LIC Dhan Varsha Plan 866 Calculator
Introduction to LIC Dhan Varsha Plan 866
The Life Insurance Corporation of India (LIC) has introduced several customer-focused insurance products over the years, and LIC Dhan Varsha Plan 866 was one of its notable offerings. The plan was designed to provide a combination of guaranteed savings and life insurance protection, making it suitable for individuals seeking secure returns along with financial security for their families.
What is LIC Dhan Varsha Plan 866?
LIC Dhan Varsha Plan 866 is a non-linked, non-participating single premium life insurance policy. Since it is non-linked, the policy is not connected to stock market performance, ensuring stable and guaranteed benefits throughout the policy term. Being non-participating means the policy does not receive bonuses or profit-sharing benefits from LIC.
The plan offered guaranteed returns at maturity along with life insurance coverage during the selected policy term. As it required only a single premium payment at the beginning of the policy, it became a convenient option for individuals looking for one-time investment-based insurance protection.
LIC Dhan Varsha Plan 866 mainly focused on:
- Guaranteed maturity benefits
- One-time premium payment
- Financial protection through life cover
- Fixed and predictable returns
- Low-risk long-term savings
The policy was especially attractive for conservative investors who preferred secure and guaranteed insurance products without market-related risks.
Single Premium Payment
LIC Dhan Varsha Plan 866 was a single premium insurance policy, which means the policyholder had to pay the entire premium amount only once at the time of purchasing the plan. There were no recurring yearly or monthly premium payments.
Guaranteed Benefits
The plan provided guaranteed returns either on maturity or in case of the policyholder’s death during the policy term. Since it was a non-linked and non-participating plan, the benefits remained fixed and were not affected by market fluctuations.
Life Insurance Protection
Along with savings benefits, the plan also offered life insurance coverage through two different risk cover options, allowing policyholders to choose coverage according to their financial goals and tax preferences.
LIC Dhan Varsha Plan 866 was mainly suitable for individuals looking for:
- One-time investment insurance plans
- Guaranteed returns
- Fixed policy tenure
- Life protection with savings benefits
Launch and Withdrawal Dates of LIC Dhan Varsha Plan 866
- Launch Date: 17 October 2022
- Withdrawal Date: 31 March 2023
The plan remained available for only a limited duration. After its withdrawal, new purchases were discontinued, while existing policyholders continued to receive benefits according to policy conditions.
Key Features of LIC Dhan Varsha Plan 866
| Feature | Details |
|---|---|
| Plan Type | Non-linked, Non-participating Individual Life Insurance Plan |
| Premium Payment | Single premium only |
| Policy Term Options | 10 years or 15 years |
| Entry Age | Minimum 3 years or 8 years depending on term |
| Maximum Entry Age | Up to 60 years (based on option selected) |
| Sum Assured | Based on selected risk cover multiple |
| Guaranteed Additions | Available annually during the policy term |
| Loan Facility | Available after 3 months from policy issuance |
| Tax Benefits | Eligible under Section 80C |
Eligibility Criteria for LIC Dhan Varsha Plan 866
| Parameter | Minimum | Maximum |
|---|---|---|
| Entry Age (10-Year Term) | 8 years completed | Option 1: 60 years Option 2: 40 years |
| Entry Age (15-Year Term) | 3 years completed | Option 1: 60 years Option 2: 35 years |
| Age at Maturity | 18 years | Option 1: 75 years Option 2: 50 years |
| Policy Term | 10 years | 15 years |
| Basic Sum Assured | ₹1,25,000 | No Limit |
| Premium Payment Mode | Single Premium | Single Premium |
Risk Cover Options Under LIC Dhan Varsha Plan 866
The policy offered two different death benefit options during the policy term.
Option 1 – 1.25 Times Risk Cover
Under this option, the death benefit was 1.25 times the single premium paid. This option generally offered higher maturity returns, but the maturity proceeds were taxable according to prevailing tax rules.
Option 2 – 10 Times Risk Cover
This option provided life cover equal to 10 times the single premium amount. Although maturity returns were comparatively lower, the maturity proceeds qualified for tax exemption under applicable tax provisions.
The selection between these two options mainly depended on whether the policyholder preferred:
- Higher returns with taxable maturity, or
- Higher insurance protection with tax-free maturity benefits.
How Does the LIC Dhan Varsha Plan 866 Calculator Work?
The LIC Dhan Varsha Plan 866 Calculator is a useful online tool that helps users estimate premiums, guaranteed returns, maturity value, and death benefits under the policy. It provides a clear idea of how much benefit you may receive based on your selected investment amount and policy option.
Details Required in the Calculator
To generate estimates, the calculator generally asks for the following information:
- Age of the policyholder
- Policy term (10 years or 15 years)
- Desired sum assured or investment amount
- Selected risk cover option (1.25 times or 10 times)
What the Calculator Estimates
After entering the details, the calculator performs various calculations such as:
- Single premium amount payable
- Guaranteed additions accumulated during the policy term
- Estimated maturity benefit
- Death benefit payable during the policy term
- Loan and surrender eligibility details
The maturity value is generally calculated as:
- Basic Sum Assured
- Plus Guaranteed Additions accumulated over the policy duration
Using the calculator helps policyholders understand expected returns and make better financial decisions before investing.
