Dhan Varsha Plan is a new savings and protection plan launched by the Life Insurance Corporation of India (LIC). It is a single premium plan that provides financial assistance to the insured’s family in case of his/her death. This non-participating policy offers death benefit, basic sum assured and guaranteed additions on maturity.
The Dhan Varsha plan has been designed to help the common man save for his or her financial future. It provides guaranteed lump sum amount at the maturity of the policy and guarantees death benefit to the nominee’s family. The plan has no T&Cs and is available both online and offline.
Dhan Varsha Plan provides a guaranteed payout at death, which makes this non-linked plan one of the most affordable and popular options in India. It also offers cash bonuses on a regular basis. You can choose between a 20 or 25 year policy term. The maximum maturity age is 75 years old.
This plan also comes with tax benefits. You can claim tax exemptions for premium payments and benefits under Section 80C of the Income Tax Act, 1961. The amount you are reimbursed can even be tax-free. If you’re unsure of the tax implications of this product, consult a tax advisor. However, the policy does have a high premium payment term. For a 15-year term, the premium payment term will be around 100,000.
Premium Waiver Rider: Another great feature in the Bharti AXA Dhan Varsha Plan is its Premium Waiver Rider. The Premium Waiver Rider will waive your premium payments if you become permanently disabled, or become critically ill. This rider provides you with financial assistance in times of need and provides a guarantee against death or disability.