New Delhi: The Life Insurance Corporation of India (LIC) announced on Friday the launch of its highly anticipated new product, "LIC's Dhan Vriddhi." This non-linked, non-participating individual savings plan is set to revolutionise the life insurance industry.
"LIC's Dhan Vriddhi" aims to cater exclusively to the domestic market, offering individuals a comprehensive life insurance plan that combines security, growth, and financial stability. The product's launch on June 23, marks a significant milestone for LIC and reinforces the corporation's commitment to providing innovative solutions to meet the evolving needs of its customers.
The policy is a life insurance single-premium policy that offers a combination of savings and protection during the policy term. Further, the policy offers up to Rs 75 per Rs 1,000 sum assured as guaranteed addition, said the corporation on its website. The policyholder will be eligible for tax benefits under Section 80-C. The policyholder can surrender at any point of time during the policy term.