Introduction
LIC Dhan Varsha Plan 866 (Table No. 866) is a Single Premium, Non-Linked, Non-Participating, individual life insurance savings plan, launched on 17th October 2022 by the Life Insurance Corporation of India.
Dhan Varsha Plan 866 combines protection and guaranteed savings, offering guaranteed additions of up to ₹75 per ₹1,000 sum assured—making it one of the most attractive guaranteed return plans for investors looking for safety, returns, and life cover in one go.
Plan Type
- One-Time Premium Payment
- Guaranteed Additions (Not Market-Linked)
- Savings + Insurance + Tax Benefit
Key Features of LIC Dhan Varsha 866
- Single Premium: Pay once and enjoy coverage for 10 or 15 years.
- Guaranteed Additions: Up to ₹75 per ₹1,000 sum assured every year.
- Maturity Benefit: Basic Sum Assured + Total Guaranteed Additions.
- Death Benefit: Full Sum Assured + Accrued Guaranteed Additions.
- Loan Facility: Available after 3 months.
- Surrender Option: Policy can be surrendered any time during the term.
- Rider Options: Two optional riders to enhance coverage.
- Tax Benefits: Under Section 80C for premium and Section 10(10D) for maturity.
Eligibility Criteria & Policy Details
| Parameter | Option 1 & 2 – Conditions |
|---|---|
| Minimum Entry Age | 3 years (for 15-year term) 8 years (for 10-year term) |
| Maximum Entry Age (Option 1) | 60 years |
| Maximum Entry Age (Option 2) | 40 years (10-year term) 35 years (15-year term) |
| Policy Term | 10 years / 15 years |
| Premium Payment | One-time (Single Premium Only) |
| Minimum Sum Assured | ₹1,25,000 |
| Maximum Sum Assured | No upper limit |
| Risk Coverage Starts | Immediately, or at age 8/2 years post-policy for minors |
| Lock-in Period | 1 year |
| Loan Availability | After 3 months |
| Surrender | Allowed anytime during policy term |
Guaranteed Additions
LIC Dhan Varsha is a non-participating plan—this means no bonus or FAB, but instead it offers fixed guaranteed additions every year.
- You get up to ₹75 per ₹1,000 Sum Assured as a guaranteed addition every policy year.
Benefits in Detail
Maturity Benefit
If the policyholder survives the full policy term, the maturity benefit will be:
Basic Sum Assured + Accrued Guaranteed Additions
(Tax-free under Section 10(10D))
Death Benefit
After Commencement of Risk:
If the policyholder dies after the risk cover has started:
Death Benefit = Basic Sum Assured + Accrued Guaranteed Additions
Before Commencement of Risk (for minors):
If the policyholder dies before the risk cover begins:
The nominee will receive the Single Premium paid (excluding taxes and any extra premium), without interest.
Rider Options
Enhance your protection by adding these optional riders:
| Rider Name | Availability |
|---|---|
| LIC’s Accidental Death & Disability Benefit Rider | Optional |
| LIC’s New Term Assurance Rider | Optional |
LIC Dhan Varsha Plan – Real-Life Example
Let’s take an example to understand the benefits clearly:
Policyholder: Ramesh
| Detail | Value |
|---|---|
| Age | 30 Years |
| Policy Term | 15 Years |
| Sum Assured | ₹10,00,000 |
| Single Premium Paid | ₹9,26,654 |
| Policy Purchase Year | 2022 |
| Maturity Year | 2037 |
| Maturity Age | 45 Years |
| Guaranteed Additions | ₹75,000/year |
| Total Guaranteed Additions | ₹11,25,000 (15 years) |
| Maturity Amount | ₹21,50,000 (approx) |
Year-wise Guaranteed Addition Chart
| Year | Age | Premium Paid | Guaranteed Addition (GA) | Maturity |
|---|---|---|---|---|
| 2022 | 30 | ₹9,26,654 | ₹75,000 | — |
| 2023 | 31 | ₹0 | ₹75,000 | — |
| 2024 | 32 | ₹0 | ₹75,000 | — |
| 2025 | 33 | ₹0 | ₹75,000 | — |
| 2026 | 34 | ₹0 | ₹75,000 | — |
| 2027 | 35 | ₹0 | ₹75,000 | — |
| 2028 | 36 | ₹0 | ₹75,000 | — |
| 2029 | 37 | ₹0 | ₹75,000 | — |
| 2030 | 38 | ₹0 | ₹75,000 | — |
| 2031 | 39 | ₹0 | ₹75,000 | — |
| 2032 | 40 | ₹0 | ₹75,000 | — |
| 2033 | 41 | ₹0 | ₹75,000 | — |
| 2034 | 42 | ₹0 | ₹75,000 | — |
| 2035 | 43 | ₹0 | ₹75,000 | — |
| 2036 | 44 | ₹0 | ₹75,000 | — |
| 2037 | 45 | ₹0 | ₹75,000 | ₹21,50,000 |
Additional Information
| Feature | Description |
|---|---|
| Risk Coverage | Till end of the policy term |
| Risk Commencement for Children | After 2 years of policy or when child turns 8 (whichever earlier) |
| Proposal Forms | Form No. 300 and 360 |
| Cooling-off Period | 15 days from receipt of policy document |
| Backdating | Permitted within same financial year |
| Assignment/Nomination | Allowed under this plan |
| Tax Deduction (Sec 80C) | Premium eligible for deduction |
| Maturity Proceeds (Sec 10(10D)) | Tax-free if conditions met |
| Suicide Clause | If suicide occurs within 12 months, 80% of premium is refunded (excluding taxes) |
Why Choose LIC Dhan Varsha Plan?
| Advantage | Benefit Description |
|---|---|
| 💸 One-Time Premium | No need to remember multiple payments |
| 📈 Guaranteed Additions | Assured growth every year |
| 🛡️ Complete Protection | Life cover during the entire policy term |
| 🏦 Liquidity Option | Loan available after 3 months |
| 🔁 Easy Exit | Can be surrendered anytime |
| 📜 Tax Benefits | Available on premium and returns |
| 🧾 No Market Risk | 100% risk-free, government-regulated plan |
