The Life Insurance Corporation of India (LIC) has launched a new savings insurance policy called Dhan Rekha with effect from December 13, 2021. According to a press release issued by LIC on December 13, this is a non-linked, non-participating, individual savings life insurance plan. "The product has various benefits and unique features. There are special premium rates for female Lives. Plan is allowed to Third Gender. All Benefits under the plan are fully Guaranteed," stated the release. This plan pays a percentage of the basic sum assured as a survival benefit at regular intervals of the premium-paying term. Plan Key feature details Under this plan, the minimum sum assured is Rs 2 lakh, with no upper restriction on the maximum sum assured. Depending on the policy term, the minimum age to enter ranges from 90 days to 8 years. Depending on the policy term, the maximum age at entrance can range from 35 to 55 years old. The plan can be purchased both offline and online through agents/intermediaries such as POSPLI/Common Public Service Centres (CPSC-SPV) and the website. This plan also includes a loan facility to meet liquidity requirements. Optional riders are available under this plan for an extra price, however, there will be some restrictions. Death benefit details Death sum assured for limited payment premiums is 125 percent of basic sum assured or 7 times annualised premium, whichever is greater, but not less than 105 percent of all premiums paid up to the date of death, plus guaranteed additions, stated the LIC press release. "Instead of receiving a lump payment, maturity and death benefit can be received in installments over a 5-year period. single premium or limited premium payment options of 10 years, 15 years, or 20 years are available," it added. If the policy is in force, guaranteed additions will accrue at the end of each policy year from the 6th policy year through the end of the policy term. Maturity details The policyholder receives the whole sum assured without deduction of the money back amount received combined with accrued guaranteed additions at maturity. This plan provides financial assistance to the policyholder's family in the event of the policyholder's untimely death during the policy term.