Single or Limited Premium Payment - Money Back Plan


Single or Limited Premium Payment Money Back Plan: A Comparison

Money back plans are a popular investment option for those who want to secure their future financially. Among the various types of money back plans, single and limited premium payment plans are two of the most popular options. In this essay, we will compare and contrast these two types of plans, with a focus on LIC's Dhan Rekha plan.

Single Premium Payment Plan

A single premium payment plan is a type of money back plan where the policyholder pays the entire premium amount in a single payment. This plan is ideal for those who have a lump sum amount of money that they want to invest for a long-term period. The main advantage of this plan is that the policyholder does not have to worry about paying premiums every year. However, the premium amount for a single premium payment plan is usually higher than that of a limited premium payment plan.

Limited Premium Payment Plan

A limited premium payment plan is a type of money back plan where the policyholder pays the premium amount for a limited period of time. This plan is ideal for those who want to invest in a money back plan but do not have a lump sum amount of money to pay the premium in a single payment. The premium amount for a limited premium payment plan is usually lower than that of a single premium payment plan. However, the policyholder has to pay the premium every year for the limited period of time.

LIC's Dhan Rekha Plan

LIC's Dhan Rekha plan is a limited premium payment plan that offers a guaranteed return of 100%. The policyholder has to pay the premium for 10 years only, and after the 10th and 15th year, they will receive a money back amount of Rs. 1.12lakh. The maturity amount after 20 years is tax-free and amounts to Rs. 19.69 lakh. The total return on investment is Rs. 21.93 lakh. The plan also offers optional riders such as accidental benefit, accidental death and disability benefit, critical illness rider, term assurance rider, and premium waiver benefit. The plan offers double tax benefit under sections 80C and 10/10D.

Comparison and Contrast

In terms of premium payment, the single premium payment plan requires a lump sum amount of money, while the limited premium payment plan requires the policyholder to pay the premium every year for a limited period of time. The premium amount for a single premium payment plan is usually higher than that of a limited premium payment plan. However, the single premium payment plan does not require the policyholder to worry about paying premiums every year.

In terms of returns, both plans offer a guaranteed return. However, LIC's Dhan Rekha plan offers a higher return on investment compared to other money back plans. The plan also offers optional riders that provide additional benefits to the policyholder.

In conclusion, both single and limited premium payment plans have their advantages and disadvantages. The choice between the two depends on the policyholder's financial situation and investment goals. LIC's Dhan Rekha plan is a good option for those who want to invest in a limited premium payment plan with a guaranteed return and optional riders.

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