MyInsuranceClub
menu

LIC Dhan Sanchay Plan (865) - UIN 512N346V01

LIC Dhan Sanchay Plan (865) Review

LIC’s Dhan Sanchay is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance Plan which offers a combination of protection and savings. This plan provides financial support to the family in case of unfortunate death of the life assured during the policy term. It also provides a guaranteed income stream during the Payout Period from the date of maturity. 

Launch Date14th June 2022
14th June 2022865
Product TypeEndowment
BonusYes
UIN512N346V01

How to buy the LIC Dhan Sanchay Plan (865)

This plan can be purchased Offline through agents/other intermediaries including Point of Sales Persons-Life Insurance (POSP-LI)/Common Public Service Centers (CPSC-SPV) as well as Online directly through website www.licindia.in.

domiciliary-treatment-overview icon
Rider Benefits
earn-and-burn-overview icon
Policy Loan
no-claim-bonus-overview icon
Free Look Period

Compare this plan with other Investment Plans

LIC Dhan Sanchay Plan (865) - UIN 512N346V01 - Key Features

Rider Benefits
pre-and-post-hospitalisation icon

  • Accidental Death and Disability Benefit Rider
  • Accident...

Payment of Premium
earn-and-burn icon

  • Monthly
  • Quarterly
  • Ha...

Grace Period
second-opinion icon

  • 15 days: Monthly premium
  • 30 days: Quarterly, half-year...

Policy Loan
no-claim-bonus icon

Loan against policy can be availed

Free Look Period
tax-benefit icon

If you are dissatisfied with the policy's terms and conditions, you can return the policy to the corporation within 30 days of receipt of the polic...

LIC Dhan Sanchay Plan (865) - UIN 512N346V01 - Benefits

Maturity Benefit

On Life Assured surviving the stipulated Date of Maturity, maturity benefit shall be payable in the form of Guaranteed Income Benefit ...

Death Benefit

Death benefit payable on the death of Life Assured during the policy term after the date of commencement of risk but before the stipulated date of ...

Documents required for buying the LIC Dhan Sanchay Plan (865)

To buy LIC Dhan Sanchay Plan, one has to submit the following documents:
  • Plan Proposal Form duly filled in and signed
  • Cheque or cash for the first premium
  • A passport-sized photograph
  • A valid Identity Proof
  • A valid Address Proof
  • Date of Birth Proof
  • Vaccination certificate
 

How LIC Dhan Sanchay Plan (865) works

The policyholder chooses the Sum Assured and the Term of the plan when buying the policy. Based on the age of the insured, the sum assured and the policy term selected, the premium is determined.
 
If the insured survives till the end of the policy term and all premiums have been paid, a Maturity Benefit would be paid to the policyholder. Maturity benefit would be equal to the Sum Assured + Bonus Amounts which have been received throughout the policy term + any Final Addition Bonus if declared. Now if the death of the insured occurs during the policy tenure, the nominee will get ‘Sum assured on death’ with Accrued Guaranteed Additions. Where “Sum Assured on Death” is defined as the higher of 125% of Basic Sum Assured or 7 times of annualized premium.
 
LIC Dhan Sanchay Plan (865) Policy Options
Following benefit options are available at inception:
 
In case of Regular/ Limited premium payment:
 
Option A: Level Income Benefit
Option B: Increasing Income Benefit
 
In case of Single premium payment:
 
Option C: Single Premium Level Income Benefit
Option D: Single Premium enhanced cover with Level Income Benefit
 
 The benefit option once chosen at inception cannot be altered.

Tax Benefits of LIC Dhan Sanchay Plan (865)

Premiums – The premiums paid for the plan are exempt from taxation under Section 80C of the Income Tax Act. The maximum exemption that can be availed is Rs.1.5 lakhs. To claim this exemption, the premium should be restricted to 10% of the Sum Assured selected. 
 
Maturity Claim – Any amount received on plan maturity is exempt from taxation under Section 10(10D). To claim this exemption, the Sum Assured should be at least 10 times the premium amount paid. 
 
Death Claim – Death claims received under the plan are free from taxation under Section 10(10D). There is no maximum limit on exemptions of death claims.

Premiums – The premiums paid for the plan are exempt from taxation under Section 80C of the Income Tax Act. The maximum exemption that can be availed is Rs.1.5 lakhs. To claim this exemption, the premium should be restricted to 10% of the Sum Assured selected. 
 
Maturity Claim – Any amount received on plan maturity is exempt from taxation under Section 10(10D). To claim this exemption, the Sum Assured should be at least 10 times the premium amount paid. 
 
