LIC Dhan Rekha Plan 863: A Guaranteed Benefit Money Back Plan

LIC Dhan Rekha Plan 863, a guaranteed benefit and money-back plan, has been developed by the Life Insurance Company of India (LIC). This plan is distinguished by assured additions and fixed maturity rewards. Dhan Rekha plan is a non-linked, non-participating individual savings cum insurance plan that has a single premium payment for 10 years, 15 years, and 20 years.

Also, by investing in the LIC Dhan Rekha plan no 863 details, you can receive a significant return of Rs 23 lakh for just Rs 6.7 lakh. This implies you will earn three times your initial investment. Hence, don’t pass up this opportunity and continue reading to learn more about the LIC’s Dhan Rekha Plan 863 details.

Read more: LIC Jeevan Arogya Plan 904

What is LIC Dhan Rekha Plan 863?

LIC Dhan Rekha plan 863 is a LIC life insurance plan that provides an enticing combination of protection and savings. The LIC Dhan Rekha plan is a non-linked, non-participating money-back plan for individual savings. Furthermore, if the policyholder dies during the policy period, the Dhan Rekha LIC plan gives financial assistance to the policyholder’s family.

The Dhan Rekha LIC plan also has a loan option that can be used for liquidity. The plan includes a variety of benefits and features, as well as reduced premium rates for female lives. The Dhan Rekha LIC plan allows for either yearly premium payments or one-time investments. It provides a maximum guaranteed increase of Rs. 60 for every thousand basic SA, making it an excellent investment for making quick and simple money.

The Dhan Rekha LIC policy provides financial support to loved ones in the event of the policyholder’s untimely death during the policy term. Nonetheless, in order to ensure the policyholder’s survival, payments will be given on a regular basis, with a guaranteed lump sum payout guaranteed at maturity.

Eligibility of LIC Dhan Rekha Plan 863

To purchase the LIC Dhan Rekha plan 863 details, you must meet the following eligibility requirements.

Features of LIC Dhan Rekha Plan 863

The LIC Dhan Rekha plan provides policyholders with a wealth of benefits, some of which are listed below.

1. Non-Linked & Non-Participating

The LIC Dhan Rekha plan is a non-linked, non-participating, savings and money-back plan for individuals.

2. Premium Payment

The LIC Dhan Rekha plan has a single premium choice as well as a limited premium payment plan that is paid for half of the insurance term either yearly, half-yearly, quarterly, or monthly.

3. Loan Facility

The plan offers policyholders a lending facility to help them satisfy their liquidity demands.

4. Additional Riders

The package includes a number of riders for an additional fee.

5. Payment Of Premiums

The plan’s premiums can be paid yearly, half-yearly, quarterly, or monthly.

6. Grace Period

For unpaid premiums, there is a grace period. For yearly, half-yearly, or quarterly premiums, a grace period of 30 days is effective from the date of the first unpaid premium. Monthly payments are also allowed a 15-day grace period.

7. Surrender

If the policy is paid with a single premium, the policyholder can surrender it at any time throughout the policy term of the LIC Dhan Rekha plan details. Also, if two full years’ premiums are paid under limited premium payment, the policyholder can surrender at any time.

8. Free Look-Up Period

If the policyholder is dissatisfied with the policy’s terms and conditions, the insurance can be returned to the company. After receiving the policy bond, the LIC Dhan Rekha plan details can be returned within 15 days or 30 days if paid online.

Benefits of LIC Dhan Rekha Plan 863

The LIC Dhan Rekha plan details have various unique characteristics and perks, and any rewards obtained under the policy are totally guaranteed. The following are the key advantages of the LIC Dhan Rekha Plan 863 details.

1. Maturity Benefits

At maturity, the policyholder receives the total sum insured under the Dhan Rekha LIC plan. Together with the sum assured, the accrued guaranteed amount is returned.

2. Death Benefits

The death benefit amount is payable in the event of the policyholder’s death during the policy’s term of the LIC Dhan Rekha plan. The sum promised paid after the risk commencement date is the sum assured on death, together with the cumulative guaranteed additions.

Furthermore, in the case of single and limited premium payment choices of the Dhan Rekha LIC policy, the sum insured on death is payable at a maximum of 125% of the basic sum assured or 7 times the yearly premiums. In the restricted premium option, the death benefit cannot be less than 105% of the total premium amount paid as of the death date, minus any additional premiums, rider premiums, and taxes.

3. Survival Benefits

If the policyholder survives each of the specified tenures during the tenure of the Dhan Rekha LIC plan, and the Dhan Rekha plan is operational, a predetermined percentage of the basic sum assured is payable.

4. Guaranteed Additions

The additions are payable by paying the premium in full. The assured additions accumulate from the conclusion of the sixth policy year to the end of the Dhan Rekha LIC plan term.

Benefit and Coverage Table for LIC Dhan Rekha Plan 863

The Dhan Rekha LIC plan 863 details guarantees a number of benefits. As an example, the coverage table for Rs 10 lakh is shown below.

