India’s insurance market leader ‘Life Insurance Corporation of India’ (LIC) introduced a new insurance plan – Jeevan Dhara II, which is an individual, savings and deferred annuity plan.
In an official statement, LIC shares the data for the equivalent. This is a non-connected and non-taking part annuity plan. Beginning on January 22, 2024, LIC Jeevan Dhara II can be purchased both online and offline.
Some Important Features of LIC Jeevan Dhara II
- Here life insurance cover is available during the moratorium period of the policy.
- There is an option to increase the annuity (top-up annuity) during the deferment period and when the policy is in force, by paying an additional premium.
- Under the scheme, there is an option to take the death claim as a lump sum, annuity or installments. A liquidity option is also available in this plan.
- Policyholders can avail the benefit of a loan.
Eligibility for LIC Jeevan Dhara II
The minimum age at which a person can purchase a Jeevan Dhara II policy is 20, and the maximum age at which they can enter the policy is 80, 70, or 65 years old minus a deferment period, depending on the annuity option selected. According to LIC, there are 11 annuity choices accessible for the policyholders. A provision for higher annuity rates at older ages is also included.
Annuity Options in LIC Jeevan Dhara II
Regular Premium: The deferment period ranges from 5 years to 15 years.
Single Premium: The deferment period ranges from 1 year to 15 years.
Single Life Annuity and Joint Life Annuity.