Death Claim – Death claims received under the plan are free from taxation under Section 10(10D). There is no maximum limit on exemptions of death claims. 

Eligibility conditions & other restrictions in LIC Dhan Sanchay Plan

  Minimum Maximum
Entry Age 3 years Option A & B: 50 Years
Option C: 65 Years
Option D: 40 Years
Maturity Age 18 years Option A & B:65 Years
Option C: 80 Years 
Option D: 55 Years 
Policy Term Option A & B:10 & 15 years 
Option C & D: 5, 10 & 15 years
Premium Paying Term 5 & 10 years for 10 Year Policy Term.
5, 10 & 15 years for 15 Year Policy Term.
Payout Period Option A & B: Equal to Premium Paying Term
Option C & D: Equal to Policy Term
  Option A & B: ₹30,000
Option C & D: ₹2,00,000		 No limit
Sum Assured on Death Option A & B: ₹3,30,000 
Option C: ₹2,50,000
Option D: ₹22,00,000		 No limit

LIC Dhan Sanchay Plan (865) - UIN 512N346V01 - Surrender Value

Paid-up Value

If less than two full years’ premiums have been paid and any subsequent premium be not duly paid, all the benefits under this policy shall cease ...

Surrender Value

Regular/Limited Premium payment (Option A & Option B) can be surrendered
by the policyholder at any time during the policy term pr...

Free-look Period

If the policyholder is not happy with the plan, he can cancel the policy within 15 days of the plan issuance. This period is called the free-look p...

Exclusions in LIC Dhan Sanchay Plan (865)

  • If the insured commits suicide within 12 months of policy inception only 80% of the premium paid is refunded. 
  • If suicide is committed within 12 months of policy revival, a higher of 80% of the premium paid or the Surrender Value is paid.

LIC Dhan Sanchay Plan (865) - UIN 512N346V01 - FAQs

angle right iconAre riders available under the plan?
You have the choice of taking the following rider by paying an extra premium amount: 
 
Under Regular/Limited premium payment (Option A & Option B), the following five optional riders are available.
 
LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02)
LIC’s Accident Benefit Rider (UIN:512B203V03)
LIC’s New Term Assurance Rider (UIN: 512B210V01)
LIC’s New Critical Illness Benefit Rider (UIN: 512A212V02)
LIC’s Premium Waiver Benefit Rider (UIN: 512B204V03)
 
Under Single Premium payment (Option C & Option D) -
 
LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02)
LIC’s New Term Assurance Rider (UIN: 512B210V01) 
angle right iconDoes the plan provide a loan facility?
Yes, loan shall be available during the policy term (i.e. before the start of the Payout Period under the Policy), within the surrender value of the policy. No Loan facility shall be available to the policyholder during the Payout Period.
 
The maximum Loan that can be granted shall be as under:
  • Option A & Option B:
    • For in-force policies: upto 90% of Surrender Value
    • For paid-up policies: upto 80% of Surrender Value
 
  • Option C & Option D: upto75% of Surrender Value
angle right iconHow much is the revival period?

You can revive your lapsed policy within 5 years of the last paid premium. It is applicable in case of Option A & Option B only.

How to make a claim in LIC Dhan Sanchay Plan (865)

How to make a maturity or surrender claim?
A maturity claim is easy to make. The policyholder would have to fill and sign the claim discharge form and submit it to the insurer for availing of the maturity benefit along with the original policy document, NEFT Mandate Form, and age proof if age was not admitted earlier. 
In case of surrender, the policyholder should inform the company in writing to avail the surrender value.
 
How to make a death claim?
In case of a death claim, the nominee should fill up the claim discharge form and submit it to the company along with - 
  • Original policy document
  • NEFT Mandate Form for the direct settlement of claim into the nominee’s bank account
  • Proof of Title which is the nominee’s Identity Proof
  • Proof of Death - death certificate 
  • Medical treatments availed prior to death 
  • Proof of age if age was not admitted in the policy
  • Police inquest report, newspaper cuttings reporting the accident, copy of driving license for road accidents, post-mortem report, etc. might be required in case of accidental or unnatural death.

This is an option to receive Death Benefit in instalments over a period of 5 years instead of lump sum amount under an in-force as well as paid-up policy.

 
The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to minimum instalment amount for different modes of payments being as under:
Mode of Instalment payment Minimum instalment amount
Yearly ₹5,000
Half-yearly ₹15,000
Quarterly ₹25,000
Monthly ₹50,000