🏦 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.
It 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 |