• Coverage for a 20-year term

• Coverage for a 30-year term

• Coverage for a 40-year term

Optional Benefits Available Under LIC Dhan Rekha Plan 863

The following alternatives are available to policyholders under the Dhan Rekha LIC plan:

1. Rider Benefits

The Accidental Death & Disability Benefit Rider and New Term Assurance Rider are available with the single premium payment option. These riders must be selected by policyholders only at the time of purchase. In contrast, the following riders are available under the Limited Premium Payment of LIC Dhan Rekha Plan:

• Accidental Death & Disability Benefit Rider: If the Rider is in place at the time of the accident, an amount equal to the accident benefit sum assured is payable on the death of the policyholder as a result of the accident. In the event of an accident resulting in permanent disability, an amount equal to the accident benefit sum promised will be paid in equal monthly installments over a ten-year period of future premiums of the Dhan Rekha LIC policy. The accidental death and disability benefit rider is available until the policy anniversary on which the policyholder’s age is 70 years or until the conclusion of the policy term, whichever comes first.
• Accident Benefit Rider: If the life assured is involved in an accident that results in death within 180 days after the accident, an amount equal to the Accident benefit sum assured is payable.
• New Term Insurance Rider: If this benefit is selected, an amount equal to the Term Assurance Rider Sum Assured will be paid if the Life Assured dies during the Dhan Rekha LIC policy term, providing the rider cover is in existence.
• New Critical Illness Benefit Rider: The critical illness rider sum assured is payable if any of the 15 catastrophic illnesses covered by this rider is diagnosed during the Dhan Rekha LIC policy.
• Premium Waiver Benefit Rider: If this rider is selected on the death of the proposer of the base Dhan Rekha LIC policy during the rider term, all premiums payable on and after the date of death until the expiry of the rider term are waived.

2. Settlement Option

The settlement option in the Dhan Rekha LIC plan 863 allows one to obtain the maturity benefit in installments over 5 years rather than a single lump sum payout. This option is offered to all policyholders of the Dhan Rekha LIC policy, regardless of age.

3. Option for Death Benefits in Instalments

This option allows you to collect the death benefit in installments over 5 years rather than a lump sum amount under the paid-up Dhan Rekha LIC policy. This option is accessible to the policyholder during the minor years of the life promised or when the life assured reaches the age of 18. Depending on the choice chosen, installments will be paid in advance at yearly, half-yearly, quarterly, or monthly intervals.

Calculation of Maturity for LIC Dhan Rekha Plan No 863

Assume a 30-year-old guy is considering investing in the LIC Dhan Rekha policy with a 30-year premium term. He must pay a single premium of Rs. 670650 for an Rs. 10 lakh SA and an Rs. 12.5 lakh death SA. The maturity benefits for the surviving member at the end of the 30th policy year of the LIC Dhan Rekha policy, on the other hand, will be Rs. 23 Lakhs. The nominee will receive 25.5 lakhs if the life guaranteed dies in the 30th policy year.

However, for a person of the same age and plan duration for the Dhan Rekha Plan, the premium paying term will be 15 years, and the yearly premium amount will be Rs. 73342. At the end of the 30th year of the LIC Dhan Rekha policy, the returns will stay the same, i.e., 23 lakhs for survivors and 25.50 lakhs for nominees.

Conclusion

Here are the key features and benefits of the LIC Dhan Rekha plan 863 details that you should examine before purchasing the Dhan Rekha LIC plan. The Dhan Rekha LIC plan is a fantastic investment strategy that provides good returns while posing little risk. However, the profits on each investment are not guaranteed and are dependent on a variety of other factors such as stock market circumstances, etc.

LIC Dhan Rekha Plan 863 – FAQs

What is the Dhan Rekha Plan No. 863 of LIC?

Ans. The LIC’s Dhan Rekha plan 863 details are an endowment plan that offers both life insurance and savings benefits. In the event of the policyholder’s untimely death during the policy term, the LIC Dhan Rekha policy pays a lump sum to the nominee as the death benefit. If the policyholder survives the policy period of the LIC Dhan Rekha policy, they will get a lump sum payment as well as any collected bonuses.

What are the Dhana Rekha plan clauses’ guaranteed additions?

Ans. Beginning in the sixth policy year, you will get guaranteed enhancements to the initial amount offered. You can customize your insurance term and premium payment period of the LIC Dhan Rekha policy. You can choose to receive the death and maturity benefits in installments rather than a lump sum.

What are the eligibility requirements for purchasing the LIC Dhan Rekha Plan No. 863?

Ans. The lowest age to join this plan is 18 years old, and the maximum age to join is 55 years old. This plan has a minimum sum assured of Rs 1 lakh and no maximum limit. The LIC Dhan Rekha policy duration can run from 10 to 25 years, with premium payments made annually, semi-annually, quarterly, or monthly.

What is the surrender value of the LIC Dhan Rekha plan number 863?

Ans. The surrender value of the LIC Dhan Rekha policy is determined by the premiums paid and the number of years the policy was active. The surrender value may also be affected by LIC’s bonus rates disclosed during the policy period. After three policy years, policyholders have the option to cancel their coverage.