Policyholders are eligible for a guaranteed annuity from the beginning, with 11 annuity options available.
New Delhi: Life Insurance Corporation of India (LIC) has introduced a new saving and annuity plan named Jeevan Dhara II, offering a secure alternative for individuals hesitant about market risks. Unveiled by LIC Chairman Siddhartha Mohanty on January 19, the plan opens for applications starting January 22, 2024.
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Tailored as an individual, savings, deferred annuity scheme, Jeevan Dhara II provides life cover during the deferment period and promises higher annuity rates as individuals age.
Key Features Of Jeevan Dhara II
Guaranteed Annuity
Policyholders are eligible for a guaranteed annuity from the beginning, with 11 annuity options available.
Higher Annuity Rates
The plan assures higher annuity rates as individuals reach advanced ages.
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Life Cover During Deferment
Life cover is available throughout the deferment period, enhancing the policy’s protective features.
Loan Facility
Annuity options with a return of premium/purchase price offer a loan facility during or after the deferment period.
Eligibility And Age Criteria
Individuals must be a minimum of 20 years old (last birthday) to be eligible for Jeevan Dhara II. Maximum entry age varies based on the annuity option chosen, with limits of 80, 70, or 65 years minus the deferment period.
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Benefits Offered
Incentive For High Premiums
The plan provides an incentive by increasing the annuity rate for high premiums, purchase prices, online sales, and top-up annuity.
Flexibility in Payouts: Applicants can opt for a lump-sum amount in return for a reduction in annuity payments.