Step-by-Step Process to Use LIC Dhan Varsha Calculator
Enter Your Age
Provide the age of the policyholder according to eligibility conditions under the selected policy term.
Select Policy Term
Choose either:
- 10-Year Policy Term
- 15-Year Policy Term
Choose Risk Cover Option
Select the preferred death benefit option:
- Option 1: 1.25 Times Risk Cover
- Option 2: 10 Times Risk Cover
Enter Investment Amount or Sum Assured
Input the desired sum assured or the single premium amount you wish to invest.
Generate Results
Click the calculate button to view:
- Premium payable
- Guaranteed additions
- Maturity amount
- Death benefit projections
This process allows investors to evaluate the plan’s returns and coverage before purchasing.
Benefits of LIC Dhan Varsha Plan 866
Guaranteed Returns
As a non-linked and non-participating policy, the plan offered fixed and guaranteed benefits that were not affected by market volatility.
One-Time Premium Payment
The policy required only a single premium payment at the beginning, eliminating the need for recurring premium payments.
Life Insurance Coverage
The plan provided financial protection to the nominee through the selected risk cover option during the policy term.
Loan Facility
Policyholders could avail loans against the policy after completion of 3 months from the date of issuance, subject to LIC rules.
Tax Benefits
Premiums paid qualified for deductions under Section 80C of the Income Tax Act. Under Option 2, maturity proceeds also qualified for tax exemption according to prevailing tax regulations.
Flexible Policy Duration
The plan allowed policyholders to choose between 10-year and 15-year policy terms according to their financial planning needs.
Transparent and Simple Structure
LIC Dhan Varsha Plan 866 offered fixed benefits and guaranteed additions, making the policy easy to understand without market-related uncertainties.
Example Illustration Using LIC Dhan Varsha Calculator
Suppose Ramesh, aged 30 years, chooses:
- Policy Term: 15 Years
- Risk Cover Option: Option 1
- Sum Assured: ₹10,00,000
The calculator may estimate:
- Single Premium: Approximately ₹9,26,654 (excluding GST)
- Guaranteed Additions: ₹75 per ₹1,000 of Basic Sum Assured every year
Over 15 years, total guaranteed additions become approximately ₹11,25,000.
Estimated Maturity Value
- Basic Sum Assured: ₹10,00,000
- Guaranteed Additions: ₹11,25,000
Total Maturity Benefit
₹21,25,000 approximately
This illustration demonstrates how the policy offered guaranteed growth along with insurance protection throughout the policy duration.
Important Points to Remember
- LIC Dhan Varsha Plan 866 was available only for a limited period and was withdrawn from sale on 31 March 2023. Existing policyholders continue to receive benefits according to the policy terms.
- Under Option 1, maturity proceeds are taxable, so policyholders should consider the tax implications before investing.
- The plan offered guaranteed benefits that were completely independent of stock market performance.
- A loan facility was available, providing liquidity support during financial emergencies.
- It is always advisable to confirm premium and maturity calculations using official LIC resources or by consulting authorised LIC advisors.
Where to Get More Information
For complete and official details regarding LIC Dhan Varsha Plan 866, users can refer to LIC India’s official resources:
- LIC Dhan Varsha Official Product Page
- LIC Brochure and Premium Illustration Documents
- LIC Premium Calculator Tools available on the official website
These sources provide updated information regarding policy features, premium rates, eligibility conditions, and benefit illustrations.
Frequently Asked Questions
What is LIC Dhan Varsha Plan 866?
LIC Dhan Varsha Plan 866 was a non-linked, non-participating single premium life insurance plan that offered guaranteed maturity benefits along with life insurance protection.
When was LIC Dhan Varsha Plan 866 launched and withdrawn?
The policy was launched on 17 October 2022 and later withdrawn from sale on 31 March 2023.
What policy term options were available under LIC Dhan Varsha Plan 866?
The plan offered two policy term options:
- 10 Years
- 15 Years
How did the risk cover work under this plan?
Policyholders could select either:
- 1.25 times the single premium as life cover, or
- 10 times the single premium as life cover
depending on their insurance and tax planning requirements.
What was the eligible age range for this policy?
- Minimum Entry Age:
- 3 years for 15-year term
- 8 years for 10-year term
- Maximum Entry Age:
- Up to 60 years depending on the selected option
Were tax benefits available under LIC Dhan Varsha Plan 866?
Yes, premiums qualified for tax deductions under Section 80C. Under Option 2, maturity proceeds also qualified for tax exemption subject to prevailing tax laws.
Conclusion
LIC Dhan Varsha Plan 866 was a simple and secure insurance-cum-savings product that provided guaranteed returns along with life insurance protection through a single premium payment structure. Its transparent benefits, fixed returns, and flexible risk cover options made it attractive for conservative investors seeking stability and financial security.
Although the policy is no longer available for new purchases, understanding its features, benefits, and calculator-based projections can still help policyholders and investors evaluate similar guaranteed return insurance plans offered by LIC in the future.
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