Are you looking for a way to grow your funds safely and securely while also getting guaranteed returns? If so, the LIC Dhan Vriddhi plan from LIC India might be a good option for you.
What is the LIC Dhan Vriddhi Plan?
LIC Dhan Vriddhi is a non-linked, non-participating, single-premium individual savings life insurance plan offered by LIC India. It provides a combination of protection and savings. This plan offers guaranteed returns on your investment and provides financial support to your family in case of your unfortunate demise during the policy term.
Key features of LIC Dhan Vriddhi Plan
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Guaranteed Sum Assured: The LIC Dhan Vriddhi plan offers a guaranteed sum assured amount upon maturity or in case of death during the policy term.
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Guaranteed Additions: Throughout the policy term, you will receive guaranteed additions to the sum assured.
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Single Premium Plan: This is a single-premium plan, which means you only need to make one lump-sum payment at the beginning of the policy. There are no further premium payments required.
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Maturity Benefit: On policy maturity, you will receive the sum assured along with accrued guaranteed additions.
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Death Benefit: In case of the policyholder’s unfortunate death during the policy term, the nominee will receive the sum assured along with accrued guaranteed additions.
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Tax Benefits: Policy premiums paid towards LIC Dhan Vriddhi qualify for tax deductions under Section 80C of the Income Tax Act of 1961. Additionally, the maturity benefit received is partially tax-exempt.
Benefits of LIC Dhan Vriddhi Plan
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Guaranteed Returns: This plan offers guaranteed returns on your investment, which can help you achieve your long-term financial goals.
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Financial Protection: The plan provides financial security to your family in case of your unfortunate death.
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Peace of Mind: Knowing that your family is financially protected can give you peace of mind.
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Tax Savings: You can avail tax benefits on the premiums paid and the maturity benefit received.
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Single Premium Payment:
You only need to make one lump-sum payment, which can simplify your financial planning.
Who should consider the LIC Dhan Vriddhi Plan?
The LIC Dhan Vriddhi plan is a good option for individuals who are looking for a safe and secure investment option with guaranteed returns. It is also suitable for those who want to provide financial protection for their families.
Here are some things to consider before investing in the LIC Dhan Vriddhi Plan:
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Lock-in Period: The LIC Dhan Vriddhi plan has a lock-in period of 10 years. This means that you cannot withdraw your money before the end of the policy term.
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Limited Liquidity: This plan offers limited liquidity as you cannot withdraw your funds before maturity.
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Returns May Not Be Competitive: The guaranteed returns offered by the LIC Dhan Vriddhi plan may not be as competitive as some other investment options.
Overall, the LIC Dhan Vriddhi plan is a good option for those who are looking for a safe and secure investment with guaranteed returns and are comfortable with a 10-year lock-in period.
Here are some additional factors to consider before investing in any life insurance plan:
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Your investment goals: What are you hoping to achieve with your investment?
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Your risk tolerance: How comfortable are you with investment risk?
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Your investment horizon: How long do you plan to invest your money?
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Your family’s needs: Do you need to provide financial protection for your family?
Website of LIC Dhan Vriddhi Plan– click here
By carefully considering these factors, you can choose the right life insurance plan for your needs
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