LIC Jeevan Vridhi policy provides a combination of savings and insurance, offering both protection and growth of funds.

• LIC:- This policy has been introduced by the Life Insurance Corporation of India, so it is completely safe and reliable.

How does LIC Jeevan Vridhi work?

LIC Dhan Vriddhi Policy requires an annual premium payment on a yearly basis for the Life Edition. The policy offered by the Life Insurance Corporation of India has a fixed term of 10 years, with the option to avail loan and surrender benefits after completion of one year. In the unfortunate event of the policyholder’s death, the nominated individual receives the death benefit, which is five times the original single premium.

On surviving till maturity, the policyholder is entitled to the guaranteed maturity sum assured and loyalty addition. The policyholder, while alive till maturity, holds the right to the guaranteed maturity sum assured and the accumulated loyalty addition. The LIC Dhan Vriddhi Policy combines savings and loyalty, providing financial protection throughout the policy term.

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When Can I buy a LIC Insurance Policy?

You can buy LIC Dhan Vriddhi Yojana both online and offline. This new policy of LIC is open for sale from 23rd June. And whoever is interested in buying this policy, can buy the policy till 30th September. After that, this policy will be closed.

Loan Against Policy

The availability of a loan under the LIC Dhan Vridhi Policy is subject to the following conditions and guidelines, based on the surrender value of the policy:-

• The loan can be obtained after a minimum of three months from the completion of the policy or after the expiration of the Free-Look Period, whichever comes later.
• The maximum loan amount that can be granted is determined as a percentage of the surrender value, as mentioned below:-

Policy Term	Option 1	Option 2
10 years	70%	60%
15 years	60%	50%
18 years	50%	40%

Settlement Option

 How can I  buy LIC Dhan Vridhi Policy Offline?

You can follow the following steps to buy LIC Dhan Vriddhi policy offline-

1. Visit your nearest post office to open an account.
2. Obtain the LIC Dhan Vriddhi Yojana 2023 – Application Form.
3. Carefully fill out the application form.
4. Self-attest all the required documents as mentioned in the form.
5. Attach the attested documents along with the application form.
6. Submit the application form with the initial premium amount and all the necessary documents.
7. Receive the receipt after submitting the application form, confirming the transaction.

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How can I  buy LIC Dhan Vridhi Policy Online?

Follow the steps given below to buy the LIC Dhan Vridhi policy online-

• To buy the policy, first of all, go to the official website of the Life Insurance Corporation of India.
• Now click on the option of the product appearing in the menu on the homepage.
• Now by clicking on Insurance Plans, click on the link for LIC Dhanvriddhi Yojana.
• Now to know more about the policy download the document and read it carefully.
• Coming back to the homepage, click on the Buy Online link.
• Now click on the logo of LIC Dhan Vridhi Yojana appearing on the screen.
• Proceed by clicking on the button Click to Buy Online.
• Upload the required documents, and photo signature in JPEF format in the application form.
• Also, upload the scanned copy of the PAN card and the check canceled by you.
• Enter the information related to Covid and click on the button Proceed.
• Next, you can buy the policy online by entering the policy-related information.

Important Links

Download Policy Details	Click Here
LIC Dhanvridi Policy Online purchase link	Click Here
LIC Official Website	Click Here
Visit Our Home Page	Click Here
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Conclusion

LIC Dhan vridhi Yojana 2023 is a valuable scheme launched by the Life Insurance Corporation of India (LIC) to provide financial security and growth to individuals and their families. This non-linked, non-participating, individual, savings and single premium life plan offers a unique combination of protection and savings. It ensures financial assistance to the family in the unfortunate event of the policyholder’s death during the policy term.

The scheme stands out due to its flexibility, transparency, and credibility, distinguishing it from other investment plans in the market. The policy provides benefits such as guaranteed maturity sum assured, loyalty addition on maturity, loan facility, tax benefits, and a combination of savings and insurance.

It can be purchased both online and offline, and interested individuals must fulfill the eligibility criteria. With the LIC Dhan Vridhi Yojana 2023 Plan, policyholders can secure their future and create wealth while enjoying the peace of mind provided by life insurance coverage.

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